Year-End Message from Frank J. Basa, Gold Bullion Development President and CEO
12-25-2011
Seasons greetings to all as we prepare to put the year 2011 behind us and look ahead to
renewed growth and a robust 2012. This past year was a challenging one for the entire
junior resource sector that was increasingly under pressure against a backdrop of
financial uncertainty emanating first from the U.S. and then from Europe. Rest assured
that Gold Bullion's resolve, confidence and fundamentals remain stronger than ever.
The bull market in gold continued to gain momentum as the bullion price ramped up
towards the $2,000 per ounce mark. Central banks have become net buyers of gold for
the first time in years. Gold Bullion's flagship property, at the center of the Abitibi
Greenstone Belt, is arguably the best place on the planet to be, with Canada’s largest gold
deposit at Malartic in close proximity.
We have completed close to 80 kilometres of drilling with noteworthy results including
one interval at 207.27 g/t gold over 0.75m. The Gold Bullion Management team remains
as engaged as ever yet is aware of, and sensitive to, investor sentiment around delayed
time lines experienced over the past year. To that end, we have responded by making
significant changes where required.
We hired SGS Geostat, a world leader in the field and replaced Genivar as our geological
consultants. SGS will provide the highest standard of technical assistance on the Granada
Property and more importantly, SGS will prepare a compliant NI 43-101 resource
estimate that is expected to be ready for distribution by the spring of 2012. Once
completed, SGS will begin work on a P.E.A., (Preliminary Economic Assessment) for the
Granada property.
Shareholders should not forget our other asset, a wholly owned subsidiary of Gold
Bullion, the Castle Silver Mine Property located 80 km north west of Cobalt, Ontario.
The Castle Mine produced over 22 million ounces of silver through 1989 according to a
report from the Ontario Ministry of Northern Development & Mine’s Resident
Geologist's Office. Going forward, we will continue to examine strategic options on this
property against a backdrop that saw silver prices surge to nearly $50 per ounce during
the past year.
Gold Bullion management is more confident than ever that we have not only world-class
deposits, but also a first class team of professionals all working efficiently to increase
value and investor confidence at every opportunity. The presently depressed share price
is unfortunate however we remain committed and believe those with foresight and
patience will be rewarded handsomely in the months and years ahead. The management
team remains optimistic that the share price will react accordingly in the New Year as
planned events and milestones unfold reflecting the true market value of Gold Bullion
Development shares.
On behalf of the Board, I would like to extend our warmest wishes and a sincere thank
you to shareholders for showing patience and loyalty during the past 12 months. I wish
shareholders and staff of Gold Bullion a safe and joyous Christmas season and a
prosperous, happy New Year.
Very best regards,
Frank Basa
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