/EINPresswire.com/ -- VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/23/15 -- Banks Island Gold Ltd. (TSX VENTURE: BOZ) (the "Company") announces that the Company has canceled the equity financing announced by news release on December 1, 2015. The Company did not receive sufficient interest to be able to close the $3M minimum financing required to support its operations over the coming months.

As a result, the Company has insufficient funds to maintain operations and has received notice of claims from three significant trade creditors for payment of outstanding debt. The mining reclamation bond posted by the Company with the Ministry of Energy and Mines has been confiscated by the Ministry. The Company has provided notice of termination to all of its remaining employees effective December 31, 2015. The Board of the company is currently comprised of Ben Mossman, Jason Nickel, John Anderson and Frederick Sveinson.

The Company is consulting with its legal advisors, and will provide a further update on the Company's status in the coming weeks.

ON BEHALF OF THE BOARD OF DIRECTORS

Benjamin W. Mossman, P.Eng

President, Director, & Chief Executive Officer

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.

Contacts:
Banks Island Gold Ltd.
Benjamin W. Mossman
604-245-0066

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