Vancouver - December 23, 2010 (Investorideas.com Mining stocks Newswire) - On behalf of Gold Bullion Development Corp.'s Board of Directors, I would like to extend a heartfelt and sincere thank you to each and every one of our shareholders for their tremendous support of our Company over the last 12 months. This has been a phenomenal year for Gold Bullion as we have made great strides in advancing the Granada Gold Property as a potential open-pit deposit in one of the best places in the world to explore for gold and operate a mine - Quebec. Our market capitalization has increased more than 10-fold since the beginning of 2010 and we have raised in excess of $15 million this year to advance this exciting project. The future could not be brighter for Gold Bullion Development Corp.
I believe we have assembled a fabulous team at Gold Bullion and I would like to thank all of our employees and consultants for their hard work, dedication and professionalism. We do have the "right people" and I'm so grateful and thankful for each of them. Congratulations - each of you has helped make this the most successful year in our Company's history!
We're also very fortunate to be in the right area at the right time. The Cadillac Trend in the heart of the Abitibi Greenstone Belt is one of the world's most prolific gold producing regions. Canada's largest gold deposit, Canadian Malartic, is less than a one hour drive down the Golden Highway from Granada. Meanwhile, the greatest bull market in gold continues. This is very positive for our Company and all the companies who are exploring for gold and producing it along the Cadillac Trend and elsewhere.
Gold Bullion has completed nearly 40,000 metres of drilling this year in the LONG Bars Zone at Granada. We've also more than quadrupled the size of our overall land package in the emerging Granada mining camp from 2,300 hectares to 11,000+ hectares. Drill results and "visuals" have confirmed that the LONG Bars Zone is widening north to south, and we have approximately six kilometres of highly prospective ground to the east still to explore. Mineralization remains open in all directions.
Mines are made, not found. We've taken a fresh approach to a former high grade, underground producer with the goal of turning Granada into a very large open-pit deposit by outlining economic mineralization over a wide area. This will take time, perseverance and much more drilling than we've done to this point. At the moment we continue to "drill for structure". At the right time we'll adjust our drilling strategy and techniques in order to better quantify the grade of this deposit. GENIVAR, our geological consultant, is running a very effective and efficient drill program. We greatly appreciate their expertise and enthusiasm.
In addition to accomplishments with our drill program, we achieved success this year in other areas critical to the development of an open-pit gold mine. We initiated a Baseline Environmental Study in September. This is progressing well and we expect a final report by next spring. We also received very encouraging initial metallurgical results from Granada, showing high recovery rates in Phase 1 test work completed by Gekko Systems of Victoria, Australia.
As I look ahead to 2011, I see another year of opportunity and growth for our Company. I'm extremely optimistic that we will achieve new milestones in our development. Right now the strategy for Granada is very simple - drill, drill, drill. We have very determined crews on the ground and we will just keep on drilling around the clock in order to unlock Granada's true potential. We have another asset as well that investors shouldn't forget, and that's the Castle Silver Mine Property in Cobalt, Ontario. We continue to examine strategic options regarding this property with silver prices at 30-year highs.
On behalf of our Board, I thank each and every one of you again for the loyalty, patience and support you've shown through this dramatic year of growth for Gold Bullion. My wife Elaine and I extend our deepest wishes to shareholders and all the members of the Gold Bullion "team" for a Merry Christmas and a safe, happy and prosperous New Year.
Regards,
Frank J. Basa
President & CEO
Gold Bullion Development Corp.
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 mineral properties, all of which are located in Canada. The Company is currently focused on the advancement of its Granada Gold Mine Property in Rouyn-Noranda, Quebec, and the Castle Silver Mine Property in Gowganda, Ontario.
For more information on Gold Bullion Development Corp. (TSX-V: GBB, OTC PK: GBBFF), visit our web site: http://www.GoldBullionDevelopmentCorp.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.
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