VANCOUVER, Jan. 21 /CNW/ -
Mr. Frank J. Basa reports:
Gold Bullion Development Corp. (GBB, TSX.V) (the "Company" or "Gold
Bullion") is pleased to report that Phase 2 drilling and nearly 11,000
metres of Phase 3 drilling at its 100% owned Granada Gold Property have
intersected new mineralized structures throughout the LONG Bars Zone in
both the Preliminary Block Model area and the Eastern Extension.
Mineralization remains open in all directions and the Company expects
to issue an overall exploration update on this large project, including
a series of new assay results, in the very near future. The 50,000
metre program continues with two Landdrill International Inc. drill
rigs. Gold Bullion is aggressively exploring Granada, located five
kilometres south of Rouyn-Noranda in northwestern Quebec, as a
potential open-pit deposit along the prolific Cadillac Trend where
numerous multi-million ounce deposits have been discovered and
Meanwhile, the Company is also pleased to announce that a 6,000 metre
Phase 1 drill program will commence by early next month at its Castle
Silver Mine Property near Gowganda in northeastern Ontario.
The Castle Silver Mine, an historical producer of silver and cobalt, is
within a basin shaped Nipissing diabase intrusive nearly 300 metres
thick. Native silver mineralization is associated with vertical
cobalt-nickel arsenide veins. The property covers 564 hectares.
The Phase 1 drill program at Castle has a three-fold purpose: 1)
Historical workings will be tested for additional cobalt and silver
mineralization; 2) Drilling below the historical horizon will attempt
to intersect potential new silver mineralization associated with
cobalt; and 3) Structures outside the areas of historical production
will be tested for silver, cobalt and nickel potential. The program
will be directed by Mr. Doug Robinson, P. Eng., and GENIVAR which is
also managing the Company's exploration program at Granada.
Historical production at the Castle Silver Mine was taken from the upper
half of the Nipissing diabase. Silver and cobalt deposits in and
around the Cobalt Silver Mining Camp in northeastern Ontario are
typically found below the center of the diabase.
"As we continue to develop our flagship asset at Granada, the drill
program at the Castle Silver Mine will allow us to better evaluate our
strategic options with regard to Castle so we can unlock maximum
shareholder value for it," stated Frank J. Basa, Gold Bullion
Development's President and CEO.
Gold Bullion will be exhibiting at Booth 1009 at the Vancouver Resource
Investment Conference, January 23-24, 2011 at the Vancouver Convention
Centre - West, 1055 Canada Place, Vancouver, British Columbia.
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 Gold Property near Rouyn-Noranda, Quebec, and its high grade
Castle Silver Mine near Gowganda, Ontario.
For more information on Gold Bullion Development Corp. (TSX-V: GBB, OTC
PK: GBBFF), visit our web site: http://www.GoldBullionDevelopmentCorp.com.
The scientific and technical information in this release was prepared
under the supervision of Mr. Frank J. Basa, P.Eng., Gold Bullion's CEO
and President who is a member of the Ontario Association of
Professional Engineers and a "qualified" person in accordance with
National Instrument 43-101.
"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: 1-416-625-2342
Roger Thomas, Director: 1-613-292-2438
Progressive Investor Relations (Canada)
Tel (604) 689-2881 or email firstname.lastname@example.org
Torrey Hills Capital (United States)
Tel (858) 456-7300