VANCOUVER,
June 8, 2011 /PRNewswire/ - Mr.
Frank J. Basa reports:
Gold Bullion Development Corp. (TSXV:GBB)
(OTCPINK:GBBFF) (the "Company" or "Gold Bullion") announces that it
has completed a 43-101 Technical Report on its Castle Silver Mine
property, which has been filed on SEDAR and can also be viewed on
the Company's website at http://www.GoldBullionDevelopmentCorp.com.
Gold Bullion is nearing completion of its 6000m first-phase drill
program with a total of 4861 metres, as of May 31st, having been completed in 10
holes. A strong new vein structure was identified at the location
of the first IP target tested.
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.
Mine workings were originally accessed by an
adit level entrance on the 21.3 metre (70-foot) level as well as a
vertical shaft. Water level measurements have ascertained that this
uppermost level is above the mine's water level. Based on
this determination, the Company has submitted a preliminary closure
plan to allow the re-opening of the adit to map and re-sample this
upper level. This can be done without having to dewater the
mine. Once this initial re-evaluation has been completed, the
Company will determine whether to proceed with the complete
dewatering of the workings.
The mandate of this first phase of drilling is
to identify the geometry and stratigraphy of the mafic diabase
intrusive sill to which the silver-cobalt quartz-carbonate veins
are spatially related. Of particular importance are fault
structures sub-parallel to the contacts of this intrusive body. The
drilling is attempting, at the same time, to define the strength of
known vein structures from historic workings as well as testing
specific IP targets identified by a recent geophysical survey.
To date, several significant vein structures
have been intersected. The potential extensions to two strong
historical structures have been tested but need further work before
they can be confirmed. No sample analyses have been received to
date. In keeping with the aim of mapping the stratigraphy of the
300m-thick intrusive sill, four holes have traversed the entire
thickness enabling a detailed analysis of subtle differences in
mineralogy and alteration and the identification of the location
the low-angle faults which are important mineralization
indicators.
Historically, exploration in the Gowganda - Elk
Lake area has focused on the upper one-third 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 percent 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.
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.