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Silver Bull Resources Inc (2)
Symbol SVB
Shares Issued 34,327,367
Close 2021-09-29 C$ 0.62
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Silver Bull appoints Klinck president

2021-09-29 18:55 ET - News Release

Mr. Tim Barry reports


Silver Bull Resources Inc. and Arras Minerals Corp. have appointed Darren Klinck to both companies as president, effective Oct. 1, 2021. Mr. Klinck will also be joining the board of directors of Arras.

Mr. Klinck is an accomplished mining executive with considerable management experience throughout Australasia and the Americas. He was most recently president and chief executive officer of Bluestone Resources, following the acquisition of the Cerro Blanco gold project in Guatemala in 2017, where he led the team that financed and advanced the project through resource expansion, feasibility and engineering phases of project development.

He also spent more than 10 years with Oceanagold as a member of the executive committee that achieved significant growth and business expansion to become a multimine, international gold mining company, growing from a market capitalization of less than $100-million to one greater than $3-billion.

Over the past 20 years, he has been instrumental in negotiating both equity and debt financing packages totalling more than $800-million and has significant experience leading teams in emerging markets with a strong focus on corporate social responsibility (CSR) and community engagement programs, as well as extensive government relations activities.

Mr. Klinck has a bachelor of commerce degree from the Haskayne School of Business at the University of Calgary. He is a director of Valore Metals Corp. and Gold Basin Resources Corp.

Mr. Klinck commented: "I look forward to working closely with Tim and the team as we advance from a solid base already in place in Mexico at Silver Bull but also as we begin to emerge with Arras in Kazakhstan. The team has done a terrific job through this challenging global pandemic to evaluate opportunities focusing on high-quality geological potential in jurisdictions that welcome mineral development. The significant opportunity established in Kazakhstan by Arras over the past year has positioned the company to be an early mover in one of the few copper-gold belts remaining globally that has not benefited from significant modern exploration and focus. Pleasingly, Beskauga is already a significant deposit in its own right and provides a solid base from which to build on in the future within a country that is the most advanced economy in central Asia, has recently modernized their mining regulations based on Western Australian code, and is now seeing new entrants comprising of the largest players in our industry."

Brian Edgar, chairman of Silver Bull, stated: "This is an important step forward for Silver Bull and Arras. Darren's appointment significantly strengthens and diversifies our existing management team. He has a track record of creating shareholder value and a broad range of experience in management, corporate finance and investor relations. Silver Bull and Arras have two exceptional projects which provide exposure to silver and zinc, and gold and copper, respectively, and Darren's capital markets expertise, coupled with management's technical expertise, positions the companies for significant success."

Silver Bull and Arras moving forward: On Sept. 24, 2021, Silver Bull completed the distribution of shares of Arras to its shareholders. Silver Bull continues to own approximately 4 per cent of Arras, on a non-diluted basis.

Silver Bull will continue to focus on the Sierra Mojada project and surrounding area in Mexico and managing the joint venture option with South32. It will continue to trade under the symbol SVB on the Toronto Stock Exchange and SVBL on the OTCQB.

Arras as a stand-alone entity will focus on the Beskauga deposit in northeastern Kazakhstan.

The exploration activities of both companies will continue to be managed by current management and will be headquartered in Vancouver.

A summary of Arras's Beskauga project in Kazakhstan and the Sierra Mojada project in Mexico is provided herein.

Beskauga deposit, Kazakhstan: The Beskauga deposit is an open-pittable gold-copper-silver deposit with a National Instrument 43-101-compliant indicated mineral resource of 207 million tonnes grading 0.35 gram per tonne gold, 0.23 per cent copper and 1.09 g/t silver for 2.33 million ounces of contained gold, 476,100 tonnes of contained copper and 7.25 million ounces of contained silver and an inferred mineral resource of 147 million tonnes grading 0.33 g/t gold, 0.15 per cent copper and 1.02 g/t silver for 1.56 million ounces of contained gold, 220,500 tonnes of contained copper and 4.82 million ounces of contained silver.

The constraining pit was optimized and calculated using a net smelter return cut-off based on a price of: $1,500 per ounce for gold, $2.80 per pound for copper and $17.25 per oz for silver, with an average recovery of 81.7 per cent for copper and 51.8 per cent for both gold and silver. Mineralization remains open in all directions, as well as at depth.

Category    Tonnage (Mt)   Cu %   Au g/t   Ag g/t   Au (Moz)   Cu (kt)   Ag (Moz)

Indicated           207    0.23     0.35     1.09      2.33     476.1       7.25  
Inferred            147    0.15     0.33     1.02      1.56     220.5       4.82  

For a full summary of the Beskauga resource, please refer to Silver Bull's press release dated Jan. 28, 2021, and filed on its profile at SEDAR or by going to the company's website.

Sierra Mojada deposit, Mexico: Sierra Mojada is an open-pittable oxide deposit with an NI 43-101-compliant measured and indicated global mineral resource of 70.4 million tonnes grading 3.4 per cent zinc and 38.6 g/t silver for 5.35 billion pounds of contained zinc and 87.4 million ounces of contained silver. Included within the global mineral resource is a measured and indicated high-grade zinc zone of 13.5 million tonnes with an average grade of 11.2 per cent zinc at a 6-per-cent cut-off, for 3,336 million pounds of contained zinc, and a measured and indicated high-grade silver zone of 15.2 million tonnes with an average grade of 114.9 g/t silver at a 50 g/t cut-off for 56.3 million contained ounces of silver. Mineralization remains open in the east, west and northerly directions.

The constraining pit was optimized and calculated using an NSR cut-off based on a silver price of $15 (U.S.) per oz, and a zinc price of $1.20 (U.S.) per lb and assumed a recovery for silver of 75 per cent and a recovery for zinc of 41 per cent. Approximately 60 per cent of the current 3.2-kilometre mineralized body is at or near surface before dipping at around six degrees to the east.


Category   Tonnes (Mt)   Ag (g/t)   Cu (%)   Pb (%)   Zn (%)   Ag (Moz)   Cu (Mlb)   Pb (Mlb)   Zn (Mlb)

Measured         52.0       39.2     0.04%     0.3%     4.0%      65.5       45.9      379.1    4,589.3 
Indicated        18.4       37.0     0.03%     0.2%     1.9%      21.9       10.8       87.0      764.6  
Total M&I        70.4       38.6     0.04%     0.3%     3.4%      87.4       56.8      466.1    5,353.9 
Inferred          0.1        8.8     0.02%     0.2%     6.4%      0.02       0.04        0.4       10.7  

For a full summary of the Sierra Mojada resource, please refer to Silver Bull's press release dated Oct. 31, 2018, and filed on its profile at SEDAR.

The technical information of this news release has been reviewed and approved by Tim Barry, a chartered professional geologist (CPAusIMM), and a qualified person for the purposes of National Instrument 43-101.

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