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VANCOUVER, March 1 /PRNewswire/ -




Mr. Frank J. Basa reports:


Gold Bullion Development Corp. (TSXV:GBB) (OTCPINK:GBBFF) (the "Company"
or "Gold Bullion") announces that it has initiated a drill program on
its Castle Silver Mine property.


The Company's Castle Silver Mine property, located 85 kilometres
northwest of the historic silver camp in Cobalt, Ontario consists of 34
leased mining claims and two licenses of occupation located in Haultain
and Nicol Townships, covering approximately 564.4 hectares. The mine
has been in operation at various times from 1917 to 1989 and produced a
total of 763,127,010 grams of silver from the # 3 shaft. This
included Agnico-Eagle Mines Ltd.'s production from 1979 to 1989 which
came to 101,024 tonnes milled; 91,421,294 grams silver; 34,597
kilograms cobalt and 10,180 kilograms copper. Operations shut down in
1989 due to low silver prices.


The Company has initiated an orientation IP geophysical grid across the
property in order to test its application in identifying silver-cobalt
veins, potentially identifying Archean base metal sulphide
mineralization which is known to control silver mineralization in
certain mines, mapping the stratigraphy of the Nipissing diabase and
identifying and mapping location of low-angle faults which are possible
significant mineralization indicators.


Additionally, a drill program begun mid-February, 2011 is underway. The
program is planned to reach a total of 6000m and is intended to test
for continuation of known structures as well as test horizons within
and adjacent to the Nipissing diabase sill previously unexplored in the
Gowganda area. Historically, exploration in the Gowganda - Elk Lake
area has focused on the upper 1/3 of the Nipissing diabase sill and
most of the resulting historic production from the Gowganda area has
been mined from this horizon. However, an estimated 75% or more of the
silver mined from all the silver mines between Gowganda and Silver
Centre in South Lorrain south of Cobalt, Ontario - has been mined from
outside this horizon.


Compilation of all existing and available information on the property is
well underway and will be digitized in 2011 to allow a more thorough
analysis of the geology and known mineralization. A great deal of
information and historic underground geological information has
recently been acquired and is currently being added to the existing
database.


Gold Bullion has recently contracted an engineering firm for the
development of a limited scope closure plan to allow for the opening of
the first level from an adit entrance for sampling and mapping
purposes. This will be two-stage process allowing initial access while
continuing the permitting for dewatering the mine to allow a
re-analysis of the existing workings below the first level.


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 Gold Property near Rouyn-Noranda, Quebec, and its high grade
Castle Silver Mine in Gowganda, Ontario.


For more information on Gold Bullion Development Corp. (TSXV:GBB)
(OTCPINK:GBBFF), visit our web site: http://www.GoldBullionDevelopmentCorp.com


Qualified Person


Mr. Doug Robinson, P.Eng., is the qualified person as defined by
National Instrument 43-101 who supervised the preparation and
verification of the technical information in this release.


"Frank J. Basa"


Frank J. Basa, P.Eng.
President and Chief Executive Officer


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.




SOURCE Gold Bullion Development Corp.



For further information: <p>Frank J. Basa, P.Eng., President and CEO: 1-416-625-2342<br/> Roger Thomas, Director: 1-613-292-2438</p> <p align="justify">Progressive Investor Relations (Canada) Tel (604) 689-2881 or email <a href="mailto:info@progressive-ir.com">info@progressive-ir.com</a><br/> Torrey Hills Capital (United States) Tel (858) 456-7300</p>