Silver Bullet Mines Acquires King Tut Gold Mine in Arizona
Silver Bullet Mines Acquires King Tut Gold Mine in Arizona
July 23, 2025 - Burlington, Ontario – Silver Bullet Mines Corp. (TSXV:SBMI and
OTCQB:SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce the opportunistic arms’
length acquisition of the past producing high grade gold mine known as the King Tut Mine in
Arizona (“King Tut”). The Company acquired King Tut for very low cash terms with no shares to
be issued to the vendor, and no royalty of any kind was granted. No finders fees were paid.
The Company had a distinct advantage over any other potential purchaser as it has direct access to
on-the-ground knowledge and experience at King Tut. Ron Murphy (the Company’s VP Mining)
and his brother Dan Murphy, the mill manager for the Company at its mil l in Globe, Arizona ,
mined King Tut as part of a team during the 1980’s. They say and the Company believes they
extracted and processed mineralized material at King Tut, and sold the resulting gold. SBMI has
not been able to find any documentation with respect to production at King Tut, which is part of
the reason for the low acquisition cost.
King Tut comprises approximately 80 acres and is located on BLM land less than 50 miles from
the Company’s fully functional mill site in Globe, Arizona. The Company is currently evaluating
the potential to increase the land position.
King Tut provides the following:
Immediate production potential of high grade gold
Excellent infrastructure
Significant exploration potential
When last in production , according to Dan Murphy and Ron Murphy, ongoing grades averaged
0.5 oz/ton gold with assay results as high as 3 oz/ton gold, making the King Tut one of the highest
grade gold properties in the area. The Company relies on these verbal reports to support its thesis
to acquire King Tut and to support its thesis for future exploration and mining. The Company
cannot show that a Qualified Person (as that term is used in NI43-101) supervised the collection
or processing of the material at that time.
Ron and Dan Murphy have advised they visually inspected the King Tut vein, and they report it is
very high grade and 2 to 3 feet wide containing free gold. The adit currently extends less than 100
feet and might need safety work.
Currently there is a stockpile of approximately 400 tons of waste material at King Tut. As part of
its due diligence review of King Tut, the Company transported roughly 50 tons of that material to
its mill for processing. Assay results from that material averaged 0.3 oz/ton gold and ran as high
as 1.8 oz/ton gold.
Panned material from King Tut waste rock
Recovery in this sample of material was 90% and a concentrate grade of 38 oz/ton gold was
achieved. SBMI feels this is an incredibl e opportunity to complement the Super Champ Mine
material and increase potential revenue generation at a very low cost. Management believes the
Company’s risk is minimal on this transaction.
The Company has all the necessary equipment and infrastructure to commence the processing of
the King Tut material immediately without affecting other production operations. The Company
believes it will not be difficult to find a buyer of the end product, wheth er as a concentrate or as
dore bars.
The initial plan is to mine and ship 50 tons per day from King Tut to the mill for processing. The
King Tut material will be kept separate from Super Champ material.
John Carter, SBMI CEO, states, “This once again demonstrates the effectiveness of our business
model and the importance of having an incredible team that can identify, evaluate, perform due
diligence, and transact quickly and efficiently. This is an opportunistic low risk transaction with
what we see as a very high upside.”
The Company believes these types of acquisitions, along with its already owned properties, will
provide a secure and low risk supply of precious metals and exploration opportunities.
SBMI continues to mine from the lower adit at the Super Champ in anticipation of processing
material in the very near future. The Company is also completing its evaluation of the surface work
at the Washington Mine in Idaho where mining is expected to continue in August.
Finally, the Company advises a total of 1,410,407 shares were issued at $0.15 for the payment of
interest and extension fees related to the promissory note , representing a t otal of $211,561,
effective June 20, 2025.
QAQC
Readers are cautioned samples are random by nature and may not be representative of the
remainder of the King Tut vein. All samples above were analyzed by SBMI at its facility near
Globe, Arizona. They were processed through the Lab Jaw Crusher, Lab Hammer Mill and Splitter
Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination
and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived.
Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone
ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then
weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve
the gold in the bead at approximately 175 degrees Fahrenheit. A much more detailed description
of the process and a picture of the assay lab can be found at https://silverbulletmines.com/qa -qc-
assay-lab/.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s
work referred to herein, and is the Qualified Person for this release.
For further information:
John Carter
Silver Bullet Mines Corp., CEO
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
+1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that may constitute forward-looking statements as they relate to SBMI and its
subsidiaries. Forward-looking statements are not historical facts but represent management's current expectation of future events,
and can be identif ied by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates",
"continues" and similar expressions. Although management believes that the expectations represented in such forward -looking
statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause
actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when
forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to
develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation
to update or revise any forward -looking statements. The future outcomes that relate to forward -looking statements may be
influenced by many factors, including but not limited t o: the impact of SARS CoV-2 or any other global virus; reliance on key
personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in
the production and processing of mineralized material; the results of exploration and development activities; the results of mining
and mill operations; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI's
properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation;
counterparty risk with respect to the Buyer; availability and terms of financing; distribution of securities; commodities pricing;
currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential
dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.