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File: 2013-02-14 Press Release (final) amended.docx

SUMMARY OF METALLURGICAL TESTS PERFORMED ON HAND COBBED SAMPLES FROM THE BEAVER SILVER MINE, COBALT CAMP

February 14, 2013 - Gold Bullion Development Corp. (TSXV:GBB) (OTCPINK:GBBFF) (the "Company" or "Gold Bullion") is ple
--->ased to announce the results of a high definition mineralogy study and some scoping level flotation and gravity separa
--->tion tests done at SGS Lakefield on samples from its Beaver Silver Property, located 15 kilometres east of the histori
--->c silver camp in Cobalt, Ontario. 

The Company's geological consultant hand cobbed 400 kilograms of cobalt-nickel sulfide material from the historic wast
--->e pile at the Beaver Silver Mine. The 20 kilogram sample used in this test program, has an average calculated assay of
---> 7.98 percent Cobalt, 3.98 percent Nickel and 1246 grams per tonne silver. Combined gravity-flotation recoveries from 
--->the limited test program yielded 64.2 percent for Cobalt, 61.2 percent for Nickel and 92.0 percent for Silver. No real
---> effort was made to produce a sellable concentrate.  

The Company is encouraged by these test results and is extending the test program by doing further gravity concentrati
--->on of the material followed by pressure leaching. The Company plans, at this stage, to produce a bulk metal hydroxide 
--->cake with the long-term objective of producing a Cobalt product for the Lithium-Ion battery market. The present test p
--->rogram will examine Silver and Cobalt-Nickel sulfides only.

The drill program undertaken at the Company's Castle Silver Mine in 2011 indicated, in addition to high silver assays,
---> the presence of sulfide metals, gold and platinum group metals. A 43-101 Technical Report dated August 15, 2011 for C
--->astle Silver Mines Inc., the Company's wholly owned subsidiary, on the Castle Silver Property is available for viewing
---> on SEDAR. 

The Company plans to release an update on the work undertaken at the Castle Silver Mine, located 85 kilometres northwe
--->st of the historic silver camp in Cobalt, Ontario. The historic silver camp of Cobalt, Ontario, which includes Gowgand
--->a and Silver Centre, has produced over 660 million ounces of silver since the early 1900s.
 
1.-	HIGH DEFINITION MINERALOGY STUDY
Three hand specimens from the Beaver Silver Property, Cobalt, Ontario, were submitted by Mr. Gilbert Rousseau of SGS G
--->eostat on behalf of Gold Bullion for a high definition mineralogical examination. 
XRD Analysis
The sample consists of major amounts of nickeline (NiAs), moderate skutterudite (Co,Ni)As3 and rammelsbergite (NiAs2),
---> minor quartz (SiO2), calcite (CaCO3), dolomite [CaMg(CO3)2], safflorite [(Co,Fe)As2], gersdorffite (NiAsS), arsenopyr
--->ite (FeAsS), and tentatively identified chlorite, amphibole and analcime.
SEM-EDS Analysis
The samples were also investigated with a Scanning Electron microscope (SEM) equipped with an Energy Dispersive Spectr
--->ometer (EDS).  The investigation also identified a REE epidote, annabergites, Bismuthinite, native Bi, and tentatively
---> identified borodaevite. 
Mineral Chemistry
Electron Microprobe analyses were conducted to determine the chemistry of Co-Ni-Fe sulfarsenides and arsenides.  The a
--->verage elemental values (in wt%) are given in Table 1.   
Average Chemistry of Co-Ni-Fe Sulfarsenides and Arsenides 
 
 Mineral/Element
 S
 Ag
 Fe
 Co
 Ni
 As
 Total
 
 Safflorite/Skutterudite
 0.52
 0.02
 5.40
 16.36
 4.49
 73.82
 100.62
 
 Nickeline
 0.01
 0.01
 0.05
 0.16
 45.36
 55.50
 101.12
 
 Alloclasite
 16.11
 0.02
 2.07
 17.92
 15.09
 49.64
 100.86
 
 Arsenopyrite
 19.03
 0.01
 33.51
 0.77
 0.65
 45.58
 99.55
 
 Detection Limts (%)
 0.02
 0.04
 0.08
 0.11
 0.13
 0.05
  
 
 
On the basis of the electron microprobe data, presented below, four mineral groups have been identified and include: 
arsenopyrite (FeAsS);
nickeline (NiAs) and rammelsbergite (NiAs2);
safflorite [(Co,Fe)As2] and skutterudite (Co,Ni)As3; and
alloclasite referring to a varied in composition phase (Fe,Co,Ni)3As4S3. 

As Received Sample
The calculated modal mineralogy from the three mounts shows that the sample consists of nickeline 32.7%, safflorite/sk
--->utterudite 28.0%, alloclasite 13.3%, carbonates (calcite and dolomite) 20.9%, and minor quartz (2.2%) and chlorite (1.
--->2%), while other minerals are in trace amounts.
Size By Size QEMSCANTM Analysis
The sample consists mainly of nickeline (28.3%), alloclasite (26.7%), safflorite/skutterudite (20.3%), arsenopyrite (3
--->.1%), calcite (8.0%), dolomite (6.6%), chlorite (4.2%), quartz (1.7%), and trace amounts of other sulphides (0.2%), fe
--->ldspars (0.2%), other silicates (0.6%).
Occurrence of Ag
Ag grades are between 40 and 80 g/t in the sample. Electron microprobe analyses of the main Fe-Ni-Co sulfoarsenides an
--->d arsenides indicate that Ag is below the detection limit. Ag was tentatively identified as borodaevite.  
Elemental Distribution
The elemental distribution is calculated based on the average chemistry of the Co-Ni-Fe sulfarsenides and arsenides an
--->d their mass % as calculated by the QEMSCANTM analysis.  Most of the Co is accounted by alloclasite (58.6%) and safflo
--->rite/skutterudite (40.5%). Most of the Ni is accounted by nickeline (71.5%) and alloclasite (23.1%) and less by safflo
--->rite/skutterudite (5.%).  Most of the As is accounted by nickeline (34.8%), safflorite/skutterudite (33.1%) and allocl
--->asite (28.9%) and minor arsenopyrite (3.1%).
Grain Size Distribution
The following table summarizes the (mid point in the size distribution) D50 or 50% passing value from the cumulative g
--->rain size distribution of selected minerals. 

The D50 (in μm) of Selected Minerals for Sample
 
 Mineral
 D50 (in μm)
 
 Arsenopyrie
 15
 
 Alloclastite
 53
 
 Nickeline
 57
 
 Safflorite/Skutterudite
 47
 
 Quartz/Feldspars
 44
 
 Micas/Clays
 26
 
 Carbonates
 36
 
 Particle
 53
 
 
Note: Several grains make up a particle. A particle usually refers to a fragment of a rock or ore, the size of which i
--->s dependent on crushing and milling conditions.
Liberation and Association
Nickeline
Free and liberated nickeline account for 84.7%.  The main association of nickeline is as middlings with alloclasite (1
--->2.3%), and minor middlings with arsenopyrite/alloclasite/safflorite/skutterudite (1.4%), and complex particles (1.0%).
---> Liberation of nickeline increases moderately from 77% to 84% to 93% from the +106 to -53 μm fractions.
The particle liberation by size indicates that free and liberated particles are equally distributed at below and above
---> 50 µm size class at 37 and 48%, respectively.  Middling particles account for 3% and 12%, respectively. 
Safflorite/Skutterudite
Free and liberated safflorite/skutterudite account for 82.3%. The main association of safflorite/skutterudite is as mi
--->ddlings with arsenopyrite/alloclasite/nickeline (6.2%), alloclasite (5.2%), complex particles (2.5%) and arsenopyrite 
--->(2.3%).  Liberation of safflorite/skutterudite increases significantly from, ~73% to 81% to 91%, the +106 μm to -
--->53 μm size fractions. 
The particle liberation by size indicates that free and liberated particles are equally distributed at below and above
---> 53 µm size class at 44% and 38%, respectively.  Middling particles account for 5% and 13%, respectively. 
Alloclasite
Free and liberated alloclasite account for 73.8%.  The main association of alloclasite is as middlings with nickeline 
--->(10.9%), middlings with arsenopyrite/nickeline/safflorite/skutterudite (5.2%), skutterudite (4.5%), complex (3.1%), ar
--->senopyrite (1.6%) and trace associations (<1%) with other minerals.  Liberation of alloclasite increases significantly
---> from, 63% to 75% to 84%, the +106 to -53 &#956;m fractions.  
The particle liberation by size indicates that free and liberated particles account for 35% and 28% at above and below
---> the 53 &#181;m size class, respectively.  Middling particles account for 7% and 19%, respectively.  
Arsenopyrite
Free and liberated arsenopyrite account for 44.5%.  The main association of arsenopyrite is with alloclasite (15.6%), 
--->alloclasite/nickeline/safflorite/skutterudite (13.9%), safflorite/skutterudite (11.8%) and complex particles (10.7%). 
---> Liberation of arsenopyrite increases significantly from 14% to 18% to ~60%, the +106 to -53 &#956;m fractions.  Middl
--->ing particles generally decrease with decreasing particle size.  
The particle liberation by size indicates that free and liberated particles account for, at below and above the 53 &#1
--->81;m size class, at 39% and 6%, respectively. Middling particles account for 23% and 32%, respectively.   
Mineral Release
Mineral release curves for arsenopyrite, alloclasite, nickeline and safflorite-skutterudite are as follows. 
Liberation of arsenopyrite ranges from 14% to 18% to 60% for grains sizes of 226 &#956;m, 75 &#956;m, 13 &#956;m, resp
--->ectively. 
Liberation of the alloclasite ranges from 63% to 75% to 84% for the same sizes, respectively. 
Liberation of nickeline ranges from 77% to 84% to 93% for the same sizes, respectively.
Liberation of the safflorite-skutterudite ranges from 72% to 81% to 91% for the same sizes, respectively.
Grade and Recovery 
Grades and recoveries are based on the minerals instead of Co, Ni and As grades due to the complexity of the mineral c
--->hemistry.  
The grade-recovery calculations representing the whole sample indicate:
nickeline grades between 98% and 89% for nickeline recoveries of 85% to 98%, respectively;
alloclasite grades between 96% and 78% for alloclasite recoveries of 74% to 97%, respectively.  
safflorite/skutterudite grades between 98% and 86% for safflorite/skutterudite recoveries of 83% to 97%, respectively.
--->  
arsenopyrite grades between 98% and 62% for arsenopyrite recoveries of 45% to 73%, respectively.  
2.	METALLURGICAL TESTS

Two very limited flotation and one flotation-gravity tests were done on the cobalt-nickel samples.  Average calculated
---> head grades were as follows :

TEST
 Co %
 Ni%
 Ag g/t
 
 1
 7.96
 4
 1296
 
 2
 7.72
 3.81
 1298
 
 3
 8.25
 4.14
 1144
 
 Avr
 7.98
 3.98
 1246
 
 
2.1.	Flotation Test #1

Metallurgical Balance

Product
 Weight
 Assays %, g/t
 % Distribution
 
 
 g
 %
 Co
 Ni
 Ag
 S
 Co
 Ni
 Ag
 S
 
 Ro Conc 1
 163.6
 8.2
 9.60
 7.81
 12754.00
 4.41
 9.9
 15.7
 84.0
 26.4
 
 Ro Conc 2
 77.9
 3.9
 8.89
 6.01
 1133.00
 3.46
 4.4
 5.7
 3.6
 9.8
 
 Ro Conc 3
 41.8
 2.1
 8.51
 5.16
 610.00
 2.64
 2.2
 2.6
 1.0
 4.0
 
 Ro Conc 4
 37.5
 1.9
 8.15
 4.75
 452.00
 2.44
 1.9
 2.2
 0.7
 3.3
 
 Rougher Tail
 1676.4
 83.9
 7.74
 3.58
 159.00
 0.92
 81.6
 73.7
 10.7
 56.4
 
 Head (calc)
 1997.2
 100.0
 7.96
 4.08
 1243.88
 1.37
 100.0
 100.0
 100.0
 100.0
 
 (direct)
 
 
 7.74
 4.00
 1296.00
 1.15
 
 
 
 
 
 Combined Products
 
 
 
 
 
 
 
 
 
 
 Ro Conc 1
 
 8.20
 9.60
 7.81
 12754.00
 4.41
 9.9
 15.7
 84.0
 26.4
 
 Ro Conc 1-2
 
 12.10
 9.40
 7.23
 9007.70
 4.10
 14.2
 21.4
 87.6
 36.2
 
 Ro Conc 1-3
 
 14.20
 9.20
 6.92
 7768.35
 3.89
 16.4
 24.1
 88.6
 40.3
 
 Ro Conc 1-4
 
 16.10
 9.10
 6.67
 6912.30
 3.72
 18.4
 26.3
 89.3
 43.6
 
 Rougher Tail
 
 83.90
 7.74
 3.58
 159.00
 0.92
 81.6
 73.7
 10.7
 56.4
 
 
2.2.	Flotation Test #2

Metallurgical Balance

Product
 Weight
 Assays %, g/t
 % Distribution
 
 
 g
 %
 Co
 Ni
 Ag
 S
 Co
 Ni
 Ag
 S
 
 Ro Conc 1
 125.6
 6.3
 9.20
 5.59
 18003.00
 4.12
 7.5
 9.2
 87.1
 20.1
 
 Ro Conc 2
 79.6
 4.0
 8.96
 5.75
 1305.00
 3.54
 4.6
 6.0
 4.0
 11.0
 
 Ro Conc 3
 39.2
 2.0
 7.88
 4.85
 739.00
 2.72
 2.0
 2.5
 1.1
 4.1
 
 Ro Conc 4
 50.0
 2.5
 7.77
 4.67
 750.00
 2.62
 2.5
 3.1
 1.4
 5.1
 
 Rougher Tail
 1706.4
 85.3
 7.55
 3.54
 96.60
 0.90
 83.4
 79.2
 6.3
 59.7
 
 Head (calc)
 2000.8
 100.0
 7.72
 3.81
 1297.59
 1.29
 100.0
 100.0
 100.0
 100.0
 
         (direct)
  
  
 7.74
 4.00
 1296.00
 1.15
  
  
  
  
 
 Combined Products
 
 Ro Conc 1
  
 6.30
 9.20
 5.59
 18003.00
 4.12
 7.5
 9.2
 87.1
 20.1
 
 Ro Conc 1-2
  
 10.30
 9.10
 5.65
 11525.30
 3.89
 12.1
 15.2
 91.1
 31.1
 
 Ro Conc 1-3
  
 12.20
 8.90
 5.52
 9795.18
 3.71
 14.1
 17.7
 92.2
 35.2
 
 Ro Conc 1-4
  
 14.70
 8.70
 5.38
 8257.90
 3.52
 16.6
 20.8
 93.7
 40.3
 
 Rougher Tail 
  
 85.30
 7.55
 3.54
 96.60
 0.90
 83.4
 79.2
 6.3
 59.7
 
 
2.3.	Flotation Followed by Gravity Separation

Metallurgical Balance

Product
 Weight
 Assays %, g/t
 % Distribution
 
  
 g
 %
 Co
 Ni
 Ag
 S
 Co
 Ni
 Ag
 S
 
 Ro Conc 1-4 combined
 216.10
 10.9
 9.33
 5.86
 9784
 4.63
 12.3
 15.4
 93.0
 34.5
 
 Rougher Tail
 1771.8
 89.1
 8.12
 3.93
 89.7
 1.07
 87.7
 84.6
 7.0
 65.5
 
 Head (calc)
 1987.9
 100.0
 8.25
 4.14
 1144
 1.46
 100.0
 100.0
 100.0
 100.0
 
         (direct)
  
  
 7.74
 4.00
 1296
 1.15
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 Product
 Weight
 Assays %, g/t
 % Distribution
 
  
 g
 %
 Co
 Ni
 Ag
 S
 Co
 Ni
 Ag
 S
 
 +150 &#956;m Mozley Conc
 35.8
 7.6
 12.6
 5.80
 152
 2.76
 14.0
 13.1
 12.8
 20.4
 
 +150 &#956;m Mozley Middl
 4.1
 0.9
 10.4
 4.39
 157
 2.63
 1.3
 1.1
 1.5
 2.2
 
 +150 &#956;m Mozley Tailings
 58.5
 12.5
 1.07
 0.50
 182
 0.55
 1.9
 1.9
 25.0
 6.6
 
 -150/+53 &#956;m Mozley Conc
 93.0
 19.9
 12.1
 6.01
 121
 1.57
 35.0
 35.4
 26.4
 30.1
 
 -150/+53 &#956;m Mozley Middl
 9.0
 1.9
 11.3
 5.52
 137
 1.83
 3.2
 3.1
 2.9
 3.4
 
 -150/+53 &#956;m Mozley Tailings
 63.3
 13.5
 1.03
 0.87
 39.9
 0.24
 2.0
 3.5
 5.9
 3.1
 
 -53 &#956;m Mozley Conc
 35.6
 7.6
 12.5
 6.09
 76.0
 1.15
 13.8
 13.7
 6.3
 8.5
 
 -53 &#956;m Mozley Middl
 15.4
 3.3
 12.5
 5.90
 82.9
 1.38
 6.0
 5.8
 3.0
 4.4
 
 -53 &#956;m Mozley Tailings
 153.4
 32.8
 4.78
 2.30
 45.2
 0.67
 22.8
 22.3
 16.3
 21.2
 
 Head (calc)
 468.1
 100.0
 6.88
 3.37
 91.1
 1.03
 100.0
 100.0
 100.0
 100.0
 
         (direct)
  
  
  
  
  
  
  
  
  
  
 
 
Cumulative Assays and Distribution
 
 +150 &#956;m Mozley Feed
 21.0
 5.65
 2.59
 170
 1.44
 17.3
 16.1
 39.2
 29.3
 
 -150/+53 &#956;m Mozley Feed
 35.3
 7.82
 4.02
 90.8
 1.07
 40.1
 42.0
 35.2
 36.7
 
 -53 &#956;m Mozley Feed
 43.7
 6.71
 3.23
 53.4
 0.81
 42.6
 41.8
 25.6
 34.1
 
 Combined Mozley Conc
 35.1
 12.3
 5.98
 118
 1.74
 62.8
 62.3
 45.5
 59.0
 
 Combined Mozley Conc + Midds
 41.2
 12.2
 5.92
 117
 1.73
 73.3
 72.3
 52.9
 69.0
 
 Combined Mozley C&M&-53&#956;m Tailings
 74.0
 8.93
 4.32
 85.1
 1.26
 96.0
 94.7
 69.1
 90.2
 
 Recovery from Flotation & Gravity Conc + Midds on Flot Tailings
 64.2
 61.2
 3.7
 45.2
 
 
Except for the silver, where an average concentrate grade of 8,418 g/t and 92% recovery was obtained, from the very li
--->mited metallurgical tests done, it seems it may not be possible to obtain reasonable concentrate grades along with dec
--->ent recoveries for the cobalt and the nickel by conventional milling processes. Gold Bullion intends to utilize pressu
--->re leaching to produce a cobalt-nickel metal hydroxide cake. 

Gilbert Rousseau, P. Eng., is acting as the qualified person (QP) for Gold Bullion Development Corp. in compliance wit
--->h National Instrument 43-101 and has reviewed the technical contents of 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, Qu&#233;bec.  Additional information on the Company's Granada
---> gold property is available by visiting the website at www.GoldBullionDevelopmentCorp.com and on SEDAR.com.
"Frank J. Basa" 

Frank J. Basa, P.Eng. 
President and Chief Executive Officer 

For further information contact: 

Frank J. Basa, P.Eng., President and CEO at 1-514-397-4000

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the T
--->SX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contai
--->n forward-looking statements including but not limited to comments regarding the timing and content of upcoming work p
--->rograms, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-lo
--->oking 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.