February 22, 2013

TO OUR SHAREHOLDERS

From the Desk of Frank J. Basa, Chairman, President and CEO

Last year saw the Company issue 36 press releases encompassing the backlogged and new drill results, a NI-43-101 Technical Report and update, new targets, the LONG bars zone expansion and a positive PEA.

All major reports came in on budget as scheduled. Value and price can only stay disconnected for so long. The market is valuing our gold in the ground at a fraction of its true value, a situation that cannot last indefinitely. As the largest long-term investor, I share the frustration felt by many. To create the highest degree of transparency possible and foster timely communication, I spearheaded what is to my knowledge an industry first in setting up the Gold Forum.

I thank everyone that has taken the time to post questions, all of which I have personally answered. All of the feedback about the Forum has been positive with hundreds of investors now registered.

We are continuing to drive the agenda. Even in these challenging times we recently closed a private placement well above market, and are awaiting a report on the economics of what I call a rolling start.

The Annual General Meeting is just around the corner and I invite you to join us in Montreal on March 22nd at 10:00 a.m. to meet and discuss the promising future ahead for Gold Bullion.

Sincerely,

Frank J. Basa, P. Eng.

Chairman, President and Chief Executive Officer