/EINPresswire.com/ -- VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/08/16 -- Banks Island Gold Ltd. (TSX VENTURE: BOZ) (the "Company") reports that the company is in financial difficulties and is no longer able to meet its obligations generally as they became due. The Company directors therefore resolved and the Company has made an assignment pursuant to the Bankruptcy and Insolvency Act. D. Manning & Associates Inc. will act as Trustee in Bankruptcy.

The Company also advises that directors of the Company Fred Sveinson, Jason Nickel, and John Anderson have resigned effective immediately. Benjamin Mossman is currently the sole director of the Company.

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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