VANCOUVER, Feb. 14, 2013 /PRNewswire/ - Gold Bullion Development Corp. (TSXV:GBB) (OTCPINK:GBBFF) (the "Company" or "Gold Bullion") is pleased to announce the results of a high definition mineralogy study and some scoping level flotation and gravity separation tests done at SGS Lakefield on samples from its Beaver Silver Property, located 15 kilometres east of the historic silver camp in Cobalt, Ontario.
The Company's geological consultant hand cobbed 400 kilograms of cobalt-nickel sulfide material from the historic waste pile at the Beaver Silver Mine. The 20 kilogram sample used in this test program, has an average calculated assay of 7.98 percent Cobalt, 3.98 percent Nickel and 1246 grams per tonne silver. Combined gravity-flotation recoveries from the limited test program yielded 64.2 percent for Cobalt, 61.2 percent for Nickel and 92.0 percent for Silver. No real effort was made to produce a sellable concentrate.
The Company is encouraged by these test results and is extending the test program by doing further gravity concentration of the material followed by pressure leaching. The Company plans, at this stage, to produce a bulk metal hydroxide cake with the long-term objective of producing a Cobalt product for the Lithium-Ion battery market. The present test program will examine Silver and Cobalt-Nickel sulfides only.
The drill program undertaken at the Company's Castle Silver Mine in 2011 indicated, in addition to high silver assays, the presence of sulfide metals, gold and platinum group metals. A 43-101 Technical Report dated August 15, 2011 for Castle Silver Mines Inc., the Company's wholly owned subsidiary, on the Castle Silver Property is available for viewing on SEDAR.
The Company plans to release an update on the work undertaken at the Castle Silver Mine, located 85 kilometres northwest of the historic silver camp in Cobalt, Ontario. The historic silver camp of Cobalt, Ontario, which includes Gowganda and Silver Centre, has produced over 660 million ounces of silver since the early 1900s.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is a TSX Venture-listed junior natural resource company focusing on the exploration and development of its Granada Property near Rouyn-Noranda, Québec. Additional information on the Company's Granada gold property is available by visiting the website at www.GoldBullionDevelopmentCorp.com and on SEDAR.com.
SOURCE Gold Bullion Development Corp.