Black Bull Resources Inc.
TSX VENTURE : BBS

Black Bull Resources Inc.

February 15, 2009 15:19 ET

Black Bull Resources Inc. Announces December 31, 2008-Interim Financial Statement Release

SHELBURNE, NOVA SCOTIA--(Marketwire - Feb. 15, 2009) - 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, 2008.

The Company recorded a net and comprehensive loss for the three month period of ($506,132) versus ($788,791) for December 31, 2007, or ($0.006) per share versus ($0.009). Allowing for non-cash operating expense of $192,234 compared to $207,162 for December 31, 2007, the Company's operational cash flow was ($313,898) versus ($581,629) for December, 31 2007.

As reported in the Financial Statement Notes and MD&A, the first quarter of fiscal 2008 continued to be dedicated to implementing the Reduced Operating Business Plan ("ROBP"). As earlier reported the Board of Directors has decided to implement the ROBP for 2009, which will reduce operations to a care and maintenance status until mineral markets improve or significant purchase orders are received that justify re-commencing operations. The Company is still pursuing sales of Ferro silicon and spending limited resources developing its kaolin business model.

The care and maintenance operation will be financed though the collection of accounts receivable, selling remaining warehoused inventory and the sale of surplus operating assets. By implementing the ROBP plan, Black Bull believes that it will be able to care for and maintain its high quality mineral resource assets without requiring external funding for more than a year.

A complete set of Black Bull's Financial Statements, Notes to the Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2008 have been filed on SEDAR at www.sedar.com.

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 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.

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

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