NEWS RELEASE
March 26, 2008 TSX.V. GBB
REVISED TERMS OF SALE TO GOLD BULLION DEVELOPMENT CORP. BY MOUSSEAU TREMBLAY INC. OF A PART OF RANADA'S PROPERTY-MEMORANDUM OF UNDERSTANDING
VANCOUVER , BRITISH COLUMBIA - Frank J Basa, P. Eng., President of Gold Bullion Development Corp. (the "Company") (TSX:V: GBB) announces that they have revised the terms of the memorandum of understanding to acquire from Mousseau Tremblay Inc. (MTI) a block of claims in consideration for a total of 500,000 common shares, at a deemed value of $0.15.
This transaction increases the total surface area from 71.32 hectares to 1095.59 hectares. In addition, the Company will enter into an agreement to reprocess surface tailings with MTI. In 1994, A.C.A. Howe International Ltd. calculated (before National Instrument 43-101) the following resources:
- proven and probable resources on the No 1 zone are estimated to amount to 109,931 tonnes at a grade of 3.72 grams/tonne gold.
- proven and probable resources on the No 2 zone are estimated to amount to 593,104 tonnes at grade of 3.41 grams/tonne gold to an average depth of 100 meters.
- within the patented claim block, a resource potential of some 1,677,812 tonnes at a grade of around 3.7 grams/tonne gold is estimated to be contained within a number of targets on or adjacent to the known structures.
Frank J Basa, President and Chief Executive Officer, states: "We are especially pleased with the strategic acquisition of the remaining land position which is a positive follow-up to the recent results obtained from the bulk sample that was processed last year. As a former producer, the Granada Mine could generate resources which could be readily developed.”
The Company therefore will be concentrating their efforts on the Granada Mine and will be returning the Rousseau property and the Yukon refinery to their respective owners.
The resource estimate cited above predates, and therefore does not conform to, the more stringent reporting requirements of NI 43-101 and should not be relied upon regarding the historical resource estimate according to those standards. The Company has not done sufficient work yet to verify or classify the historical estimates as a current mineral resource and the Company is not treating the historical estimates as a current mineral reserve or resource. The Company believes that the historical estimates provide a favourable indication of the gold potential of the property, but should not be relied upon and will embark on an exploration program of the original five veins in order to quantify new resources and upgrade historical resource to NI 43-101 compliance.
Mr. Frank J Basa, P.Eng., President, is the qualified person under the meaning of National Instrument 43- 101 and has reviewed the data in this news release.
The above-mentioned transaction, including the issuance of the common shares, are subject to regulatory approval.
For more information on Gold Bullion Development Corp. (TSX-V: GBB), visit our website
http://www.goldbulliondevelopmentcorp.com/en/.
ON BEHALF OF THE BOARD OF DIRECTORS
Frank J. Basa, P.Eng.
President
CONTACT INFORMATION
Frank J. Basa, P. Eng. President & Chairman
info@Goldbulliondevelopmentcorp.com
Investor Relations
AGORACOM Investor Relations
http://www.agoracom.com/IR/goldbullion
gbb@Agoracom.com
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