Banks Island Gold Ltd. reported that it has received assay results from a portion of the initial shipment of gold concentrates from the Yellow Giant Gold Project located near Prince Rupert, BC. Further assays from the remainder of the concentrate are expected in the coming days. The company is planning to ship a minimum lot of 100 tonnes gold concentrate on January 24, from the Yellow Giant Site to Prince Rupert, BC.

Concentrate will be loaded in to containers and then shipped overseas to the final buyer as per the offtake agreement with Metallica Commodities Corp. Gold concentrates, representing 55.4 tonnes, averaged 66.7gpt Au, 286gpt Ag, and 6.7% Cu. The minimum required quality for gold concentrate under the offtake agreement is 50gpt Au.

Analytical work was carried out by AGAT Laboratories Ltd. in Mississauga, Ontario. Quality assurance and quality control programs include the use of analytical blanks, standards, and duplicates in addition to the lab's own internal quality assurance program. Samples are fire assayed with an ICP-EOS finish to determine gold values.

Samples containing greater than 10 gpt gold are fire assayed with a gravimetric finish.