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Gold Bullion Development Corp. (GBB,
TSX.V) (the "Company" or "Gold Bullion") is very pleased
to report it has intersected significant mineralization northeast and
southeast of its LONG Bars Zone Preliminary Block Model at the Granada Gold
Property in northwestern Quebec, demonstrating the growing magnitude of the
LONG Bars Zone Eastern Extension.
GR-10-86, one of the southernmost holes
drilled to date in the Eastern Extension (430 metres
south of recently reported GR-10-55), has returned 84.6 metres
grading 1.00 g/t Au within a total near-surface interval of 127.5 metres (4.5 metres to 132 metres) grading 0.76 g/t Au.
GENIVAR, Gold Bullion's geological
consultant, reports mineralization in GR-10-86 is associated with feldspar porphyry
and brecciated quartz veining. This hole was
drilled toward the south and was collared approximately 180 metres southeast of Gold Bullion's Preliminary Block
Model outlined in the Company's April 22, 2010, news release. A series of
holes for which assays are pending have been drilled in the vicinity of
GR-10-86.
Meanwhile, GR-10-108, collared 30 metres north of GR-10-55 and 150 metres
northeast of the Preliminary Block Model, has intersected 62.4 metres grading 1.06 g/t Au within a wider interval of 279.6
metres grading 0.38 g/t Au. Assays have yet to be
received on 11 of 15 Phase 2 holes drilled in this promising area north,
northeast and northwest of Phase 1 Discovery Hole GR-10-17 with current
drilling focusing on expanding the continuity of the feldspar porphyry and
quartz veining.
A total of 74 Phase 2 and Phase 3 holes
have now been completed in the Eastern Extension with assays pending on 57 of
these holes (a total of four holes are included in this release, see table
below). GENIVAR continues to observe altered feldspar porphyry and quartz
veining throughout the Eastern Extension.
The total surface area drilled to date
in the Eastern Extension (500 metres north to south
x 500 metres west to east) now exceeds the total
dimensions of the Preliminary Block Model which includes the former producing
Granada Mine (plus extensions Gold Bullion has discovered) and is immediately
to the west of the Eastern Extension. Together, the two form the LONG Bars
Zone which remains open in all directions.
Gold Bullion has completed 4,500 metres of a planned 50,000 metres
of Phase 3 drilling throughout the Eastern Extension and the Preliminary
Block Model (currently, one Landdrill International
rig is assigned to each area). So far this year, a total of 32,000 metres have been drilled at the property, greatly
expanding the potential of the LONG Bars Zone and the nearly 5,000 hectare
land package. Drilling will continue throughout the winter with only a short
break over Christmas and New Year's.
"The Eastern Extension has expanded
Granada not only to the east, where we have many highly prospective targets
still to pursue over a strike length of several kilometers, but assay results
are now confirming excellent potential where we hold significant ground going
north and even south," stated Frank J. Basa,
Gold Bullion's President and CEO. "Mineralization is open in all
directions and the scale of this project continues to grow. It's important to
emphasize that Phase 1 and Phase 2 drilling were designed to test for
structure. We're now getting a steady flow of assay results from Phase 2 and
we're eagerly awaiting additional results from both the Eastern Extension and
the Preliminary Block Model in the very near future."
Significant intercepts from GR-10-108,
GR-10-86, GR-10-75, and GR-10-71 include the following:
<<
_____________________________________________
|DDH |From (m)|To (m)|Interval (m)|g/t Au|
|_________|________|______|____________|______|
|GR-10-108| 2.42 |282.00| 279.58 | 0.38 |
|_________|________|______|____________|______|
|including| 117.58 |259.28| 141.70 | 0.70 |
|_________|________|______|____________|______|
|including| 138.36 |200.78| 62.42 | 1.06 |
|_________|________|______|____________|______|
|including| 187.28 |218.97| 31.69 | 1.86 |
|_________|________|______|____________|______|
| | | | | |
|_________|________|______|____________|______|
|GR-10-86 | 4.50 |132.00| 127.50 | 0.76 |
|_________|________|______|____________|______|
|including| 34.80 |119.39| 84.59 | 1.00 |
|_________|________|______|____________|______|
|including| 10.96 |36.30 | 25.34 | 2.40 |
|_________|________|______|____________|______|
| | | | | |
|_________|________|______|____________|______|
|GR-10-75 | 110.00 |177.00| 67.00 | 0.40 |
|_________|________|______|____________|______|
|including| 116.50 |139.00| 23.00 | 0.69 |
|_________|________|______|____________|______|
| | | | | |
|_________|________|______|____________|______|
|GR-10-71 | 144.30 |186.00| 41.70 | 0.19 |
|_________|________|______|____________|______|
>>
Widths reported are drill widths; true widths are unknown. Assays are
uncut, length-weighted average values. A drill map is available on the Gold
Bullion web site, www.GoldBullionDevelopmentCorp.com.
Gold Bullion is aggressively exploring the Granada Gold Property, 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 developed.
Gold Bullion's NQ drill program and drill core sampling, including the
quality assurance/quality control program, are supervised by GENIVAR, Gold
Bullion's geological consultant. Core from the above holes was sent to ALS
Chemex Labs in Val d'Or, Quebec, and Laboratoire Expert in Rouyn-Noranda,
Quebec, for analysis. Gold was assayed by fire assay with additional metallics
analysis done on samples where visible gold was identified. Analytical
accuracy and precision are monitored by the analysis of reagent blanks and
reference materials at both labs. Quality control is further assured by the
insertion of blind certified standard reference material and blanks into the
sample stream at regular intervals by Gold Bullion and GENIVAR personnel in
order to independently assess analytical accuracy.
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 in Gowganda, Ontario.
For more information on Gold Bullion Development Corp. (TSX-V: GBB, OTC
PK: GBBFF), visit our web site: http://www.GoldBullionDevelopmentCorp.com.
Qualified Person
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.
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 info@progressive-ir.com
Torrey Hills Capital (United States) Tel (858) 456-7300
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