South32 Maintains Option on the Sierra Mojada Project
South32 Maintains Option on the Sierra Mojada Project
VANCOUVER, British Columbia, May 01, 2019 -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) is
pleased to announce it has received notice from South32 that it wishes to maintain its option on the Sierra Mojada Project by
funding an additional US$3 million in exploration. This will result in aggregate funding of US$6 million at the completion of the
second year of the joint venture option described below.
Silver Bull has a drill program underway on the project and a full update will be released to the market shortly.
South32 Joint Venture Option : In June 2018 Silver Bull signed an agreement with a wholly owned subsidiary of South32
whereby Silver Bull has granted South32 an option to form a 70/30 joint venture with respect to the Sierra Mojada Project. To
maintain the option in good standing, South32 must contribute minimum exploration funding of US$10 million ("Initial Funding")
during a 4 year option period with minimum aggregate exploration funding of US$3 million, US$6 million and US$8 million to be
made by the end of years 1, 2 and 3 of the option period respectively. South32 may exercise its option to subscribe for 70% of
the shares of Minera Metalin S.A. De C.V. ("Metalin"), the wholly owned subsidiary of Silver Bull which holds the claims in
respect of the Sierra Mojada Project, by contributing US$100 million to Metalin for Project funding, less the amount of the
Initial Funding contributed by South32 during the option period.
About Silver Bull : Silver Bull is a well-financed mineral exploration company whose shares are listed on the Toronto Stock
Exchange and trade on the OTCQB in the United States, and is based out of Vancouver, Canada. The Sierra Mojada Project
is located 150 kilometers north of the city of Torreon in Coahuila, Mexico, and is highly prospective for silver and zinc.
About the Sierra Mojada deposit: Sierra Mojada is an open pittable oxide deposit with a NI43-101 compliant measured and
indicated "global" resource of 70.4 million tonnes grading 3.4% zinc and 38.6g/t silver at a $13.50 NSR cutoff giving 5.35 billion
pounds of zinc and 87.4 million ounces of silver. Included within the "global" resource is a measured and indicated "high grade
zinc zone" of 13.5 million tonnes with an average grade of 11.2% zinc at a 6% cutoff, giving 3.336 billion pounds of zinc, and a
measured and indicated "high grade silver zone" of 15.2 million tonnes with an average grade of 114.9g/t silver at a 50g/t cutoff
giving 56.3 million ounces of silver. Mineralization remains open in the east, west, and northerly directions. Approximately 60%
of the current 3.2 kilometer mineralized body is at or near surface before dipping at around 6 degrees to the east.
The technical information of this news release has been reviewed and approved by Tim Barry, a Chartered Professional
Geologist (CPAusIMM), and a qualified person for the purposes of National Instrument 43-101.
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 to U.S. Investors concerning estimates of Measured, Indicated, and Inferred Resources: This press
release uses the terms "measured resources", "indicated resources", and "inferred resources" which are defined in, and
required to be disclosed by, NI 43-101. We advise U.S. investors that these terms are not recognized by the United States
Securities and Exchange Commission (the "SEC"). The estimation of measured, indicated and inferred resources involves
greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S.
investors are cautioned not to assume that measured and indicated mineral resources will be converted into reserves. The
estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the
estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral
resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources. Under Canadian
securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies.
Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations, however the SEC normally
only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures. Accordingly, the information contained in this press release may not be comparable
to similar information made public by U.S. companies that are not subject NI 43-101.
Cautionary note regarding forward looking statements: This news release contains forward-looking statements regarding
future events and Silver Bull's future results that are subject to the safe harbors created under the U.S. Private Securities
Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. Forward-looking statements include,
among others, statements regarding mineral resource estimates and timing of expected drilling update. These statements are
based on current expectations, estimates, forecasts, and projections about Silver Bull's exploration projects, the industry in
which Silver Bull operates and the beliefs and assumptions of Silver Bull's management. Words such as "expects,"
"anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations
of such words, and similar expressions and references to future periods, are intended to identify such forward-looking
statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are
beyond our control, including such factors as the results of exploration activities and whether the results continue to support
continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity
prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in our
Annual Report on Form 10-K for the fiscal year ended October 31, 2018, as amended, and our other periodic and current
reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on
www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance and that
actual results or developments 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 made. 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.