Black Bull Resources Inc.
TSX VENTURE : BBS

Black Bull Resources Inc.

March 01, 2007 17:19 ET

Black Bull Appoints Chief Executive Officer

SHELBURNE, NOVA SCOTIA--(CCNMatthews - March 1, 2007) - Black Bull Resources Inc. (TSX VENTURE:BBS) is pleased to announce that Richard J. Shearer will become the Company's President and CEO effective March 1, 2007. Mr. Shearer, who has been a member of the Board of Directors of Black Bull for the past year, brings a wealth of industrial minerals industry as well as company specific experience and leadership to this position.

Over the past thirteen years, Mr. Shearer has led record growth and success as a Director of Excell Minerals Inc., President and COO of U.S. Silica Company as well as Executive Vice President of Global Boron Operations at North American Chemical Company. Mr. Shearer was the founding chairman of the Industrial Minerals Association of North America and the Vice Chairman of the National Industrial Sand Association in 2003-2004. He was also a Board Member of the Industrial Minerals Association of Europe during this period.

Mr. Shearer has a Bachelor of Science degree from Alderson-Broaddus College and a Masters of Business Administration degree from Eastern Michigan University. He is also a graduate of the Executive Management Program at Harvard University.

Wayne Mailloux, Chairman of Black Bull Resources in making this announcement stated: "We are delighted to have Rick Shearer as our leader in the re-building of Black Bull Resources Inc. and the re-launch of our unique Scotia White™ quartz product line. We expect that under his leadership the Company will gain solid traction with customers in the marketplace and will develop a business that will fulfill our original expectations for revenue and profitability."

Mr. Shearer was granted 585,650 incentive stock options pursuant to the Company's Long Term Incentive Plan as part of his annual compensation. He was also granted 200,000 incentive stock options which shall vest if positive cash flow on a quarterly basis is achieved within 15 months and a further 200,000 incentive stock options which shall vest upon achievement of positive profit before tax performance criteria over the next 27 months. All of the options are exercisable for 5 years at an exercise price of $0.12. In addition, Mr. Shearer will be entitled to participate in the Company's Annual Short Term Incentive Plan Entitlement and to receive an annual incentive cash payment based on achieving certain performance goals in accordance with the Company's annual financial plan and business objectives.

The Board of Directors awarded a special grant of 100,000 options to the Chairman of the Board in recognition of the additional management responsibilities he has agreed to assume in connection with the transition of management of the Company. They are exercisable for 5 years at $0.12.

The Directors wish to recognize and thank Company CFO Mr. Bob Cudmore for his excellent service as Interim Chief Executive Officer during 2006-2007.

About Black Bull Resources Inc.

Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that operates the White Rock Mine near Shelburne. The Mine produces a bright-white, high-purity quartz, marketed under the Scotia White™ 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 which the Company plans to further develop.

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. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed elsewhere in documents that are available to the public.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information