Issue link: http://resourceworld.uberflip.com/i/162873
Newswire Dissemination, SEDAR and EDGAR services since 1998 SEDAR filings starting at $25.00 Newswire Dissemination starting at $95.00 Unlimited Words EMAIL: sales@FSCwire.com BANKS ISLAND GOLD INTERSECTS 12 G/T GOLD OVER 8.7 METRES Banks Island Gold Ltd. [BOZ-TSXV] reported that it has received assay results from the Yellow Giant Gold Project located on Banks Island, near Prince Rupert, coastal British Columbia. Reported results include the first three diamond drill holes completed at the Kim Zone and the assays results from diamond drilling at the Bob Zone. Diamond drilling at the Kim Zone is focused on definition drilling and expansion of the current inferred resource. Assay results for the first three holes (405 m) have been received. The company has completed 3,300m of drilling to date and will report additional assays when received. Highlights from the recent drilling include an intercept of 12.4 g/t gold and 30 g/t silver over 8.7 metres in drill hole KIM-13-10 and 7.3 g/t gold and 19 g/t silver over 8.5 metres in drill hole KIM-13-11. Fifteen diamond drill holes were recently completed at the Bob Zone. Diamond drilling focused on determining the plunge of the high-grade shoot at Bob and defining the limits of the mineralization near the planned mine workings. The company successfully intersected the mineralized vein at a depth of 210m below surface in drill hole BOB-13-29. This drill hole is the deepest hole drilled at Bob Zone to date and is approximately 125 metres below the current resource. The mineralization in BOB-13-29 is composed of a wide quartz filled structure with banded sulphide mineralization. Banks Island Gold geologists believe this intersection may be on the periphery of the high-grade Bob shoot and have planned further exploration drilling to target the plunge of the Bob mineralization at depth. Highlights from the recent drilling at Bob include an intercept of 11.9 g/t gold, 118 g/t silver, and 2.6% copper over 2.4 metres SEPTEMBER 2013 PHONE: 1-866-873-8327 in drill hole BOB-13-25 and 2.6 g/t gold, 41 g/t silver, and 0.9% copper over 5.0 metres in drill hole BOB-13-29. The company also intersected several high grade veins in the hanging wall of the Bob Zone which may represent splays off of the main mineralization. Results include an intercept of 46 g/t gold, and 53 g/t silver over 0.4 metres in drill hole BOB-13-30 and 32 g/t gold, and 68 g/t silver over 0.3 metres in drill hole BOB-13-24. The company is currently exploration diamond drilling at the Kim Zone and moved to the Discovery Zone in early August. The company is also advancing its production plans for the Yellow Giant Project and will provide an update on project development activities as soon as possible. SAN GOLD REPORTS Q2 PRODUCTION RESULTS San Gold Corp. [SGR-TSX; SGRCF-OTCQX] reported preliminary results of operations at its Rice Lake Mining Complex in Manitoba for the quarter ended June 30, 2013. The company produced 22,476 ounces of gold in Q2, bringing total production for the first six months of the year to 39,830 WEB: www.FSCwire.com ounces. The operation mined 173,350 tons of ore at an average daily rate of 1,905 tons per day and milled 162,344 tons in the quarter at an average daily throughput of 1,765 tons per day. Mill recovery was 94.0% and milled grade was 5.05 grams per tonne. The company ended the quarter with approximately 11,000 tons in a low grade stockpile in addition to a blended stockpile of approximately 4,200 tons. During Q2, the company implemented a number of operational changes and cost cutting initiatives in response to adverse market conditions," said Ian Berzins, President, CEO and COO. "Specifically the company has changed the mining mix with a continued strong reliance on the 007 Mine and an increase of mining in the Rice Lake Mine with less dependence on the Hinge Mine. Beginning in June 2013, the company began to stockpile lower grade ore on a surface stockpile and has deferred mining some lower grade material throughout the operation pending an improvement in the price of gold. "I am extremely pleased with the progress we have made in the last quarter. We exceeded our expectations for gold production, improved grade and curtailed unnecessary spending. The company has now accessed the 007 ore zones from 26 Level in the Rice Lake Mine which is providing a supplemental ore feed for the mill. We have cancelled or deferred noncritical capital expenditures and San Gold has taken over responsibility from the contractor for capital development in the 007 Mine. 16 Level in Rice Lake remains a top development priority, with the mining contractor pushing the lateral development out to intersect the down-dip extensions of both the Hinge and 007 mines," San Gold remains on track to produce between 75,000 and 90,000 ounces of gold in 2013 with cash costs between $800 and $900/oz. n www.resourceworld.com 45