VANCOUVER,
Aug. 30, 2012 /PRNewswire/ - Gold
Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the
"Company" or "Gold Bullion") is pleased to announce additional
drill results as a follow up from the Preliminary Deep Hole
Preliminary Results released on July
9th, 2012.
The expanded LONG Bars zone deposit on the
Granada Gold Property represents potentially one of the largest
undeveloped gold deposits along the Cadillac trend in north-western
Quebec, located 5 km south of the
city of Rouyn-Noranda. The
region is home to several significant producing gold mines and
world-class multi-million ounce deposits.
The jurisdiction has a long history and is
renowned for its culture of mining, numerous economic gold deposits
and extensive infrastructure, all of which is evidenced by
Quebec consistently ranking in the
top five best places to mine globally.
The recent deep drill program to the north and
shallow drill program to the west was intended to enlarge the
mineralization envelope of the expanded LONG Bars zone. To date,
two deep holes and four wedges have been completed with assays. The
drill program, which commenced in the spring of 2012, was designed
to step out from the known LONG Bars zone resource to the north at
depth and near surface to the west. Deep drilling has expanded the
mineralization by 650 metres to the north and an additional 600
metres in depth where the mineralization envelope remains wide open
for expansion. Results from drilling to the west are still
pending.
Highlights from the northern deep drilling
including the wedges in deep holes DUP-12-02 and DUP-12-03:
- 8.18 grams per tonne gold across 1.5 metres from 1218.0 to
1219.5 meters down hole including 4.11 grams per tonne across 3.0
metres from 1218.0 to 1221.0 in hole Dup-12-03W2 -- a wedge hole
drilled to provide a full cut of the mineralization envelope at
depth
- 8.26 grams per tonne gold across 1.5 metres from 784.5 to 787.0
metres down hole including 4.19 grams per tonne gold across 3.0
metres from 784.5 to 787.5 metres in hole Dup-12-02W1 -- a wedge
hole drilled to provide a full cut of the mineralization envelope
at depth
Down hole core length is close to true thickness
and uncut.
These drill results continue to confirm specific
high-grade zones at depth with thickness and grade suitable for
underground mining.
Additional drill results from the backlog of
drilling done in 2011 and the recent shallow drilling to the west
will be released shortly. These results will further expand
the LONG Bars zone on strike with the full implications thereof, in
terms of the expansion of the gold resource, to be released in an
updated NI-43-101 expected by year-end 2012. There is a vast
amount of ground yet to be systematically explored to expand the
LONG Bars zone, leaving considerable upside in light of the
drilling results that continue to return measurable gold
mineralization in over 90% of the drill holes.
Claude Duplessis, Eng. is acting as the
qualified person (QP) for Gold Bullion Development Corp. in
compliance with National Instrument 43-101 and has reviewed the
technical contents of this press release. Accurassay Laboratory
conducted the 50-gram fire assay results at their facility in
Ontario. Blanks and
standards were inserted into the sequence in addition to Laboratory
QA/QC.
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
www.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.