Silver Bullet Mines Provides Update on Idaho and Arizona Mines
Silver Bullet Mines Provides Update on Idaho
and Arizona Mines
Burlington, Ontario--(Newsfile Corp. - December 8, 2022) - Silver Bullet Mines Corp. (TSXV: SBMI)
(OTCQB: SBMCF) ('SBMI' or 'the Company') is pleased to provide an update on operations at its
Washington Mine in Idaho and at its Buckeye Mine in Arizona.
In Arizona at the Buckeye, core drilled by a prior optionee at the Buckeye Mine in 2017 has been located
and a chain of custody established. The core is being re-logged. There is no record of any of it having
been tested for platinum group elements. It is intended that some of such core will be split and sent to an
accredited third-party lab for testing, and the remainder will be stored after it is logged.
Historical third party core from 2017
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Historical core being split in December, 2022
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In Idaho, the entrance to the historical past-producing gold and silver mine has been screened and rock
bolted. In management's opinion the entrance to the historical mine is secure. Efforts continue to ensure
the access area past the entrance is safe to enable the field team and contract miner to advance
towards what is believed to be the mineralized zone. A mining engineer has created a mine plan and a
ventilation plan which will be implemented once the area is secure. The Company believes it has the
necessary equipment to proceed, including a recently acquired mucker. If timber is required, SBMI has
the timber rights at surface at the Washington Mine and can harvest the timber as needed.
The mining plan at the Washington Mine is subject to evolution as new facts are encountered on surface,
underground and in the supply chain. The current plan is to mine around the caved area, develop a raise
in the mineralized material up to surface, and to work through the winter as possible. This requires SBMI
to acquire an explosive licence, for which it is applying.
Winter weather in Idaho is an uncontrollable risk, but mitigated at the Washington Mine due to the mine's
proximity to a highway.
Readers should be cautioned that the Company's decision to move forward with the construction of and
production at the Washington Mine and the Buckeye Mine is not based on the results of any pre-
feasibility study or feasibility study of mineral resources demonstrating economic or technical viability.
The Company has undertaken exploration and development activities; and after taking into consideration
various factors, including but not limited to: historical data, the exploration and development results to
date, technical information developed internally, the availability of financing, and the starting costs as
estimated internally by the Company's management, the Company is of the view that the establishment
of mineral reserves by way of a prefeasibility or feasibility study at this stage is not necessary and would
be unduly costly, and that the most responsible utilization of the Company's resources is to proceed with
the development of the mines. Readers are cautioned that due to the lack of prefeasibility study or
feasibility study, there is increased uncertainty and higher risk of economic and technical failure
associated with the Company's decision. In particular, there is additional risk that mineral grades may be
lower than expected, and the risk that construction or continuing mining operations may be more difficult
or more expensive than management expected. Production and economic variables may vary
considerably, due to the absence of a detailed economic and technical analysis in accordance with
National Instrument 43-101
. Failure at the Washington or Buckeye Mine may materially adversely
impact the Company's overall ability to continue as a going concern.
For further information, please contact:
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 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 identified 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 to: the impact of
SARS CoV-2 or any other epidemic or pandemic; 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; shareholder and regulatory approvals; licencing and
permitting; 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; 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 viruses create risks that at this
time are immeasurable and impossible to define.
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