Castle Mine - Cobalt, Ontario

Gold Bullion Development Corp. (GBB) has entered into an agreement to purchase the Castle Mine located 85 kilometers northwest of the Silver Camp in North Cobalt, Ontario. The property consists of 34 leased mining claims and 2 licenses of occupation comprising several disconnected groups located in Haultain & Nicol Townships, Larder Lake Mining Division, District of Timiskaming, Ontario, covering approximately 564.4 hectares.

There are three mine shafts numbered 1, 2 and 3 with respective depths of 149 meters, 140 meters and 259 meters with excellent infrastructure and access to power. Access to the various properties can be readily gained by secondary roads that extend northwards from Highway 560.

GBB intends to review the on-surface tailings and future mining production in 2007 as one of many high grade precious metal feeds to its recently acquired North Cobalt Refinery.

The 1989 Cobalt Residents Geologist’s District report for the Castle Mine, in operation since 1917, produced 763,127,010 grams of silver from the No. 3 Shaft to 1989. A table of the most recent production from Agnico-Eagle Mines Limited for the Castle Mine during the 1979-1989 term is as follows:

                 101,024 tonnes milled

                 91,421,294 grams Silver

                 34,597 kg Cobalt

                 10,180 kg Copper

The Castle Mine is in close proximity to other properties in the Gowganda Silver-Cobalt Camp that are under active drilling, such as by Temex Resources Corp. which show very positive results, ranging from 6,066 grams per tonne to 1,885 grams per tonne of silver over widths of 0.7 meters and 0.3 meters respectively. These results demonstrate that there continues to be excellent opportunities for reserves.

Note: The above results have not been validated by GBB and do not comply with NI 43-101 reporting requirements and should not be interpreted as such and are reported only to show the potential of the area and identify mineralized zones that can reasonably be expected to extend onto GBB’s ground. GBB has not completed a feasibility study and there is no certainty that the proposed operations will be economically viable. These estimates are, in view of GBB, forward looking regarding production and costs.