VANCOUVER, Aug. 21, 2014 /PRNewswire/ - Gold Bullion Development Corp. (GBB.V) (GBBFF) (the "Company" or "Gold Bullion") announces that as a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure. The Company's previous disclosure on its website (video, slides and corporate presentations) included information relating to the Granada Gold Property that may be misleading or contrary to the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") as follows:
Non-Compliant Exploration Targets
The Company's press release dated May 6th, 2014 disclosed drill-defined targets to the north of the LONG Bars Zone aimed at corroborating earlier drill data that outlined a potential relating to its Granada Gold Property. Also, on Slides 19 and 20 of the June 2014 Corporate Presentation a target was disclosed in a format which is not compliant to NI 43-101. The Company now clarifies the disclosure.
The potential referred to in the press release of May 6th 2014 (originally press released on November 26th 2012) and the statement in the June 2014 Corporate Presentation should have read:
POTENTIAL QUANTITY AND GRADE RANGES (1)
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Zone
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Metric Tonnes (Million)
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Gold grade (g/t)
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UG extension West
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7.4 to 11.1
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3.40 to 4.70
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UG extension East
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2.2 to 3.3
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3.20 to 4.30
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Total
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9.6 to 14.4
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3.35 to 4.61
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|
|
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(1)
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The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
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The potential stated above is based on projections within the mineralized plan of two and three mineralized zones of 3 meters true width on the west and east side of the deep hole program under highly drilled surface mineralization.
Additionally, on Slide 3 of the Granada Slide Show, and in the February 13th, 2012 Corporate Video (the "Video"), the Company disclosed a "potential (non-compliant) resource. The Company retracts the disclosure of total metals ounces targets as it is prohibited under NI-43-101. During the "Video", the narrator stated total metal ounces resources added to target and "potential".
This technical disclosure in the June 2014 Corporate Presentation, Video and Slide 3 could be considered misleading or promotional in nature and should not be relied on. Both the June 2014 Corporate Presentation and Slide 3 have been removed from the Company's website. A revised website and Corporate Presentation are being prepared to update the information in compliance with NI 43-101.
Frank J. Basa, P. Eng., the Company's Chief Executive Officer, states: "The video and web presentations and information were prepared to simplify the reading of the technical data. The Company remains committed to ensuring its disclosure practices comply with applicable standards and is reviewing its disclosure policies and procedures to ensure that they are appropriate."
Qualified Person
Claude Duplessis, P. Eng., President of GoldMinds Geoservices, is responsible for and technical information herein and has reviewed and approved the contents of this news release. Claude Duplessis is a Qualified Person and is independent of Gold Bullion within the meaning of NI 43-101.
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, and its high grade Castle Silver Mine in Gowganda, Ontario. Additional information on the Company's Granada gold property is available by visiting the 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.