Mr. Frank Basa reports

DRILL HOLE GR-12-400 EXTENDS NEAR SURFACE MINERALIZED ZONE AN ADDITIONAL 175 METERS TO THE WEST OF THE CURRENT LONG BARS ZONE RESOURCES MODEL

Gold Bullion Development Corp.'s drill hole GR-12-400, the westernmost of the holes available to date, has hit significant gold mineralization.

GR-12-400 returned 0.45 gram per tonne (g/t) gold (Au) over 85.5 metres from 30 metres to 115.5 metres, including 2.19 g/t Au over 4.5 metres near surface from 30 metres to 34.5 metres downhole. These results confirm the extension of gold mineralization continuing 175 metres to the west of the current resource model at the Granada gold property. The total extent of confirmed mineralization now reaches 1,400 metres east-west by 950 metres north-south. This is a significant confirmation of gold mineralization extension in the context of the resource estimate, and suggests the overall gold resource will be larger than the 641,100 ounces of gold measured/indicated and 846,600 ounces of gold inferred as delineated in the summary press release dated April 2, 2012.

The average grade of 0.45 g/t Au over 85.5 metres returned in hole GR-12-400 is noteworthy when compared with the cut-off grade of 0.4 g/t Au utilized in the most recent and current National Instrument 43-101 resource estimate. The overall grade of this mineralization extension hole is likely high enough for inclusion in the resource update expected to be released prior to the end of 2012.

Other highlights include holes:

• GR-12-413 -- 0.55 g/t Au over 109.5 metres from 4.5 metres to 114 metres;
• GR-12-412 -- 0.58 g/t Au over 82.5 metres from 15 metres to 97.5 metres;
• GR-12-414-R -- 0.92 g/t Au over 28.5 metres from 7.5 metres to 36 metres.

Additional drill results are included in the relevant table.

The Granada gold property is located on the prolific Cadillac trend in northwestern Quebec, five kilometres south of the city of Rouyn-Noranda, bordering Osisko-controlled property on one side. The jurisdiction is widely acknowledged as having a rich history of mining in a stable geo-political environment that features numerous economic gold deposits and operating gold mines, with Quebec consistently ranking in the top five best places to mine globally.

With over 80 per cent of the expanded Long Bars zone yet to be systematically explored, continuing drill results that continue to hit significant gold mineralization are suggestive of a potentially massive deposit similar in size to other deposits documented in the region. The advanced infrastructure and advantageous Granada location will facilitate and assist Gold Bullion as the company moves toward mine development and gold production.

                DRILL RESULTS

Drill hole  From (m) To (m) Length (m) Au (g/t)

GR-12-395      72.0   85.5      13.50     0.64
GR-12-396      49.5   63.0      13.50     0.64
GR-12-397      34.0   42.0       8.00     0.53
GR-12-398      52.5   60.0       7.50     0.58
GR-12-399     129.0  138.0       9.00     0.83
GR-12-399      36.0   45.0       9.00     0.45
GR-12-400      30.0  115.5      85.50     0.45
incl.          30.0   31.5       1.50     6.39
incl.          61.5   64.5       3.00     3.41
incl.         114.0  115.5       1.50     2.49
GR-12-401      93.0  100.5       7.50     0.82
GR-12-411      42.0   49.5       7.50     0.75
GR-12-411     121.5  129.0       7.50     0.65
GR-12-412      15.0   97.5      82.50     0.58
incl.          15.0   19.5       4.50     8.39
incl.          94.5   97.5       3.00     1.46
GR-12-413       4.5  114.0     109.50     0.55
incl.           4.5    7.5       3.00    11.54
incl.            81   82.5       1.50     1.07
incl.          93.0   94.5       1.50     4.40
incl.         112.5  114.0       1.50     2.50
GR-12-414-R     7.5   36.0      28.50     0.92
incl.           7.5    9.0       1.50     1.75
incl.          12.0   15.0       3.00     3.26
incl.          16.5   19.5       3.00     1.69
incl.          28.5   36.0       7.50     0.94
GR-12-436      37.5   42.0       4.50     1.62
GR-12-436     264.0  267.0       3.00     4.01
GR-12-437      48.0   51.0       3.00     1.34
GR-12-438      10.0   12.0       2.00     0.57
GR-12-438      57.0   60.0       3.00     0.80
GR-12-438      85.5   88.5       3.00     1.17
GR-12-439      18.0   24.0       6.00     0.83

Core lengths are close to true thickness and uncut, some intervals include low-grade zones.

Accurassay Laboratory conducted the 50-gram fire assay testing at its facility in Ontario with blanks and standards inserted into the sequence in addition to laboratory quality assurance/quality control.

Moreover, the water-filled-pit bottom survey carried out by Mazac Geoservices Inc., at the request of SGS, has demonstrated that the small pit to the east is a shallow pit of one lift only, and easily accessible gold mineralization considered mined out in previous resource statements will now be incorporated. Historical tailings are only in historical pit 1, north of shaft No. 1.

Frank Basa, Gold Bullion's chief executive officer, remains confident in the potential of Granada as drill results continue to demonstrate the presence of progressively increasing widespread significant gold mineralization supportive of a near-surface, low-grade, bulk-mining scenario. Additional details regarding continuing planning and continued progress at Granada will be released as they are finalized. The company remains committed to releasing an updated NI 43-101 by the end of December, 2012. Claude Duplessis, Eng, is acting as the qualified person for Gold Bullion in compliance with NI 43-101 and has reviewed the technical contents of this press release.

We seek Safe Harbor.