VANCOUVER,
July 3, 2012 /PRNewswire/ - Gold
Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) ("Gold
Bullion") today announced that it had filed a counter-claim against
Genivar Inc. before the Superior Court of Québec
(500-17-070970-127). In its counter-claim, Gold Bullion is claiming
the amount of $25,431,906.10 in
damages from Genivar as a result of the failure by the latter to
properly perform its contractual obligations in relation to the
Granada and Castle Mines projects.
In the same proceeding, Gold Bullion also denied owing the amount
of $783,652.06 which Genivar is
claiming.
"No company ever wants to have to file a claim
of this nature before the Courts," said Frank Basa, President and CEO of Gold Bullion
Development Corp., "but we believe we had no other alternative in
the matter. Genivar's failure to properly perform the work it was
hired for in relation to the Granada and Castle Mines caused us substantial
damages and the loss of at least one very interesting business
opportunity."
The respective claims will now make their way
through the Québec Court system, where Gold Bullion firmly intends
to assert its rights.
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.
SOURCE Gold Bullion Development Corp.