Gold Bar Development & Consulting Ltd. Announces Business Strategy and Management Appointments

Hamilton, Bermuda – 02 November, 2012 – Gold Bar Development & Consulting Ltd. (the “Company”, “Gold Bar”; Ticker: GOLD.BH) announces its current business strategy. Gold Bar’s business strategy brings top-notch management and organization along with the most current mining technology deep into the jungles of Guyana, South America, to some of the most mineral rich plots of land on Earth. The Company’s current focus is on alluvial gold mining projects. Utilizing its alluvial mining approach, the Company will focus on the 3-foot layer of gold rich gravel, which lines thousands of acres throughout the Cuyuni Region of Guyana anywhere from 3 to 20 feet below the Earths surface. Gold Bar combines the alluvial mining techniques its team has practiced for the past couple of decades with the latest centrifuge technology to increase efficiency and extract maximum gold per yard. The Company then in turn sells this gold to the Guyana Gold Board.

The Company will allocate a portion of this cash flow generated by its alluvial gold mining endeavors to an exploration program consisting of surveying and diamond drilling in order to identify and develop underground hard rock gold deposits.

Gold Bar also offers consulting services to other mining companies looking to extend their reach into Guyana, as well as local Guyanese junior miners looking to expand their current operations. By providing financial and logistical assistance to local junior miners, Gold Bar is able to enter into joint ventures and share in their revenues. This enables the Company to capitalize on mining camps already in operation and producing gold (property & workers already secured) and significantly reduce the time involved in generating a return on investment.

The Company currently employs four management personnel and a crew of eight miners who report directly to Clayton Ambrose, the Company’s General Manager. The Company currently has a total of twelve employees.

The Board of Directors announces the appointment of the following management team:

Saratu Phillips, CEO & Chairman of the Board, Age: 36

Mr. Phillips was born and raised in Guyana where he was exposed at a very young age to the gold mining business. He moved to the US in 1994 to pursue his studies at the New York City College of Technology where he earned a degree in Telecommunications Technology with a minor in Engineering. In 2003, he co- founded Rogue Networks which specialized in consulting for companies in both Guyana and the US which were implementing new telecommunication systems including data satellite, WIFI equipment, wireless long range telephones, and other technical equipment. It was during this time he took on a variety of mining clients in Guyana. While back in Guyana, he excelled in the intricacies of setting up and maintaining systems in very remote locations. He then went on to found Astrolobe Technology in 2006 where he was able to utilize his specialized skills and international business knowledge to negotiate contracts with both mining companies and local government agencies. Mr. Phillips has a robust network of companies in both the US and South America which he will be working with to grow the operations of Gold Bar Development & Consulting Ltd.

Bryan J. Bardes, CFO & Vice President of Investments, Secretary Age: 30

Bryan J. Bardes graduated from the University of Massachusetts Amherst in 2004 with a Bachelor of Science degree in Accounting. He received his CPA license in 2006. Bryan has over four years of experience working for a Big Four accounting firm in Manhattan. During his tenure at KPMG, he primarily worked in their real estate group leading audit engagements. He also worked on numerous tax and advisory projects as well. His key strengths include assessing risk in the internal control environment of his clients while documenting & testing their critical controls. His clients included some of the biggest real estate funds, investment management companies, and real estate developers, including: ING Clarion, Tishman Speyer, Macklowe Properties, Jamestown, Taconic Investment Partners, and The Related Companies. Bryan then spent a year working for a Boston based private real estate firm with over $3B in assets, where he oversaw property accountants and was directly responsible for the consolidation of accounting information for over 150 properties. In 2008, Bryan co-founded Spire Investment Group where he successfully raised capital in both private and public markets for real estate ventures and start up technology companies. For the past four years, he has consulted for dozens of publically traded entities as well as buyers, sellers, private equity funds and financial advisors in public and private M&A transactions, including leveraged buyouts, mergers, acquisitions, dispositions and recapitalizations. Bryan has also consulted for issuers and investors in public and private securities transactions, including public offerings, and venture capital financings.

Peter Phillips, Vice President of Operations, Age: 40

Peter Phillips has an extensive 20-year track record of working in the mining industry. Born in raised in Guyana, Peter began as a pit worker at a local alluvial gold mining operation in the Quartz Stone region of Guyana at the age of 20. As a pit worker, he was exposed to the most labor-intensive part of the operation. It was here where he would learn the foundation of successful alluvial mining operations. Always eager to advance, Peter familiarized himself with all heavy equipment onsite, and always assisted where he could eventually learning to operate excavators, tractors, and bulldozers. 5 years later, at the age of 25, he was promoted to general manager of the operation, where he spent one year before going out and starting his own gold mining operation in Peruni-Tiger Creek region. He and his partner spent two years working their own lease, successfully mining close to 2,000 ounces with a basic set up. He and his partner then moved their operation to the Oku-Cuyuni region where they spent 3 years running an alluvial mining operation consisting of 20 workers. It was here where Peter honed in on his management skills and was able to keep the main camp in operation for 3 years, while delegating more of the daily operations to his general manager at the time. This enabled Peter to travel throughout the region networking between different camps, and obtaining a more thorough understanding of the newest technology and best practices, so that he could apply them to his own operation. In 2006, Peter moved his operations to the Aranka-Cuyuni region where he has since mined thousands of ounces of gold. Aside from overseeing his main operations, he acted as an independent consultant to outside operations within his network. While the consulting he did was not his primary source of income, it enabled him to keep a broad knowledge of the entire region, and gave him first hand access to the interworking’s of dozens of different camps and operating environments. Peter’s vastknowledge of the regions within Guyana, and his thorough network of mid-size mining companies makes him an invaluable asset to Gold Bar.

Clayton Ambrose, General Manager & Engineer, Age: 44

Clayton Ambrose has worked with and shadowed Peter Phillips for over 10 years. He started his career in the mining industry in 1987 in Guyana. He began working with Peter on a mining project in the Peruni-Tiger Creek Region. He has over 25 years of experience in the mining industry and has traveled to mining camps in every region of Guyana. Clayton is an expert Excavator Operator, Engineer, and Mechanic. He also has significant experience in accounting and purchasing for various jobs and has excellent management skills. He has experience working in every position of an alluvial gold mining operation and has taught and mentored over a hundred workers. He has an in depth knowledge of engines and hydraulic systems. He has seen, diagnosed, and successfully fixed virtually all combinations of engine and hydraulic failure. He has also performed maintenance on all equipment including but not limited to excavators, dredges, engines (both diesel & gasoline), pumps, bulldozers, trucks, ATVs, and tractors. His 25 years of experience living and working in the rain forest in Guyana has given him a natural sense of the terrain and the ability to navigate the most remote projects in the country and is a vital resource to Gold Bar.

About Gold Bar Development & Consulting Ltd. (GOLD.BH)

Gold Bar Development & Consulting Ltd. is a Bermuda based Gold Exploration & Consulting Company with significant holdings deep in the Gold Rich Jungles of Guyana, South America. Guyana is located on the Northern Coast of South America in between Venezuela and Brazil and is an English speaking pro-mining country. Gold Bar’s team is comprised of Manhattan Executives and Guyanese Entrepreneurs with deep roots to the local mining community. Through their history of servicing some of the largest and oldest mining companies in Guyana, Gold Bar has gained invaluable knowledge in telecommunications systems, infrastructure, site development, and efficient alluvial gold mining processes.

Gold Bar’s core processes are a combination of those used by top firms in the industry, and the Company prides itself on pushing the current standards and raising the bar. Gold Bar strives to provide excellence in all business divisions and continue to create long-term investment opportunities for its shareholders and clients.

Disclaimer:

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Bermuda Listing Sponsor:

Appleby Securities (Bermuda) Ltd.

Mr. Sherman Taylor

Tel: (441) 298-3582