Black Bull Resources Inc.
TSX VENTURE : BBS

Black Bull Resources Inc.

May 27, 2009 08:16 ET

Black Bull Resources Inc. Announces March 31, 2009 Interim Financial Statement Results

SHELBURNE, NOVA SCOTIA--(Marketwire - May 27, 2009) - Black Bull Resources Inc. (TSX VENTURE:BBS) has released its Interim Report including the Financial Statements and Management's Discussion & Analysis for the second fiscal quarter ended March 31, 2009.

The Company recorded a net and comprehensive loss for the three month period of ($1,633,907) vs. ($1,042,840) for March 31, 2008, or ($0.018) per share vs. ($0.011). Allowing for non-cash operating expense of $1,456,445 compared to $210,899 for March 31, 2008, the Company's operational cash flow was ($172,462) vs. ($833,167) for March 31, 2008. The Company posted a write down of redundant capital assets of $1,250,000 to reflect the anticipated selling price of these assets.

Thus, year to date, the Company recorded a net and comprehensive loss of ($2,140,222) vs. ($1,830,631) for the six month period ended March 31, 2008, or ($0.024) per share vs. ($0.020). Allowing for non-cash operating expense of $1,648,680 compared to $418,061 for March 31, 2008, the Company's operational cash flow was ($491,543) vs. ($1,414,796) for March 31, 2008.

"We have put aside the idea of being a direct seller into the high-end, boutique specialty sand markets, such as pool plastering. These markets have proven to be too small and transportation too costly to compete outside of Atlantic Canada." says Richard J Shearer, President and CEO. "A reassessment of this business has led us to withdraw from the dried, processed quartz products and focus on selling unprocessed ("damp") quartz stone and, potentially, kaolin clay, from our unique quarry. Our high quality ore deposit is our unique competitive advantage."

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, 2009 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. 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.

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.

Neither 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.

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