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Silver Bull Resources, Inc. Letter To Shareholders

We expect to have an updated 43-101 resource estimate completed in the first half of 2013 which will incorporate the results of the drill program outlined above.  At this point it is likely we will move into a preliminary economic assessment of the project. 

In addition to this drill program, our VP Metallurgy, George Rawsthorne is concurrently pushing forward our metallurgical program.  This program will focus on three things 1) silver metallurgy 2) zinc metallurgy 3) metallurgy of a mixed zone which contains both silver and zinc. George brings a wealth of knowledge and experience to our team and we are looking forward to developments of this program as the year goes on.  

The company has also placed a strong emphasis on marketing in 2012/2013.   We have brought on Matt Hallaran to lead the charge on Investor Relations. Since coming onboard Matt has redesigned the corporate website, which can be viewed at www.silverbullresources.com, significantly upgraded the corporate presentation and completed a corporate video to assist us in telling the Silver Bull story.   Moving forward, our team will be actively attending conferences and conducting regular roadshows throughout the remainder of the year to raise awareness of the company to both institutional and retail investors.  

Outlook

We at Silver Bull remain extremely bullish on the fundamentals for both silver and zinc. There is no doubt the world's financial troubles will not go away anytime soon and silver (along with gold) will continue to be a haven for wealth preservation. Furthermore, with the imminent closing of a number of major zinc mines expected in the next 3 years, coupled with both a lack of new zinc mines coming on line to replace this lost production and an expected increase in zinc demand we see a tightening in the zinc supply over the short to medium term.

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