VANCOUVER,
June 19, 2014 /PRNewswire/ - Gold
Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) (the
"Company" or "Gold Bullion") announces it has received the
Preliminary Feasibility Study "PFS" for the "Rolling Start" at
Granada. The results from the PFS
demonstrate the economic viability of the Granada Mine Rolling
Start based on the mineral reserves derived from resources that
were outlined by SGS Canada Inc., as previously disclosed in the
Company's news release dated May 6th,
2014.
The PFS highlights the fact that significant
amounts of gold resources are present. With the next phase of
drilling these additional resources have the potential to be
converted to reserves and as such there remains excellent
exploration likelihood to further expand the size of the existing
mineral inventory.
The PFS Phase 1 "Rolling Start" Open Pit plan
for gold production also provides a more conservative estimate of
profitability than the Preliminary Economic Assessment (PEA) due to
the exclusion of the inferred resources in conjunction with the use
of a higher cut-off grade. As such, the PFS provides
estimates that have a lower risk, which is a key element in
securing financing for the "Rolling Start" even with less than
favorable market conditions.
The Technical Report dated June 19, 2014 is available through the Internet
under the Company's profile on the Canadian System for Electronic
Document Analysis and Retrieval (SEDAR) at www.sedar.com and on the
Company's website at www.goldbulliondevelopmentcorp.com.
Frank J. Basa,
President and Chief Executive Officer, "Progress at Granada thus far has been pragmatic and steady
which, in hindsight, has been very appropriate for the overall
market conditions of the past few years. The Company is now
on the cusp of gold production at higher grades with plans for
resource expansion and for ramping up gold production in the
upcoming development phases at Granada as we deliver on the goal of creating
shareholder value."
The delivery of the "Rolling Start" Preliminary
Feasibility Study completes the first stage of Gold Bullion's
continuous development program. The Company has already begun the
second stage of property development with the intention of becoming
a 100,000-ounce per year gold producer in due course.
The C of A is currently being completed by Roche
with SGS and GMG and is expected to be ready for submission prior
to the end of June.
Frank J. Basa,
President and Chief Executive Officer on property resources, "We
have the flexibility of controlling the grade at the Granada
Property with the intent of re-engineering the current resource and
future drilled resources with a mandate to delineate a property
that can support an annual gold pour rate of 100,000 ounces with
all-in cash costs of US$650 to US$800
per ounce for the life of the mine."
Qualified Persons
Claude Duplessis,
P. Eng., consultant for SGS, is responsible for validating the
database and estimating the mineral resources described herein and
has reviewed and approved the contents of this news release as a
Qualified Person independent of Gold Bullion within the meaning of
NI 43-101 regulations.
Jonathan Gagné, Eng., mining engineer at SGS, is
responsible for the mining and economic aspects before tax of the
disclosure and has also reviewed and approved the contents of this
news release. Jonathan Gagné is a Qualified Person
independent of Gold Bullion within the meaning of NI 43-101
regulations.
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.
