Black Bull Provides an Update on RTO Transaction

SURREY, BRITISH COLUMBIA--(Marketwired - May 31, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Black Bull Resources Inc. ("Black Bull") (TSX VENTURE:BBS.H) provides the following update in connection with its proposed reverse take-over transaction with Renewable Energy Minerals Limited (previously AUS Critical Metals Ltd.), as previously announced on November 6, 2015 ("Transaction"). The preparation and completion of a definitive agreement, which was extended to February 29, 2016 and March 14, 2016, has now been further extended to June 10, 2016. The transaction closing date is expected to be on or about July 31, 2016, subject to customary closing conditions.

Completion of the transaction is subject to a number of conditions, including TSXV acceptance. There can be no assurance that the transaction will be completed by the proposed closing date. In addition, there are a number of customary conditions to closing of the transaction that will be included in the definitive agreement and there can be no guarantee that all such conditions will be satisfied in accordance with the terms of the definitive agreement. The Corporation will issue a press release on closing containing the details of additional terms of the transaction and the financing.

Investors are cautioned that, except as disclosed in the Management Information Circular or Filing Statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The 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.