VANCOUVER, March 1 /PRNewswire/ -
Mr. Frank J. Basa reports:
Gold Bullion Development Corp. (TSXV:GBB) (OTCPINK:GBBFF) (the "Company" or "Gold Bullion") announces that it has initiated a drill program on its Castle Silver Mine property.
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.
The Company has initiated an orientation IP geophysical grid across the property in order to test its application in identifying silver-cobalt veins, potentially identifying Archean base metal sulphide mineralization which is known to control silver mineralization in certain mines, mapping the stratigraphy of the Nipissing diabase and identifying and mapping location of low-angle faults which are possible significant mineralization indicators.
Additionally, a drill program begun mid-February, 2011 is underway. The program is planned to reach a total of 6000m and is intended to test for continuation of known structures as well as test horizons within and adjacent to the Nipissing diabase sill previously unexplored in the Gowganda area. Historically, exploration in the Gowganda - Elk Lake area has focused on the upper 1/3 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% 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.
Compilation of all existing and available information on the property is well underway and will be digitized in 2011 to allow a more thorough analysis of the geology and known mineralization. A great deal of information and historic underground geological information has recently been acquired and is currently being added to the existing database.
Gold Bullion has recently contracted an engineering firm for the development of a limited scope closure plan to allow for the opening of the first level from an adit entrance for sampling and mapping purposes. This will be two-stage process allowing initial access while continuing the permitting for dewatering the mine to allow a re-analysis of the existing workings below the first level.
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
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.