New Yellow Giant mine provides 90 jobs

For Immediate Release
2014MEM0005-000253
March 5, 2014

Ministry of Energy and Mines and Minister Responsible for Core Review

VICTORIA – Bill Bennett, Minister of Energy and Mines and Minister Responsible for Core Review announced the $8 million Yellow Giant underground gold mine project on Banks Island will receive its Mines Act permit.

The mine is scheduled to begin operations this spring after construction is completed and will provide up to 90 full-time jobs, many of which will go to First Nations.

The Major Projects Office at the Ministry of Forests, Lands and Natural Resource Operations co-ordinated a cross-agency review process, which included First Nations consultation, to help facilitate timely permitting of Yellow Giant.

Banks Island Gold Inc. will receive their permit to process 200 metric tonnes of gold-sulphide ore per day during the 12-month life of the mine on the unpopulated Banks Island, located about 100 km south of Prince Rupert. Exploration on three additional ore zones on the property will continue with the expectation they may be brought into production in the future.

Since 2011, three new mines are in operation (Copper Mountain, New Afton and Mt. Milligan) creating 1195 jobs and three more mines will open this year (Yellow Giant, Red Chris and Roman) creating another 815 jobs. In addition, three more mines are permitted (Bonanza Ledge, Treasure Mountain, Quintette) and seven major expansions of existing mines have been completed, supporting 3,000 existing jobs and creating 300 new jobs. British Columbia currently has over 20 major mines and expansions moving through the environmental assessment and permitting process.

Quotes:

Bill Bennett, Minister of Energy and Mines and Minister Responsible for Core Review –
“Mining operations in remote areas of the province are key contributors to our resource economy and rural communities. Yellow Giant will provide up to 90 British Columbians with salaries averaging over $100,000.”

Steve Thomson, Minister of Forests, Lands and Natural Resource Operations –
“As B.C.’s ‘one land manager’, my ministry is committed to natural resource development that is environmentally sustainable. By working together, we can complete the permitting requirements for this type of project in a more timely fashion. Today, by utilizing a more effective review and consultation process, we are able to help mining companies create local jobs faster.”

Benjamin Mossman, President and CEO, Banks Island Gold –
“The Yellow Giant project is a unique property with high gold grades and exploration potential. We look forward to growing the project over the coming years and continuing to contribute to the growth in the northwest region of B.C.”

Quick Facts:

Banks Island Gold Inc. was established in 2010. Yellow Giant is their first mine development project.
The production value of mining in 2012 was $8.3 billion. In 2001, it was $2.8 billion.
Today B.C. has 19 operating mines (nine coal and 10 metal). In 2001, there were 15 operating mines (seven coal and eight metal).
B.C.’s mining industry and related minerals sectors employed over 30,000 people in 2012. In 2001, the industry employed 14,700 people.
In 2012, the average mining salary (with benefits) was $121,000. In 2001, the average was $81,000.
B.C is the first province in Canada to share direct revenue generated from mining with First Nations. Three agreements have been reached and a number are under negotiation.
New Afton mine, near Kamloops, started production in June 2012, and Mt. Milligan mine, near Prince George, started production in August 2013.

To learn more about the BC Jobs Plan, visit: www.bcjobsplan.ca/

Media Contact:

Jake Jacobs
Media Relations
Ministry of Energy and Mines
250 952-0628

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