Mining News: Northern Neighbors: Banks Island files for bankruptcy - January 17, 2016

Providing coverage of Alaska and Northwest Canada's mineral industryJanuary 2016

Vol. 21, No. 3

Week of January 17, 2016

Mining News: Northern Neighbors: Banks Island files for bankruptcy

Banks Island Gold Ltd. Jan. 8 reported that its directors have determined the company needs to file for bankruptcy. D. Manning & Associates Inc. will act as trustee in bankruptcy. Fred Sveinson, Jason Nickel, and John Anderson have since resigned from the Banks Island Gold board of directors. President and CEO Benjamin Mossman is currently the sole director of the company. Since 2010, Banks Island has been working toward reaching commercial production at its Yellow Giant gold-silver property in British Columbia. The company began bulk sampling in 2014 and received permits that year for the construction of a 200-ton-per-day grinding and flotation plant, an underground mine, and associated facilities. By January 2015, the company declared commercial production. However, by late July those operations were suspended.

- Shane Lasley

Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
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