Be patient, use the PB blaster for a few days, swing the tongue back and forth each time, be sure to spray it into the those areas with all the rust, turn the bolt while tapping on the threaded end with a nut on it, but backed off a little past the threads on the bolt to avoid thread damage. May take few days for the penetrant to do its job
After the bolt is out, put both pins in and run a
straight shank reamer thru the hole to clean it up. Pretty sure that is a .500 hole
Do Not use a drill for this
Lube the bolt well with marine grease and reinstall with a new self locking nut
Example low cost reamer:
http://www.amazon.com/uxcell-Adjusta...s_id=256298011