TSX Symbol: GBB
VANCOUVER, Aug. 13 /CNW Telbec/ - Gold Bullion Development Corp. is
providing an update on activities under way at its 100 percent owned Granada
Gold Mine project in Rouyn-Noranda, Quebec. The company is currently
undertaking technical programs that management expects will lead to the
completion of a preliminary feasibility study.
A total of 456 surface drill holes amounting to 25,920 meters
(84,051 feet) has been integrated into a database by the company's geological
consultant Genivar. A 3-D model has been generated and is accessible via
Autocad. The underground drill holes have not been integrated for the moment
as the company is focused on areas near surface. The company will eventually
look at the possibility of an underground operation, the entry of these holes
can be easily done.
The Company will focus on the area between Pit No. 1 and the waste pile
in order to see if there is potential for an extension of Vein No.1 for a
possible mill feed extraction near surface. It was noticed that this area
appears very interesting starting from underneath and the edge of the actual
pit up to the waste pile and even underneath the pile. Very good gold
intersections were observed. The length of interest is several hundred meters.
The company therefore is working on a closer examination of this area and will
begin a drilling campaign to better define it. Drawings illustrating the
position of the actual intersections, the location of the future drill holes
as well as the data relative to the meters (feet) involved will be completed
before a drill program is undertaken.
The development of a model and the estimation of the resources for the
different Veins, will be done concurrently and a little after the work
mentioned above is completed.
The drilling campaign will be managed by Genivar from their Rouyn-Noranda
A metallurgical test program is also being designed to determine the best
processing parameters for the mill feed. In initial test work, the company has
recovered 40.43 kilograms (1,304.33 troy ounces) of fine gold in a program of
bulk sampling from the surface-mineralized zone on Vein No. 2 structure. The
company mined 139,471.39 dry metric tonnes, of which 29,948.49 dry metric
tonnes were processed as mill feed. Calculated recovered gold grade of mill
feed was 20.0 per cent above average mill head due to free gold content. Gold
recovery remained very high at 89.76 percent.
The test work indicated that a portion of the gold may be recovered by a
gravity circuit and the remainder by cyanide leaching.
The Company is also sampling the 400,000 tonne waste pile that is
presently placed on Vein No. 1 under which the proposed drill program will be
undertaken. Sampling is being done using a 4 cubic yard loader. The company
used this waste pile to commission the on-site mill prior to the commencement
of the processing of the bulk sample. A gold bullion button was poured from
this waste pile. Metallurgical tests have been completed from two sampling
programs, with results pending.
Frank J. Basa P.Eng., President and Chief Executive Officer stated: "The
current bulk sample results, along with the integrated drill hole data
obtained thus far, support our belief that the Granada Gold Mine continues at
length, width and depth with a possible increase in Pre NI 43-101, proven and
probable mineral reserve reported by A.C.A. Howe Ltd. in 1994 of a total
2.38 million tonnes at 0.10 oz/ton gold. In all categories the estimated
Reserves and Resources represent 280,000 ounces of gold (a qualified person
has not done sufficient work to classify the historical estimate as current
mineral resources, the issuer is not treating the historical estimate as
current mineral resources and the historical estimate should not be relied
Mr. Basa, P.Eng, President, is the qualified person under the meaning of
National Instrument 43-101 and has reviewed the data in this news release.
For more information on Gold Bullion Development Corp. (TSX-V: GBB),
visit our website http://www.goldbulliondevelopmentcorp.com/en/.
ON BEHALF OF THE BOARD OF DIRECTORS
"signed" Frank J. Basa
Frank J. Basa, P.Eng.
THIS PRESS RELEASE HAS BEEN PREPARED BY MANAGEMENT. THE TSX VENTURE
EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: (613) 823-3359 and (613) 292-2438,
info@Goldbulliondevelopmentcorp.com; Renmark Financial Communications Inc.:
Julien Ouimet, firstname.lastname@example.org; Christopher Wells,
email@example.com, Tel.: (514) 939-3989, Fax: (514) 939-3717,