|By PR Newswire||
|November 26, 2012 10:56 AM EST|
VANCOUVER, Nov. 26, 2012 /PRNewswire/ - Gold Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the "Company" or "Gold Bullion") is pleased to announce the potential quantity and grade ranges for the underground extensions at its Granada gold property, located on the prolific Cadillac trend in northwestern Quebec, 5 km south of the city of Rouyn-Noranda.
Based on the resource estimate information and the deep hole program interpretation, SGS Canada Inc. has provided the following potential quantity and grade ranges:
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|
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.
As disclosed in Gold Bullion's press release of November 15, 2012:
The total gold resource at Granada now stands at 1,605,000 gold ounces in the Measured and Indicated categories with 1,033,000 gold ounces in the Inferred category using a cut-off grade of 0.40 g/t. The in situ measured resource is 946,000 ounces (28.735 million tonnes grading 1.02 g/t), indicated resource is 659,000 ounces (18.740 million tonnes grading 1.09 g/t), and inferred resource is 1,033,000 ounces (29.975 million tonnes grading 1.07 g/t Au), using a cut-off grade of 0.40 g/t. Additional information can be found in the Company's press release of November 15, 2012.
On April 22, 2010 the Company set a target of 2.4 to 2.6 million ounces of gold as per the original preliminary block model estimate. That target has been hit as evidenced by the press release dated November 15, 2012. Based on this additional data from SGS, Frank J. Basa, Gold Bullion's CEO, is very pleased to state "The Company is now targeting 3.6 to 4.6 million ounces of gold from the next phase of the continued exploration program at Granada with some 80% of the extended Long Bars zone remaining to be explored."
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.
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 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.
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