VANCOUVER, June 19, 2012 /CNW/ - Gold Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the "Company" or "Gold Bullion") is pleased to announce additional drill results from several holes located throughout the mineralized area of the Granada Gold Property. The subject property is located along the prolific Cadillac trend in northwestern Quebec, 5 km south of the city of Rouyn-Noranda.
Of the 17 holes, 14 reported significant gold mineralization with hole GR-11-389 at 0.53 g/t Au over 95.0 metres from 72.0 metres to 167.0 metres confirming continuity of the mineralized package near surface inclusive of three discrete higher-grade zones. Hole GR-11-389 was drilled in the Southeast direction to confirm mineralization and assist in the exact positioning of the NNE fault displacing the mineralized blocks between sections.
These assay results are from the 2011 drill program and continue to demonstrate low-grade, high tonnage, near surface intersections while confirming specific high-grade zone at depth with thickness and grade suitable for underground mining.
Highlights include GR-11-260 with 4.87 g/t Au over 3.89 metres at depth while near surface hole GR-11-272 reported 0.39 g/t Au over 129.0 metres from 112.0 metres to 241.0 metres. Gold Bullion's CEO Frank Basa is very encouraged by results that consistently demonstrate the presence of widespread significant gold mineralization on the Granada property. Further details on the mineralized holes inclusive of substantive drill data are summarized in the table below.
|Hole||From (m)||To (m)||Length(m)||Au g/t|
Only three holes, GR-11-364, GR-11-251 and E-11-06 did not cut significant mineralization as follows: GR-11-364 was northwest and too short to intersect the zone while both GR-11-251 and E-11-06 were intended to test the Eastern extension and may not have been suitably located to cut the zones due to the NE shift of mineralized blocks caused by the NNE Faults.
Additional assay results are pending and will be released as they become available.
Claude Duplessis, Eng. is acting as the qualified person (QP) for Gold Bullion Development Corp. in compliance with National Instrument 43-101 and has reviewed the technical contents of this press release.
Investor Relations Agreement Terminated
The Company also announces it has provided 30 days' notice to terminate, effective July 15, 2012, the Investor Relations Agreement dated September 10, 2009 wherein Progressive IR Consultants Corp. of Vancouver, British Columbia, was engaged to provide investor relations services to the Company.
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.
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: [email protected]