Mr. Tim Barry reports

SILVER BULL ANNOUNCES EXECUTION OF KEY PERSONS RETENTION AGREEMENT

Following the entering into the litigation funding agreement with Bench Walk Advisors LLC (the LFA), Silver Bull Resources Inc. has established a management retention agreement (MRA), which is a long-term incentive program to retain key personnel of the company who have important historical information and knowledge to contribute toward the claim. The MRA provides that if the international arbitration claims against Mexico for breaches of its obligations under NAFTA is successful and the company receives damages proceeds, 12 per cent of the net proceeds will be directed to the MRA for distribution to its participants, which include Timothy Barry, president, chief executive officer and director, Brian Edgar, chairman of the board, Christopher Richards, chief financial officer, Juan Manuel Lopez Ramirez, and David Xuan.

Each participant must satisfy specific claim related duties and if they do so, each participant may be entitled to a predefined percentage of the proceeds received by the MRA.

Certain participants under the MRA constitute related parties of the company and accordingly the MRA constitutes a related party transaction of the company under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on the exemption from the requirement to obtain a formal valuation pursuant to Section 5.5(g) of MI 61-101, which provides an exemption where the criteria set out therein are met.

The Toronto Stock Exchange has provided their conditional approval of the MRA, including that the MRA be approved by the company's disinterested shareholders at the next annual meeting of shareholders, which will also be sought in compliance with the requirements for minority shareholder approval under MI 61-101.

We seek Safe Harbor.