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 December 23, 2011
Banks Island Gold Ltd. Announces Updates on Financings


December 23rd, 2011 - Vancouver, British Columbia. Banks Island Gold Ltd. (the "Company") (TSX V:BOZ) announces that the Company and Salman Partners Inc. (the "Agent") have agreed to postpone the brokered private placement to raise approximately $1.5 million previously disclosed in the Company's news release dated December 6, 2011.

The Company will be proceeding with the non brokered private placement to sell up to 909,091 flow through common shares ("Flow Through Shares") of the Company at a price of CAD$0.55 per Flow Through Share to raise gross proceeds of up to CAD$500,000. Closing of the non-brokered offering is still anticipated to occur on or before December 29, 2011 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.

The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

The Company also announces that it has filed the NI 43-101 "Technical Report and Preliminary Economic Assessment on the Banks Island Mineral Property" by Robert Baldwin, P.Eng., dated November 23, 2011 under the profile of the Company on Sedar today. The Technical Report and Preliminary Economic Assessment was discussed in the Company's news release on November 23rd 2011.

The Company is a junior mining resource exploration company focused on exploring for and developing economically viable mineral resources. The Company's mineral property is located on Banks Island in British Columbia. For more information, please refer to the Company's website at


Benjamin W. Mossman, P.Eng
President, Director, & Chief Executive Officer

For further information, please contact:
Benjamin W. Mossman: 604 245 0066

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 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.

You can view the Next News Releases item: Fri Dec 30, 2011, Banks Island Gold Ltd. Announces Closing of Non-Brokered Private Placement

You can view the Previous News Releases item: Tue Dec 6, 2011, Banks Island Gold Ltd. Announces $2 Million Flow-Through Common Share Financing

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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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