GOLD BULLION DEVELOPMENT CORP. (formerly Consolidated Big Valley Resources Inc.) NEWS RELEASE February 15, 2007 TSX.V. GBB Gold Bullion Development Corp. to acquire the Castle Mine property from Milner Consolidated Silver Mines Ltd. Mr. Frank J. Basa, the President and Chief Executive Officer of Gold Bullion Development Corp. (formerly Consolidated Big Valley Resources Inc.) (the "Company") announces that it has entered into an agreement to purchase the Castle Mine silver property located 85 kilometers northwest of the silver camp in 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 No. 560. The terms of the agreement consist of a cash payment of $25,000, a sliding-scale royalty on silver production which will start from 3% when the official price of silver is $15 (U.S.) or lower per troy ounce. The terms also include a provision for a 5% gross over riding royalty for the sale of products derived from the property, with deductions for smelter and refining charges and several other related expenses. The agreement is subject to regulatory approval. 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 recent production from Agnico-Eagle Mines Limited for the Castle Mine during the1979-1989 term were as follows: 101,024 tonnes milled 91,421,294 grams Silver 34,597 Kg. Cobalt 10,180 Kg. Copper The Castle Mine silver property is in close proximity to other properties in the Gowganda silver camp that are under active drilling 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. The above results have not be validated by the Company 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 the Company’s ground. The Company 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 the Company, forward looking regarding production and costs. The contents of the above news release have been reviewed and verified by Frank J Basa P. Eng., a qualified person under NI 43-101. ON BEHALF OF THE BOARD OF DIRECTORS :signed Frank J. Basa, P.Eng. Chairman of the Board, President and Vice-President Exploration The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s forward-looking statements and expectations. THIS PRESS RELEASE HAS BEEN PREPARED BY MANAGEMENT. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. |
