Banks Island Gold signs an option agreement with Selkirk Metals, a subsidiary of Imperial Metals to receive 100% interest in the "Banks Island Mineral Property".
According to the agreement, the Company has to issue shares equal to 5% of all the issued shares to Selkirk, to perform in four phases a cumulative of $3,250,000 in Exploration Work on the Property by December 31, 2014 and to set aside a 2% NSR Royalty to Selkirk. If the Banks Island Gold completes the terms of agreement successfully and Selkirk will sustain the right for up to 51% of the Property Subsequently, a joint venture will be established to further develop the Property.
The property comprises the "Yellow Giant Gold Property" and is situated 105 km south of Prince Rupert, BC on the west central side of Banks Island on tidewater. This Property is present in the former mining exploration area, which consists of extensive diamond drilling and underground development. The Property covers 12,025 hectares and includes high-grade gold resources in four deposits as well as many exploration targets both around the known mineralized zones and in the new gold mineralization structures.
At present, the Company is preparing a 43-101 report expecting a listing on the TSX-V. Banks Island Gold is dedicated to the highest standards of environmental and socio-economic sustainability.
Source: http://www.banksislandgold.com/