Banks Island Gold Ltd. provided an update on the Yellow Giant Gold Project. The Yellow Giant Gold Project achieved commercial production in January 2015 and achieved record production of 1,863oz gold in June 2015 before suspension of operations on July 31st 2015 due to regulatory issues. The Discovery Zone is substantially developed and is ready for production immediately upon receipt of the required permit amendment from the BC Ministry of Mines.

The preparation of the application for this amendment is in progress and will be submitted as soon as possible. The Discovery Zone has a current NI 43-101 compliant Measured and Indicated mineral resource of 18,100oz gold (25,000t at the 22.5gpt Au) and an Inferred resource of 5,900oz gold (6,000t at the 30.8gpt Au). The main decline for mining of the Discovery Zone resource is 75% complete with 100m of development required to reach the 4th level of the Zone.

Two levels in mineralization are fully complete and the third level partially completed. Production drilling of the second level stope is fully complete and ready for blasting. Chip samples from the 1st and 2nd levels indicate an average grade of 21.2gpt gold and 27gpt silver over an average width of 4.0m.