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Gold Bullion Development Corp. (the "Company" or “Gold Bullion”, TSX.V: GBB) has released partial assay results for the first phase of drilling at the Granada Gold Mine property located approximately 6 km south of Rouyn-Noranda, Quebec. The drill program was completed in two phases. A total of 11 holes and 1026 metres were completed in December, 2009 with a further 14 holes totaling 1791 metres completed in January, 2010.

All holes intersected significant intense silicification and sericitization alteration associated with quartz veining in sediments and porphyritic felsic intrusives. Most holes have had visible gold associated with quartz veining and detailed logging is progressing. A total of 593.45 metres were sampled of the 1026 metres drilled in 2009 representing 57.84% of the total drilled. A total of 664 samples have been sent for assay from the first 11 holes completed in December 2009. To date, only the first 224 results have been received. All samples are being assayed for gold. Two holes, one through each of the two historic main structures, are being assayed for silver, copper and nickel in addition to gold. Because nickel and copper were detected during the processing a large bulk sample in 2007, the Company is attempting to identify whether the potential exists for low grade copper and nickel to create a gold equivalent value to augment the gold grade on site. To date, only half the base metal results have been received. The remaining base metal values are expected shortly. All drill holes were planned to intercept the north-dipping vein structures at high angles. No intersections are actual true width. Initial gold assay results from the first three holes contain mineralized intercepts as follows:

  • 61.7 metres grading 0.38 g/t Au from 6.3 – 68.0m including 7.4 metres of 1.07g.t Au from 6.3 – 13.7m and 14.7m of 1.6g/t Au from 40.5 to 55.2m in hole GR-09-01;
  • 32.5 metres grading 1.74 g/t* Au from 15.5 – 48.0m including 3.5metres of 1.42g/t Au from 15.5 – 19.0m and 16.9m of 1.96g/t * Au from 31.1 – 48.0m in hole GR-09-02;
  • 52.1 metres grading 0.175g/t Au from 4.4 – 56.5m including 13.0 metres of 0.619g/t Au from 20.5 – 33.5m in hole GR-09-03.
* A high-grade sample assaying 96.6 g/t Au over 30 cm drilled from 40.7 metres to 41.0 metres was cut to 30 g/t for calculating this weighted average interval. Using the uncut value, the interval grades 3.15 g/t Au over 16.9 metres and 1.79g/t over 32.5 metres

These first three holes were drilled east of Pit No.1 to ascertain whether the grade extended beyond the existing Pit. The initial and partial results are encouraging in that they provide an extension possibility to the No.1 Pit and indicate a need to re-evaluate the historic assay intersections peripheral to the Pit with a new consideration of large tonnage - lower grade potential. Historically, only mineralized and altered sections were sampled. To properly evaluate the large tonnage – lower grade possibility, assaying of previously unsampled intervals will be undertaken.

Summary of Drill Results

HOLEFROM (m)TO (m)INTERVAL (m)GOLD (g/t)
GR-09-016.3068.0061.700.56
including6.3013.707.401.07
and40.5055.2014.701.605g
GR-09-0215.5048.0032.501.742 *
including15.5019.003.501.42
and including31.1048.0016.901.964 *
GR-09-034.4056.5052.100.175
including4.408.353.950.05
and including20.5033.5013.000.62
including21.9529.607.651.00
and including44.0056.5012.500.07
* Interval 40.7 metres to 41.0 metres assaying 96.6 g/t Au was cut to 30 g/t Au for the purposes of this calculation.
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