VANCOUVER,
March 1 /PRNewswire/ -
Mr. Frank J. Basa reports:
Gold Bullion Development Corp. (TSXV:GBB)
(OTCPINK:GBBFF) (the "Company" or "Gold Bullion") announces that it
has initiated a drill program on its Castle Silver Mine
property.
The Company's Castle Silver Mine property, located
85 kilometres northwest of the historic silver camp in Cobalt, Ontario consists of 34 leased mining
claims and two licenses of occupation located in Haultain and Nicol
Townships, covering approximately 564.4 hectares. The mine has been
in operation at various times from 1917 to 1989 and produced a
total of 763,127,010 grams of silver from the # 3 shaft. This
included Agnico-Eagle Mines Ltd.'s production from 1979 to 1989
which came to 101,024 tonnes milled; 91,421,294 grams silver;
34,597 kilograms cobalt and 10,180 kilograms copper.
Operations shut down in 1989 due to low silver prices.
The Company has initiated an orientation IP
geophysical grid across the property in order to test its
application in identifying silver-cobalt veins, potentially
identifying Archean base metal sulphide mineralization which is
known to control silver mineralization in certain mines, mapping
the stratigraphy of the Nipissing
diabase and identifying and mapping location of low-angle faults
which are possible significant mineralization indicators.
Additionally, a drill program begun mid-February,
2011 is underway. The program is planned to reach a total of
6000m and is intended to test for continuation of known structures
as well as test horizons within and adjacent to the Nipissing diabase sill previously unexplored
in the Gowganda area.
Historically, exploration in the Gowganda - Elk
Lake area has focused on the upper 1/3 of the Nipissing diabase sill and most of the
resulting historic production from the Gowganda area has been mined from this
horizon. However, an estimated 75% or more of the silver mined from
all the silver mines between Gowganda and Silver Centre in South Lorrain
south of Cobalt, Ontario - has
been mined from outside this horizon.
Compilation of all existing and available
information on the property is well underway and will be digitized
in 2011 to allow a more thorough analysis of the geology and known
mineralization. A great deal of information and historic
underground geological information has recently been acquired and
is currently being added to the existing database.
Gold Bullion has recently contracted an engineering
firm for the development of a limited scope closure plan to allow
for the opening of the first level from an adit entrance for
sampling and mapping purposes. This will be two-stage process
allowing initial access while continuing the permitting for
dewatering the mine to allow a re-analysis of the existing workings
below the first level.
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. (TSXV:GBB) (OTCPINK:GBBFF), visit our web site:
http://www.GoldBullionDevelopmentCorp.com
Qualified Person
Mr. Doug Robinson,
P.Eng., is the qualified person as defined by National Instrument
43-101 who supervised the preparation and verification of the
technical information in this release.
"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.