Gold Bullion announces preliminary metallurgical testing showing average gold recovery of 94.1 % with an average gold grade of 0.94 g/t at the Granada Gold Property

VANCOUVER, Feb. 29, 2012 /CNW/ - Gold Bullion Development Corp. (TSXV:GBB) (OTCPINK:GBBFF) is pleased to announce the release of 29 composite sample results from the SGS Lakefield Gold Metallurgical Testing Group.  These results are to be used in the Total gold determination program that SGS Geostat is working on for the Granada Gold Property located on the prolific Cadillac trend, south of Rouyn-Noranda, Quebec, Canada.

The purpose of the test was to determine the head grades and recoveries of the various composites in order to compare them with the individual assay results. Mr. Claude Duplessis, Eng., the SGS Geostat Q.P., selected 29 different composite samples from 29 different mineralized zones at various depths with variable grades. The test work consisted of a total gold metallurgical balance that resulted in overall gold recovery data.

Overall recovery rates averaged 94.1% ranging from 87.1% to 98.5%. These numbers demonstrate that even at low grades, superior recovery of gold can be achieved within the mineralized zones by using gravity followed by cyanidation on the Granada property. The recovery rates using only gravity ranged from 25.1% to 78.0% with an average rate of 50.6% indicating a significant amount of free gold is present.

Test details summary:

• The composites were prepared by blending from 7 to 11 individual witness core samples to represent a continuous mineralized zone from 9.1 to 16.5m long. The total composite weight ranged from 17 kg to 41 kg
• The composites were then crushed to minus 10 mesh. The crushed sample was riffled into 10 kg test charges with each composite treated in its entirety
• Each composite sample was ground in 10 kg batches in a laboratory rod mill to approximately 80% passing 75 μm (1×10⁻⁶ of a metre.) The grind sizes for processing ranged from 52 - 102 µm, averaging 77 µm
• The mill discharge was passed through a Knelson concentrator and the concentrate was then cleaned on a Mozley mineral separator. All of the resulting concentrate from the Mozley separator was then fire assayed for gold
• The Mozley and Knelson tailings were then combined and submitted for cyanide leaching
• The pregnant leach solution was collected and submitted for gold (Au) assay. The leached pulp was also sampled for gold content by fire assay. An overall (gravity + cyanidation) gold metallurgical balance was then performed to calculate the head grade of each composite

Tests were conducted under the supervision of Lesley Hendry, project metallurgist at the Lakefield facilities of SGS Canada.

The comparison between the length weighted average gold grade from the original uncapped assay results versus SGS Total gold on an individual basis shows some variance as expected.  This variance is directly related to the nature of the gold mineralization at Granada. The weighted average of the original composite data is 1.16 g/t while the average of the total gold test is 0.94 g/t. When the capping of an individual Fire Assay result of 36.94 g/t in composite #14 to 10 g/t is applied, the original average grade is 1.05g/t.

For complete details of the Total Gold metallurgical tests including accompanying tables, please go to the web site at www.GoldBullionDevelopmentCorp.com

Claude Duplessis, Eng. is acting as the qualified person (Q.P.) for Gold Bullion Development Corp. in compliance with National Instrument 43-101 and has reviewed the technical contents of and data included in this press release.

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 Property near Rouyn-Noranda, Québec.  Additional information on the company's Granada gold property is available by visiting their website at www.GoldBullionDevelopmentCorp.com and on SEDAR.com.

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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.