Mr. Frank Basa reports:
GOLD BULLION INTERSECTS HIGH GRADE MINERALIZATION
IN LONG BARS ZONE EASTERN EXTENSION
Gold Bullion Development Corp. is
pleased to report several new assay results from phase 2 drilling in the LONG Bars Zone
Eastern Extension of its 100-per-cent owned Granada gold property. Gold Bullion is
aggressively exploring Granada, located five kilometres south of Rouyn-Noranda in
northwestern Quebec, as a potential open-pit deposit along the prolific Cadillac trend
where numerous multi-million ounce deposits have been discovered and developed. The
Eastern Extension is outside Gold Bullion's Long Bars zone preliminary block
model that was outlined in detail in the company's April 22, 2010, news release.
GR-10-55, collared 88 metres northwest of phase 1 discovery hole GR-10-17 (123.5
metres grading 1.07 g/t Au), has returned the highest grades to date in the Eastern
Extension including 4.05 g/t Au over 40.5 metres from 86.64 to 127.14 metres. The 116-metre interval between 86.64 and 202.5 metres averaged 1.69 g/t Au.
Overall, GR-10-55 returned 0.60 g/t Au over a core length of 356.6 metres, the longest
intersection of mineralization discovered so far at Granada. GENIVAR, Gold Bullion's
geological consultant, reports that mineralization in GR-10-55 is associated with altered
feldspar porphyry and quartz-veining. The hole was drilled at an angle of 65 degrees and
ended in conglomerate at a vertical depth of 175 metres. Intervals are as follows:
GR-10-55 EASTERN EXTENSION
From (m) To (m) Interval (m) g/t Au
86.64 127.14 40.50 4.05
86.64 202.50 115.87 1.69
86.64 185.70 99.06 1.85
86.64 239.51 52.87 1.36
112.14 81.15 69.01 2.59
3.40 360.00 356.60 0.60
"To get a result like GR-10-55 when we are still drilling for structure over an area that
has received little historical attention is very encouraging," explained Frank Basa, Gold
Bullion's president and chief executive officer. "We have a great deal of work ahead of us but we're
confident we're making excellent progress in both the Eastern Extension and the
preliminary block model as we continue toward our goal of defining a large open-pit
deposit at Granada. We're encountering mineralization in every hole and we've yet to
start to drill for grade. We are very eagerly anticipating a steady flow of assay results
from all areas of phase 2 drilling through the rest of this month and December."
Hole # From (m) To (m) Interval (m) g/t Au
GR-10-64 5.00 150.00 145.00 0.30
including 29.75 47.00 17.25 0.62
GR-10-65 162.78 189.00 26.22 0.44
GR-10-68 94.00 116.08 22.08 0.66
GR-10-72 175.73 217.57 41.84 0.42
Widths reported are drill widths; true widths are unknown. Assays are uncut, length-
weighted average values. An updated drill map will be posted today on the Gold Bullion
web site, www.GoldBullionDevelopmentCorp.com.
Gold Bullion's 25,000-metre LONG Bars zone phase 2 drill program has concluded and
a 50,000 metre phase 3 program is now in progress. More details concerning phase 3
will be released in the near future but the LONG Bars zone will be tested to a vertical
depth of 450 metres. Mineralization remains open in all directions at Granada and a total
of 170 holes have now been completed in phase 1, phase 2 and phase 3. A prominent
zone of deformation, hydrothermal alteration and quartz-veining extends for at least five
kilometres around the old mine workings.
With current working capital of approximately $10-million, Gold Bullion is in a strong
financial position to advance the Granada gold property in the coming months through
its phase 3 drill program and other initiatives.
Gold Bullion's NQ drill program and drill core sampling, including the quality
assurance and quality control program, are supervised by GENIVAR, Gold Bullion's
geological consultant. Core was sent to ALS Chemex Labs in Val d'Or, Que., and
Laboratoire Expert in Rouyn-Noranda for analysis. Gold was assayed by fire assay with
additional metallics analysis done on samples where visible gold was identified.
Analytical accuracy and precision are monitored by the analysis of reagent blanks and
reference materials at both labs. Quality control is further assured by the insertion of
blind certified standard reference material and blanks into the sample stream at regular
intervals by Gold Bullion and GENIVAR personnel in order to independently assess
analytical accuracy.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is a TSX Venture listed junior natural resource
company focusing on the exploration and development of its Granada gold property near
Rouyn-Noranda, Que., and its high-grade Castle silver mine in Gowganda, Ont.
For more information on Gold Bullion Development Corp. (TSX-V: GBB, OTC PK:
GBBFF), visit our web site: http://www.GoldBullionDevelopmentCorp.com.
Qualified person
The scientific and technical information in this release was prepared under the
supervision of Mr. Frank J. Basa, PEng, Gold Bullion's chief executive officer and president, who is a
member of the Ontario Association of Professional Engineers and a qualified person in
accordance with National Instrument 43-101.
"Frank J. Basa"
Frank J. Basa, PEng, president and chief executive officer
For further information contact:
Frank J. Basa, PEng, president and CEO: 1-416-625-2342
Roger Thomas, Director: 1-613-292-2438
Progressive Investor Relations (Canada)
Tel (604) 689-2881 or email info@progressive-ir.com
Torrey Hills Capital (United States)
Tel (858) 456-7300
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