Silver Bull Wins Lawsuit in MexicoSilver Bull Resources Wins Lawsuit in Mexico
Vancouver, British Columbia March 31, 2021 – Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL) ("Silver Bull" or the "Company") is pleased to announce it has won a definitive and conclusive decision in its favor in a lawsuit filed by a local mining co-operative called Minera Norteos. The decision was made by the unanimous vote of three Judges in the third Federal Circuit Court of Chihuahua.
Tim Barry, President, CEO and director of Silver Bull states, "This ruling is welcome, but not unanticipated. This is the fourth time that the courts have ruled in our favor on this issue. Unfortunately, we believe the plaintiff, Minera Norteos was manipulated and ill advised by legal and other advisers. Our legal team in Mexico is to be commended for patiently making progress in the face of numerous tactics to delay a judgement on the merits of the case.
Despite the fact that the Company has at all times proceeded in accordance with the law, the project remains under an illegal blockade manned by a small group of radical members from within Minera Norteos. We believe their actions do not represent the view of the vast majority of the Minera Norteos members and wider local community, and we are working with authorities to resolve the situation in a safe, fair, and timely manner. We remain committed to good faith dialogue with reasonable members from Minera Norteos, many of whom have worked for Silver Bull, to find a solution that facilitates the resumption of the drilling program halted by the blockade more than one year ago.
It is unfortunate shareholders have had to put up with this type of action over the recent years, however we are optimistic we will find a solution to the blockade and look forward to continuing our exploration program with our joint venture partner, South32. Sierra Mojada remains one of the largest undeveloped silver-zinc projects in Mexico. The silver-zinc mineralization sits largely at surface and is open pittable and has excellent infrastructure close by. These types of deposits are rare."
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.
Despite the blockade, the joint venture option with South32 remains in good standing but under a force majeure pause.
About Silver Bull: Silver Bull is a Vancouver-based mineral exploration company whose shares are listed on the TSX and trade on the OTCQB in the United States. In addition to the Sierra Mojada project, Silver Bull recently signed an Option Agreement to acquire the Beskauga Copper-Gold Project, located in North Eastern Kazakhstan. The Beskauga deposit is an open pittable gold-copper-silver deposit with a NI 43-101 compliant "Indicated Mineral Resource" of 207 million tonnes grading 0.35 g/t gold, 0.23% copper and 1.09 g/t silver for 2.33 million contained ounces of gold, 476.1 thousand contained tonnes of copper & 7.25 million contained ounces of silver and an "Inferred Mineral Resource" of 147 million tonnes grading 0.33 g/t gold, 0.15% copper and 1.02 g/t silver for 1.56 million contained ounces of gold, 220.5 thousand contained tonnes of copper & 4.82 million contained ounces of silver.
For additional details, please refer to the Beskauga Copper-Gold Project NI 43-101 Technical Report prepared by CSA Global Mining Industry Consultants dated February 8, 2021, which is available on SEDAR at www.sedar.com and on the Company's website at www.silverbullresources.com.
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
info@silverbullresources.com