Black Bull Resources Inc.
TSX VENTURE : BBS

Black Bull Resources Inc.

December 01, 2009 09:15 ET

Black Bull Resources Inc. Announces September 30, 2009-Annual Financial Statement Release

SHELBURNE, NOVA SCOTIA--(Marketwire - Nov. 30, 2009) - Black Bull Resources Inc. (TSX VENTURE:BBS) released the Audited Financial Statements and Management Discussion & Analysis (MD&A) for the year ended September 30, 2009.

The Company reports a net loss for the year of $2,883,828 ($3,481,960 in 2008) or $0.030 per share ($0.038 in 2008). The loss in 2009 includes a write down of fixed assets of $1,250,000. Net sales of $261,983 ($257,125 in 2008) consisted of existing processed sand inventory as well as damp unprocessed stone sales. The Company recorded $2,059,212 ($1,082,845 in 2008) in non-cash operating expenses resulting in a net cash loss from operations of $824,615 ($2,399,115 in 2008) or $0.009 per share ($0.029 in 2008).

During the fourth quarter, the Company reports a net loss of $424,985 ($881,430 in 2008) or $0.0047 per share ($0.0080 in 2008). The Company recorded $220,135 ($227,257 in 2008) in non-cash operating items resulting in a net cash loss from operations of $204,850 ($654,174 in 2008) or $0.002 per share ($0.007 in 2008). Net sales for this quarter were $23,085 ($21,176 in 2008).

"As we end our 2009 fiscal year at Black Bull Resources Inc., reflection on the past year shows that we continue to deal with difficult issues," says Richard Shearer, President and CEO. "While the Company's future is uncertain, during 2009, management focused on conserving cash, defining our markets and researching kaolin clay.

Our team has been focusing on short term sales opportunities due to our limited cash and our urgency to increase revenues. Our current plan is to continue to conserve cash by reducing costs further while we push to develop additional sales as quickly as possible, By doing what is necessary to survive during these rough times, we hope to be able to see the company through to a point in 2010 when the economy improves and our sales revenues increase."

About Black Bull Resources Inc.

Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that owns the White Rock Mine near Shelburne. The mine produces a unique, bright, white, high-purity quartz, marketed under the Scotia WhiteTM trademark which is used in a range of value-added, specialty products.

The White Rock Property also contains an identified resource of kaolin and mica.

Further detailed information may be obtained from the Company's website www.blackbullresources.com or corporate filings at www.SEDAR.com.

FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company's mining properties, development results or future plans, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in mineral prices, fluctuations in currency exchange rates, uncertainties relating to the availability and costs of financing needed in the future, the capital and operating costs varying significantly from estimates, delays in the development of projects, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading "(Risks and Uncertainties)" and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by law, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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