Gold Bullion Development Corp.

Gold Bullion Development Corp.

September 20, 2007 17:45 ET

Gold Bullion Development Corp.: Acquires Joe Mann Mine from Campbell Resources Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2007) - Frank J. Basa, P. Eng., President of Gold Bullion Development Corp. (the "Company") (TSX VENTURE:GBB) is pleased to announce that it has entered into an agreement with Campbell Resources Inc. ("Campbell") (TSX:CCH)(OTCBB:CBLRF) to acquire the Joe Mann Mine located some 64 km south of the town of Chibougamau, Quebec.

The Joe Mann property is held by Meston Resources Inc., a wholly-owned subsidiary of Campbell. The proposed transaction covers three mining concessions covering 91 hectares, a mining lease of 14.8 hectares, and 24 mining claims encompassing approximately 377 hectares. The mine lies in the Rohault township but the property straddles Fancamp, Dauversiere, Rohault and Gamache townships.

Terms of the sale are as follows:

- $200,000 on signing;

- Debentures for an amount of $5,100,000 with annual interest of 8% in the name of Meston Resources Inc., secured by a first hypothec on immovables including the hoist and head frame, and stores;

- Interest on debentures to be paid quarterly;

- Redemption of debentures to be done in three equal instalments with the first payment of $1,700,000 eighteen months from date of definitive agreement and the other payments to be made 12 and 24 months later;

- NSR of 4% on all production from the Joe Mann Mine to be paid to Meston and Meston to assume existing third party NSR;

- the Company to assume from the date of definitive agreement employee liabilities for employees retained by the Company and environmental liabilities, and the Company will pay to Meston the amount held in trust for the restoration of the mine property within six months of the signing of the definitive agreement.

Campbell, or its subsidiary companies, will have an option to buy the hoist and head frame at a price of $3,000,000 less amount owing to Meston at the time of the purchase, if the said hoist and head frame are no longer in use at the mine.

A definitive agreement will be entered by the parties once regulatory authorities have approved the transaction. Expenditures incurred by Meston since September 16 will be assumed by the Company.

It is understood that both parties will make the best efforts to sign the definitive agreement as rapidly as possible. The Company will assume the responsibility of preparing the said definitive agreement. If the said agreement is not signed by October 15, 2007, that date will be presumed to be the date of signing for the calculation of interests and the dates of redemption of the debentures.

In order to finance the acquisition cost and to pay for the capital expenditures, the Company has arranged a financing for the issuance of up to 10,000,000 units at a price of $0.15 per unit. Each unit will consist of one common share and one non-transferable share purchase warrant exercisable for one year at the price of $0.18. A finder's fee will be payable in accordance with the policies of the regulatory authorities.

The acquisition agreement and the financing are both subject to the approval of the regulatory authorities.

For more information on Gold Bullion Development Corp. (TSX VENTURE:GBB), visit our website


Frank J. Basa, P.Eng., President

This press release has been prepared by management. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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