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OTCQB: SVBL, TSX: SVB,OTC:SVBL
Silver Bull Resources, Inc. ("Silver Bull" or the "Company") provides an update on its efforts to restore clear legal ownership on the Sierra Mojada silver-zinc project in Coahuila, Mexico ("Sierra Mojada" or the "Project"). Management continues to believe that the scale of the deposit and its higher-grade silver and zinc zones provide a meaningful foundation for potential long-term shareholder value.
Legal update:Â As previously announced, the Company's international arbitration claim against Mexico for the amount of US$374.9M (including interest) in damages was dismissed on jurisdictional and time-limitation grounds.
During the three-and-a-half-year arbitration process, a local individual third party pursued proceedings in the lower Mexican courts seeking control of the Sierra Mojada Project through actions the Company considers improper and without merit. These proceedings resulted in an adverse ruling against the Company and a lien over the Project's mineral licenses. Although the licenses are now subject to this disputed encumbrance, Silver Bull remains their registered owner and is pursuing legal remedies to protect its rights and shareholders' interests. These efforts involve risk and may not succeed.
Subject to resolving these matters, the Company's objective is to advance Sierra Mojada towards feasibility and potential development, potentially alongside a strong industry partner. Management remains committed to protecting the Company's interests and pursuing a practical path to realize the Project's value for shareholders.
Tim Barry, President and Chief Executive Officer, commented: "The arbitration outcome was a setback, but Sierra Mojada's substantial mineral resource, valued two years ago at greater than US$374.9 million is now valued substantially higher due to the rise in silver and zinc prices, remains the basis for our efforts to protect and recover unchallenged title to the Project. Years of exploration, whereby the Company incurred more than US$80 million in costs, have defined a large silver-zinc deposit with distinct higher-grade zones and further exploration potential. Our immediate priority is to restore clear title and access. If successful, our objective is to evaluate a path towards feasibility and development, potentially with a strong industry partner. We remain committed to pursuing that opportunity for shareholders while recognizing the legal, technical and financial work still required."
THE SIERRA MOJADA DEPOSIT:Â Silver Bull's only asset is the Sierra Mojada deposit located in Coahuila, Mexico. Sierra Mojada is an open pittable oxide deposit with a NI 43-101 compliant Measured and Indicated "global" Mineral Resource of 70.4 million tonnes grading 3.4% zinc and 38.6 g/t silver for 5.35 billion pounds of contained zinc and 87.4 million ounces of contained silver. Included within the "global" Mineral 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, for 3.336 billion pounds of contained zinc, and a Measured and Indicated "high grade silver zone" of 15.2 million tonnes with an average grade of 114.9 g/t silver at a 50 g/t cutoff for 56.3 million contained ounces of silver. Mineralization remains open in the east, west, and northerly directions.
For a full summary of the Sierra Mojada resource, please refer to Silver Bull's news release located at the following link:
On behalf of the Board of Directors
"Tim Barry"
Tim Barry, CPAusIMM
President and Chief Executive Officer and Director
Cautionary note regarding forward looking statements: This news release may contain certain information that is forward-looking and is subject to important risks and uncertainties (such statements include statements regarding the final approval of the Private Placement by the Exchange and other statements implying a future state which are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Any forward-looking statements in this document are intended to provide Silver Bull security holders and potential investors with information regarding Silver Bull, including management's assessment of Silver Bull's future plans and financial outlook. Any forward-looking statements reflect Silver Bull's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. There is no guarantee that the Company will be successful in obtaining Exchange approval in respect of the Private Placement, that any investors shall invest in the Private Placement on the terms outlined herein or at all. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Company's filings under Silver Bull's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov. 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 news 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.
SOURCE Silver Bull Resources, Inc.
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