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 December 06, 2011
Banks Island Gold Ltd. Enters into Investor Relations Agreement and Grants Stock Options

December 6, 2011 - Vancouver, British Columbia. Banks Island Gold Ltd. (the "Company") (TSX-V:BOZ) announces that it has entered into an investor relations agreement (the "IR Agreement") with Advanture Capital Partners Inc. ("Advanture"), a company incorporated under the laws of the Province of British Columbia and with a business office at 801 1166 Alberni Street, Vancouver, British Columbia.

Advanture Capital Partners is a Vancouver-based public company development firm focused on partnering with emerging companies to centralize administration, regulatory reporting, financing and investor relations. Advanture's infrastructure enables its clients to focus on developing their business and building shareholder value.

Michael Stetzel, of Advanture, will be the individual primarily responsible for providing services to the company on behalf of Advanture. For additional information about Advanture and its principals, please visit Advanture's website.

The initial term of the IR Agreement is one year. The Company will pay Advanture a fee of $6,000 per month. The Company has also granted Advanture 60,000 stock options with an exercise price of $0.57 per share, exercisable until the earlier of December 5, 2016 and the date which is 30 days from date the IR Agreement is terminated.

The Company will also reimburse Advanture for certain reasonable expenses incurred in connection with its services under the IR Agreement.

The Company has also granted an aggregate of 120,000 incentive stock options to consultants and employees of the Company. The options are exercisable at a price of $0.57 per share until December 5, 2016.

The Company is a junior mining resource exploration company focused on acquiring mineral properties and exploring for and developing economically viable mineral resources. The Company's mineral property is located in British Columbia.

For further information, please contact:

Benjamin W. Mossman: 604-245-0066


Advanture Capital Partners: 604-563-5028

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.

Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include but are not limited to: risks related to the exploration and potential development of the Company's project, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold as well as those factors discussed in the sections relating to risk factors of the Company's prospectus dated September 30,2011 filed on SEDAR..

There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.

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This website includes certain "forward-looking statements" such as estimates and statements that describe Banks Island Gold's property, future plans, objectives or goals. All statements in this website, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or developments to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, market prices, environmental conditions, judicial, regulatory and political developments, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions.
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