Chief Keef's manager "Peeda Pan" was interviewed by XXL, in it he confirmed that "Bang Pt. 3" will be released as Chief Keef's Sophomore album rather than a mixtape. He also confirmed many other things including; Kanye West is already confirmed to be on the album, and the March 3rd release date is likely going to be pushed back. You can also expect a new album cover later on.
You can use this link to read the entire interview. http://www.xxlmag.com/news/2014/02/kanye-west-chief-keef-collaboration/
UPDATE 3/31/14:
The album released date has been updated to June 10th, 2014.
UPDATE 6/3/14:
No word on whether this is still dropping on June 10th or not. The title has been shortened to "Bang 3"
UPDATE 6/10/14: No word or mention of the album, it was supposed to drop today. We'll update whenever a new release date is available.