Gold Bullion Development Corp. (GBB, TSX.V) (the "Company" or "Gold Bullion") is pleased to announce that it has closed the non-brokered private placement announced September 22, 2010, and amended October 6, 2010, by the issuance of 14,814,814 units at a price of $0.54 per unit to raise gross proceeds of $8,000,000. Each unit consists of one common share in the capital of the Company and one-half of a transferable share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share in the capital of the Company for a period of one year from the date of issuance at a purchase price of $0.75 per share.