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Banks Island Gold Reports Work Program at Red Mountain Property, Deferral of Property Payment; Shares Dip 5%

Banks Island Gold Ltd. (BOZ.V) reports that Seabridge Gold Ltd. has agreed to amend the option agreement on the Red Mountain Gold Property, dated June 15, 2012, to defer the upcoming $1,500,000 property payment on the Red Mountain Gold Property until January 15th 2014. As consideration for the extension of the property payment the Company will issue Seabridge 250,000 common shares from its treasury at a deemed price of $0.50 per Common Share.

The Company has initiated a work program to advance the Red Mountain Gold Property located near Stewart, British Columbia. An exploration diamond drill program will commence in early June 2013 with the goal to provide definition of higher grade areas of mineralization.

Banks Island Gold is down 2.5 cents (5.5%) to 47 cents in early trade.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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