VANCOUVER, British Columbia
July 24, 2012
I am pleased to provide an exploration and corporate update for Silver Bull Resources.
This past year has seen a significant increase in the volatility and uncertainty of the global markets which has overshadowed the strong progress the Silver Bull team has made in advancing our flagship silver-zinc project at
Much has happened since my stepping into the role of CEO in
, we have;
- Released three NI43-101 resource updates over a period of 12 months, increasing the size of the silver resource to 72.1Moz silver in the "measured and indicated" category, and 10.4 Moz of silver in the "inferred" category. On average we have increased the silver resource approximately 40% every 6 months.
- Discovered the "Centenario Zone", a new zone of silver mineralization with numerous intercepts over 100 meters in length and containing shorter intervals grading up to 417g/t silver.
- Discovered a structurally controlled massive sulphide zone which recorded 16.98% zinc, 5.45% lead, and 57g/t silver over 8.45 meters.
- Increased the understanding of the genesis of the mineralization seen at Sierra Mojada allowing us to better model the deposit and to better identify areas with high prospectivity for exploration.
- Began a significant metallurgy program lead by our Vice President of Metallurgy George Rawsthorne. The goal of this program will be to test the silver for heap and agitation cyanide leach methods. We will also look to see how any low grade zinc (<1%) which reports with the silver mineralization can be recovered.
- Completed a first phase regional reconnaissance of other promising prospects in the area.
- Developed an excellent team of individuals who continue to push the technical and corporate program forward, and instilled a strong culture of professionalism and health and safety.
- Negotiated option agreements with various mineral claim owners, tying together the patch work of mineral titles in the area to allow the development of the mineralization at Sierra Mojada.
- Strengthened ties with the local communities and provided support to local Ejido farmers by providing water for their livestock (the area has been in drought for over 3 years now). We also remain the largest employer of local people in the area.
- Successfully began to collect historical value added tax balances from the Mexican government.
- Streamlined the corporate structure of the company in Mexico.