Silver Bull Provides Update on Legacy NAFTA Claim Against Mexico and Management Changes
April 25, 2023 OTCQB: SVBL, TSX: SVB
Silver Bull Provides Update on Legacy NAFTA Claim Against Mexico and
Management Changes
VANCOUVER, British Columbia – Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull” or the
“Company”) is providing an update regarding its legacy North Am erican Free Trade Agreement (NAFTA)
claim against Mexico.
On March 2, 2023, Silver Bull announced that it ha d filed with Mexico a Notice of Intent to initiate a
legacy NAFTA claim under Annex 14 -C of the United States -Mexico-Canada Agreement to recover
economic damages resulting from the illegal blockade of its Sierra Mojada project. Silver Bull has been
unable to access the project since the illegal blockade commenced in September 2019. Despite
numerous demands and re quests for action by the Company, Mexi can governmental agencies have
allowed this unlawful beh aviour to continue and, as such, failed to protect Silver Bull’s investment.
Silver Bull will be seeking to recover no less than US$178 million in damages that it has suffered as a
result of Mexico’s breach of its NAFTA obligations.
In response to the filing of the Notice of Intent, Mexico invited Silver Bull to attend a meeting in Mexico
City on May 30, 2023 with government officials to reach, if possible, an amicable solution. Silver Bull has
confirmed that its representatives will attend the meeting and has noted to the Government of Mexico
that, if a settlement is not reached, it intends to file upon the expiry of the required cooling-off period,
on June 2, 2023, with the International Centre for Settlement of Investment Dis putes (ICSID) a Request
for Arbitration, formally commencing the arbitration proceedings. ICSID is the world’s leading institution
devoted to international investment dispute settlement and its decisions are binding on states that are a
party to the ICSID Convention, as is Mexico.
Management Changes
As a result of Silver Bull’s focus on advancing its claims with Mexico, it announced today that it h as
engaged Mr. Erinn Br oshko of Vancouver t o oversee the arbitration proceedings. Mr . Broshko is a
corporate lawyer with public company chief executive and private equity experience who has overseen
ICSID arbitration claims on behalf of claimants.
In conjunction with the commencement of the arbitration by Silver Bull, Darren Klinck has stepped down
as President of the Company to focus his efforts as President of Arras Minerals Corp., a 2021 spinout of
Silver Bull. Tim Barry has re-assumed the position of President of Silver Bull, along with his current role
as Chief Executive Officer.
Mr. Barry commented, “After years of frustration as a result of Mexican governmental agencies allowing
this illegal blockade to destroy the significant value in our Sierra Mojada project, we are confident in our
prospects for success in the arbitration, and firm in our resolve to create value for our shareholders.”
Mr. Barry further noted, “We are pleased to welcome Erinn to our team as he brings a depth of
arbitration management experience and want to thank Darren for his excellent work and dedication
over the last two years and wish him the best of luck as he continues in his senior leadership role with
Arras Minerals.”
On behalf of the Board of Directors
“Tim Barry”
Tim Barry, CPAusIMM
Chief Executive Officer, President and Director
INVESTOR RELATIONS:
+1 604 687 5800
Cautionary note regarding forward looking statements: This news release contains forward- looking statements regarding
future events and Sil ver Bull’s and Arras ’s fu ture results that are subject to the safe harbors created under t he U .S. Private
Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Exchange Act, and applicable Canadian
securities laws. Forwa rd-looking statements includ e, among others, statements regarding the Mineral Resource est imates for
the Sierra Mojada projects and the development of the project. These stat ements are based on current expectations , estimates,
forecasts, and projections ab out Silver Bull’s an d Arras’s exploration projects, the industry in which Silver Bull oper ates and the
beliefs and assumptions of Silver Bull’s management. Words such as “expects,” “anticipates,” “targets,” “goals, ” “projects,”
“intends,” “plans,” “believe s,” “seeks,” “estima tes,” “continues,” “may,” variations of such words, and similar expres sions and
references to future periods, are intended to identify such forward -looking statements. Forward-looking statements are subject
to a number of assumptions, r isks and uncertainti es, many of which are beyond our control, including such factors as whethe r
management’s focus will be as described in this news release, the results of e xploration activities and whether the re sults
continue to support continued explor ation activities, un expected variations in ore grade, types and metallurgy, volatility and
level of commodity prices, the availability of sufficient future financing, and oth er matters discussed under the caption “ Risk
Factors” in Silver Bull’s Annual Repo rt on Form 10 -K for the f iscal year ended October 31, 2022 and our other periodic and
current reports filed with the SEC and available on www.sec.gov and with the Canadian se curities commissions available on
www.sedar.com. Readers are cautioned that forwar d-looking statements are not guarantees of future performance and that
actual results or d evelopments may differ materially from those expressed or implied in the forward- looking statements. Any
forward-looking statement made by us in this release is based only on information currently available to us and speaks only as
of the date on which it is m ade. We undertake no obligation to publicly update any forward- looking statement, whether written
or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.