VANCOUVER,
Aug. 21, 2014 /PRNewswire/ - Gold
Bullion Development Corp. (TSXV: GBB) (OTCPINK: 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)
Zone
|
Metric Tonnes
(Million)
|
Gold grade
(g/t)
|
UG extension
West
|
7.4 to
11.1
|
3.40 to
4.70
|
UG extension
East
|
2.2 to 3.3
|
3.20 to
4.30
|
Total
|
9.6 to
14.4
|
3.35 to
4.61
|
|
|
(1)
|
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.
|
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.
SOURCE Gold Bullion Development Corp.