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,