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VANCOUVER, British Columbia,
Aug. 3, 2012 /PRNewswire/ --Silver Bull Resources, Inc. (TSX: SVB, NYSE MKT: SVBL) ("Silver Bull") announces that it has received notification from AngloGold Ashanti Holdings plc ("AngloGold") terminating the Ndjole-Mevang and Ogooue joint venture agreements in
October 2009 Silver Bull entered into two joint venture agreements with AngloGold, the "Ndjole-Mevang" and the "Ogooue" joint venture agreements via its 100% owned subsidiary Dome Ventures Corporation ("Dome").
Ndjole-Mevang Joint Venture Agreement; Under the terms of the joint venture, AngloGold earned a 20% interest by paying to Dome US
$400,000 upon signing of the joint venture agreement in
October 2009. AngloGold could then earn an additional 40% interest by paying Dome US
$100,000 per year over the next three years and by spending US
$3.7 million on exploration over this period. By terminating the joint venture AngloGold forfeits all its interests in these licenses and 100% of these licenses return to Dome.
October 2009, AngloGold has spent approximately US
$5.7 million on exploration under the Ndjole-Mevang Joint Venture Agreement. Approximately 90% of this expenditure has been used to target the gold potential on the Ndjole license. Work completed under the joint venture agreement includes: 5,300 meters of diamond drilling, a 3,660 line kilometer airborne electro-magnetic survey, 1:20K geological mapping and basin analysis for the Ndjole area and 20,000 soil samples targeting areas considered to be prospective for economic gold mineralisation.
Silver Bull is of the view that the gold and manganese potential remains high in the Ndjole license. As such, further exploration programs are planned to unlock the potential of this area. A full summary of the results will be released shortly.