Silver Bull Signs Term Sheet with Coeur d'Alene Mines for $5 Million Investment
Vancouver, British Columbia - Silver Bull Resources Inc. (NYSE Amex: SVBL, TSX: SVB) ("Silver Bull") is pleased to announce that Coeur d'Alene Mines Corporation (NYSE: CDE, TSX: CDM) ("Coeur d'Alene") has executed a term sheet to make a US$5 million investment in Silver Bull. Coeur d'Alene intends to purchase 7,352,941 shares of Silver Bull common stock at $0.68 per share in a private placement transaction. Closing of the transaction is subject to the execution of a definitive agreement, and approval of the NYSE Amex Stock Exchange and the Toronto Stock Exchange.
Tim Barry, President and CEO states, "We are extremely pleased to have a company with the reputation and stature of Coeur d'Alene invest in Silver Bull and this financing will allow us to complete our planned 2011 exploration program at Sierra Mojada. We feel this investment is a solid endorsement of the work we have completed to date, and of the potential at the Sierra Mojada project."
About Silver Bull
Silver Bull is focused on the acquisition, exploration and potential development of mineral properties. Silver Bull currently owns mineral concessions in the municipality of Sierra Mojada, Coahuila, Mexico and holds exploration licenses in Gabon, Africa. To obtain more information on Silver Bull visit the web site at www.silverbullresources.com.
On behalf of the Board of Directors,
Tim Barry, MAusIMM
Chief Executive Officer, President and Director
Investor Relations Contact Information:
Manager Corporate Communications
Direct Line: (604) 895-7429
Office Line: (604) 687-5800
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 harbours created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). These statements are based on current expectations, estimates, forecasts, and projections about 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, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Silver Bull's future financial performance, Silver Bull's anticipated growth and potential in its business and other characterizations of future events or circumstances are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including such factors as the volatility and level of commodity prices, currency exchange rate fluctuations, uncertainties in cash flow, expected acquisition benefits, exploration mining and operating risks, competition, litigation, environmental matters, the potential impact of government regulations, and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2010 and subsequent periodic reports, 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.