One half of annual production can go to this program, which will be from the 700ton'/day mill to start with. Depending on grade, recovery rates etc, this could be from 10,000 to perhaps 20,000 oz; so half would be 5 to 10 thousand ozs, divided among 228,486,974 shares. About one oz for every 700+ shares, on an optimistic projection, but this would be per year.
Frank Basa, P. Eng, the President of Gold Bullion Development Corp. (TSX.V: GBB) (the “Company”)
announces that the Company has received confirmation from the TSX Venture Exchange that they will
not object to the gold program if it is within these conditions:
•the program can only be offered to shareholders of the Company;
•the maximum subscription per shareholder should be proportional to share ownership;
•the right to purchase gold is non-transferable;
•the funds raised in the gold program can only be used for the financing of the project (i.e.
bringing a mine into production);
•the maximum annual production allocated to the gold program shall not exceed 50% of the annual production;
•
the program is to be properly disclosed by the Company to the public; and
•
the legal counsel of the Company must provide a legal opinion to the Exchange that the future
sale of gold (or the rights to purchase gold) is not considered as a ''security'' as defined under
securities legislation in Canada.
The Company will file a formal application with the Exchange before going ahead with the gold program.
The Company will make available the amount of ouncesand costs to the shareholders once a NI #43-101
report is completed.
