VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 25, 2014) - Silver Bull Resources, Inc. (SVB.TO)(NYSE MKT:SVBL) ("Silver Bull") is pleased to announce it has been granted water permits to access water of up to 3,500,000 cubic meters per annum for use on its Sierra Mojada Project in Coahuila, Mexico.
The National Water Commission of Mexico ("CONAGUA"), an agency of the Ministry of Environment and Natural Resources, has granted 6 permits to a subsidiary of Silver Bull for water wells with capacity to draw up to 3,500,000m3 annually from the regional aquifer.
The Preliminary Economic Assessment on the Sierra Mojada project, filed November 15, 2013 (and available for download at www.silverbullresources.com), outlined an 8,500 tonne per day mill throughput operation with an estimated annual industrial water requirement for 2,000,000m3 and annual potable water requirement of 500,000m3, resulting in an estimated total annual regional water requirement of 2,500,000m3.
A hydrological report commissioned by Silver Bull in November 2012 shows the Sierra Mojada project sits on the edge of the Laguna del Ray Aquifer which covers an estimated area of 3,097km2 and can easily accommodate the water requirements for the project.
Tim Barry, President and CEO of Silver Bull, states, "This is another major step forward for the project. One of the major killers of projects in dry regions can often be access to enough water; we do not have this problem at Sierra Mojada. Hydrological studies completed on the area clearly indicate that there is sufficient water available to support our operations as well as future growth for nearby communities as a result of the jobs we create in the region. This is yet another key milestone to de-risk this project and advance it forward."
About Silver Bull: Silver Bull is a US registered mineral exploration company listed on both the NYSE MKT and TSX stock exchanges and based out of Vancouver, Canada. The company's flagship "Sierra Mojada" project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico, and is highly prospective for silver and zinc. Silver Bull also has 2 mineral licenses in Gabon, Central Africa, which are prospective for gold, manganese, and iron ore.
On behalf of the Board of Directors
Tim Barry, MAusIMM
Chief Executive Officer, President and Director
Cautionary note regarding forward-looking statements: This news release contains forward-looking statements regarding future events and Silver Bull's future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. Forward-looking statements include, among others, the sufficiency of water available for the Sierra Mojada project. These statements are based on current expectations, estimates, forecasts, and projections about Silver Bull's exploration projects, the industry in which Silver Bull operates and the beliefs and assumptions of Silver Bull's management. Words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2013, and our other periodic and current reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on www.sedar.com. 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 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.