VANCOUVER, July 3, 2012 /CNW/ - Gold Bullion Development Corp. (TSXV:
GBB) (OTCPINK: GBBFF) ("Gold Bullion") today announced that it had
filed a counter-claim against Genivar Inc. before the Superior Court of
Québec (500-17-070970-127). In its counter-claim, Gold Bullion is
claiming the amount of $25,431,906.10 in damages from Genivar as a
result of the failure by the latter to properly perform its contractual
obligations in relation to the Granada and Castle Mines projects. In
the same proceeding, Gold Bullion also denied owing the amount of
$783,652.06 which Genivar is claiming.
"No company ever wants to have to file a claim of this nature before the
Courts," said Frank Basa, President and CEO of Gold Bullion Development
Corp., "but we believe we had no other alternative in the matter.
Genivar's failure to properly perform the work it was hired for in
relation to the Granada and Castle Mines caused us substantial damages
and the loss of at least one very interesting business opportunity."
The respective claims will now make their way through the Québec Court
system, where Gold Bullion firmly intends to assert its rights.
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.
"Frank J. Basa"
Frank J. Basa, P.Eng.
President and Chief Executive Officer
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.
SOURCE Gold Bullion Development Corp.
For further information:
Frank J. Basa, P.Eng., President and CEO at 1-514-397-4000 or
Progressive Investor Relations (Canada) at (604) 689-2881 or via email: firstname.lastname@example.org