TheNewswire / May 25, 2016 - Gold Bullion Development Corp. (TSX: V: GBB) (OTCPINK: GBBFF) (the "Company" or "Gold Bullion") is pleased to announce the appointment of Ronald Goguen, Sr. to the Company's Board of Directors.
Mr. Goguen is Chairman of Colibri Resource Corporation and President and CEO of ONTOP Capital Limited. Mr. Goguen has over 30 years of experience in the mining exploration industry, having purchased his first exploration drilling company, Ideal Drilling, in 1980, which he later combined with a second exploration drilling company to form Major Drilling Group International Inc., a major metals and minerals contract drilling service company listed on the Toronto Stock Exchange. Mr. Goguen served as President and Chief Executive Officer of Major Drilling Group International Inc. until 2000. Mr. Goguen has also been a member of the board of directors of Northeast Bank from 1990 to 2010. In 2006 Mr. Goguen was appointed Chairman of the board of directors of Beaver Brook Antimony Mine Inc., and remained so until commencement of production of the mine in early 2008. Beaver Brook is the largest antimony mine outside of China. In 1995, Mr. Goguen was named Atlantic Canada's Entrepreneur of the year as presented by Governor General of Canada.
The Company announces that it has also granted stock options to directors and consultants to purchase an aggregate of 1,400,000 common shares in the capital of the Company. The stock options are exercisable for a term of five years at an exercise price of $0.105 per share. All stock options are granted in accordance with the terms of the Company's Stock Option Plan and the policies of the TSX Venture Exchange and will be subject to a hold period of four months and one day from the date of grant.
The Company has agreed to settle its debt obligations with creditors of the of the Company in the amount of up to $81,416.41 payable by issuing up to 775,394 common shares in the capital of the Company at a price of $0.105 per common share. The shares issued pursuant to the debt settlement transaction will be subject to a four month and one day hold period. The shares for debt transaction remains subject to the acceptance from the TSX Venture Exchange.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is a TSX Venture-listed junior natural resource company engaged in the exploration and development of its 100% owned Granada Gold Property located on the prolific Cadillac Trend near Rouyn-Noranda, Quebec. Initial gold mining operations will be focused on high grade near surface material identified in the 2014 PFS. The Company has been
systematically advancing the Granada property since acquiring the previously producing gold mine in 2006. Additional information on the Company is available by visiting the website at www.GoldBullionDevelopmentCorp.com and on SEDAR.com.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
For further information contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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