Silver Bull Provides Update on the Sierra Mojada Project

VANCOUVER, British Columbia, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) announces Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L. (“Mineros Norteños”), the group which is illegally blocking the Sierra Mojada Project, has filed an appeal in the recently reopened Mexican courts to try and overturn a favourable ruling for Silver Bull on their lawsuit against the Company filed in 2014.

Silver Bull expects a final ruling on the case, which cannot be appealed by Mineros Norteños if won by Silver Bull, to be handed down from the courts within the next 6 months.

Tim Barry, President, CEO and director of Silver Bull states, “We are extremely disappointed to see Mineros Norteños have filed an appeal against the third favorable ruling the Company has received on the frivolous law suit they filed back in 2014. The last favorable ruling was delivered to us in March of this year, but unfortunately due to the rapid spread of the Corona Virus in Mexico, the court system in Mexico has been shut down until very recently, which has caused a significant delay in potentially settling this case once and for all. Should Mineros Norteños lose this appeal then Silver Bull will win the case outright. We strongly believe the law suit filed by Mineros Norteños is without merit and is largely being driven by their lawyer, who stands to gain a considerable contingency payment if successful, and a small radical group of approximately 10 Mineros Norteños members who do not accurately reflect the sentiment of the much larger Mineros Norteños group. According to our employees who live in the community, the illegal blockade on the Sierra Mojada project is manned by this small group and is an attempt to try and force the Company into making a settlement on a lawsuit that is frivolous. We remain committed to good faith dialogue with the Mineros Norteños group, many of whom have worked for Silver Bull, to find a solution, but to date any proposal put forward by Silver Bull has been rejected, and any counter proposals from Mineros Norteños have been completely unrealistic.

Whilst working on trying to find a settlement at Sierra Mojada, Silver Bull continues its due diligence on the Beskauga Project announced on 17 August 2020. The next step in the due diligence process will be a visit to site when travel safely allows.”

Summary of the law suit filed by Mineros Norteños: Silver Bull has an agreement with Mineros Norteños on two small mineral licences which cover the eastern part of the Sierra Mojada deposit. These licences are subject to a 2% production royalty to Mineros Norteños capped at US$6.875 million (the “Royalty”) should a mine go into production.