VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2014) - Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL) ("Silver Bull") is pleased to announce that it has executed a definitive share purchase agreement with BHK Resources Inc. ("BHK") a capital pool company with TSX Venture Exchange trading symbol BHK.P, in connection with the proposed sale of Dome International Global Inc. ("Dome"), a wholly-owned subsidiary of Silver Bull which holds, indirectly, a 100% interest in and to the Ndjole manganese and gold project (the "Project"), located in Gabon. The proposed transaction was previously announced on December 17, 2013 (the "Transaction").
Pursuant to the Transaction, BHK will acquire all of the issued and outstanding securities of Dome from a wholly owned subsidiary of Silver Bull for an aggregate payment of USD$1,500,000, payable in cash, of which USD$25,000 was previously paid as a non-refundable deposit. Upon the completion of the Transaction, Dome will become a wholly owned subsidiary of BHK.
Tim Barry, Silver Bull President & CEO states, "We are very pleased to have executed a definitive share purchase agreement with BHK for the sale of the Ndjole Property in Gabon. Silver Bull is fully focused on advancing its flagship Sierra Mojada silver-zinc project in Coahuila, Mexico, and if completed, this transaction will give the company the opportunity to generate $1.5 million in non-dilutive capital in a very difficult capital markets environment. We look forward to working with BHK to complete this transaction in a timely manner."
About Silver Bull: Silver Bull is a U.S. registered mineral exploration company listed on both the NYSE MKT and TSX stock exchanges and based out of Vancouver, Canada. The company's flagship "Sierra Mojada" project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico, and is highly prospective for silver and zinc. Silver Bull also has 2 mineral licenses in Gabon, Central Africa, which are prospective for gold, manganese, and iron ore.
On behalf of the Board of Directors
Tim Barry, MAusIMM, Chief Executive Officer, President and Director
Cautionary note regarding forward-looking statements: This news release contains forward-looking statements regarding future events and Silver Bull's future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. Forward-looking statements include, among others, statements relating to the completion of the proposed Transaction. These statements are based on current expectations, estimates, forecasts, and projections about Silver Bull's exploration projects, the industry in which Silver Bull operates and the beliefs and assumptions of Silver Bull's management. Words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.