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/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN
THE UNITED STATES./


VANCOUVER, May 9 /CNW/ - Gold Bullion Development Corp. (TSXV: GBB)
(OTCPINK: GBBFF) announces that it has raised gross proceeds of
approximately $4,782,000 from its previously-announced private
placement by issuing 7,142,770 "flow-through" common shares at a price
of $0.61 per share, for gross proceeds to Gold Bullion of approximately
$4,357,000, and by issuing 833,333 units at a price of $0.51 per unit,
for gross proceeds to Gold Bullion of approximately $425,000. Gold
Bullion issued the "flow-through" shares and units to "accredited
investors" in Ontario and Quebec.


Each of the 833,333 units is comprised of one common share and one-half
of a common share purchase warrant. Each full warrant entitles its
holder to acquire one additional common share of Gold Bullion at a
price of $0.69 for twelve months.


Gold Bullion will use the proceeds from the issuance of the
"flow-through" shares for exploration on its Granada Property near
Rouyn-Noranda, Quebec, and will use the proceeds from the issuance of
the units for working capital.


The "flow-through" shares and units were issued on a best-efforts basis
through Industrial Alliance Securities Inc. as agent. As the private
placement was over-subscribed, Industrial Alliance Securities Inc.
exercised in part, at the closing, an over-allotment option granted to
it by Gold Bullion. The balance of the over-allotment option may be
exercised by Industrial Alliance Securities during the next 30 days.
If the over-allotment option is exercised in full, Gold Bullion will
raise gross proceeds of $5,060,000 from the private placement.


In connection with the private placement, Gold Bullion paid a cash
commission to Industrial Alliance Securities in an amount equal to 6.5%
of the gross proceeds.


The securities issued by Gold Bullion pursuant to the private placement
are subject to a four-month "hold period" ending on September 10, 2011
under applicable securities legislation and the policies of the TSX
Venture Exchange.


Following the closing of the private placement, there are
166,662,205 common shares of Gold Bullion issued and outstanding.


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, Quebec, and its 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.


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.




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