Black Bull Resources Inc.

Black Bull Resources Inc.

May 30, 2012 20:55 ET

Black Bull Resources Inc. Announces AGM and March 31, 2012 Interim Financial Statement Release

SHELBURNE, NOVA SCOTIA--(Marketwire - May 30, 2012) - Black Bull Resources Inc. (TSX VENTURE:BBS) has released its Interim Report including the Financial Statements and Management's Discussion & Analysis for the first fiscal quarter ended March 31, 2012.

The Company recorded a net and comprehensive loss for the three month period of $52,418 versus $87,696 for March 31, 2011, or ($0.00) per share versus ($0.01). Allowing for non-cash operating expense of $4,574 compared to $21,861 for March 31, 2011 the Company's operational cash flow was ($47,843) versus ($65,618) for March 31 2011.

The Company had no sales during the quarter as Black Bull Resources Inc. was in a hibernation mode while continuing to seek longer term strategic options for its reserves. The focus continues to be to reduce cash burn to allow the Company to seek other options. It is clear that much uncertainty remains regarding the viability of Black Bull Resources Inc.

On May 29, 2012, the Company held its Annual General meeting in Halifax. Richard Shearer, Dave Wood, Jim Gogan and Joseph MacDonald were reelected to the Board. Under other business the Shareholders approved a resolution to consolidate the shares of the Company at 30:1 subject to regulatory and other approval.

A complete set of Black Bull's Financial Statements, Notes to the Consolidated Financial Statements and Management's Discussion and Analysis for the period ended March 31, 2012 have been filed on SEDAR at

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. Prior to suspension of operations, the mine produced a unique, 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.

Further detailed information may be obtained from the Company's website or corporate filings at

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

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.

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

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