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Silver Bull Resources, Inc. Letter To Shareholders

Project Update

During 2011 the company completed approximately 40,000m of surface drilling at Sierra Mojada targeting the Shallow Silver Zone. In addition to the continued expansion of the Shallow Silver Zone the team onsite also made the "Centenario Zone" discovery, a zone of silver mineralization with numerous intercepts over 100 meters in length and containing shorter intervals grading up to 417g/t silver lying approximately 300 meters to the north of the Shallow Silver Zone. Much of the 18,000 meter surface drill program in 2012 has focused on better defining the Centenario Zone, however a number of exploratory holes testing the extensions to the Shallow Silver Zone have also been drilled this year. This has led to another new discovery of a structurally controlled massive sulphide zone. The extent of this zone has not yet been determined and remains an exciting exploration target for the near future. 

On July 6, 2012 the company filed an updated NI43-101 Technical Report – our third on the project in just over a year. SRK Consulting Ltd. ( Canada) "SRK" defined a silver resource at the Shallow Silver Zone of 72.1Moz silver + 997Mlbs zinc in the Measured & Indicated categories and 10.4Moz silver + 108Mlbs zinc in the Inferred category.  This represented a 39% increase in the open pittable silver resource from the previous NI43-101 update released in November 2011.

SRK also reported an additional "zinc exploration target" ranging between 4 million tonnes grading 8.4% zinc and 6 million tonnes grading 8.0% zinc which sits directly below and adjacent to the Shallow Silver Zone. 

One of the results of the latest NI43-101 report was the severe restrictions placed on the 2,700 historical long holes and 10,000 historical channel samples by SRK due to the potential for sample contamination by this style of sampling. This is significant as the long holes and the channel samples appear to define a 500 meter long "high grade" silver zone and a 1,500 meter long "high grade" zinc zone at the eastern end of the deposit that is not fully reflected in the current resource estimate.

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