Black Bull Resources Inc.
TSX VENTURE : BBS

Black Bull Resources Inc.

February 20, 2008 17:57 ET

Black Bull Resources Inc. Announces December 31, 2007 Interim Financial Statement Results

SHELBURNE, NOVA SCOTIA--(Marketwire - Feb. 20, 2008) - 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 December 31, 2007.

The Company recorded a net and comprehensive loss for the three month period of ($788,791) versus ($589,206) for December 31, 2006, or ($0.009) per share versus ($0.013). Allowing for non-cash operating expense of $207,162 compared to $129,079 for December 31, 2006, the Company's operational cash flow was ($581,629) versus ($460,127) for December 31, 2006 when the plant had been shut down.

As reported in the Financial Statement Notes and MD&A, the first quarter of fiscal 2008 continued to be dedicated to business development, as well as initiating the planned Capital Expenditure Program ("CapEx").

"Sales of $30,268 for this first quarter were less than we would have liked in part because we have been dealing with a slowing US economy, the seasonality of the pool industry, the increasing transportation costs, and an appreciating and volatile Canadian dollar," says Rick Shearer, President & CEO. "Nevertheless, the Company continues to identify new markets and applications for Scotia White™. As we go into the spring of 2008, our sales efforts are expected to be realized."

The capital expenditure of $1.5 million previously announced will be completed in two parts. The first part includes an investment of approximately $700,000 and will be completed by mid March. This involves improving the bagging line and expanding the warehouse facilities to meet expected demand. The second part will include new silos and additional processing equipment improvements. The timing of this phase will be dependent on increased demand.

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 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 which the Company plans to further develop when quartz operations become cash-flow positive.

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.

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