Burlington, Ontario–(Newsfile Corp. – February 7, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces the arrival of its third and final shipping container at its millsite near Globe, Arizona.
The container finally cleared through the port of Long Beach and its contents were delivered to the millsite this past weekend. This container holds the motor and drive train for the ball mill, which are the final major components required to complete construction. The Company will now be able to locally acquire further minor parts as needed as Globe is a ‘mining town’ home to various mining supply stores.
To view an enhanced version of this graphic, please visit:
The picture above is a recent one from the millsite showing one of the four conveyors being installed. The actual ball mill is the large steel object to the middle left.
“This is a tremendously important milestone for the shareholders,” said A. John Carter, SBMI’s CEO. “The delivery of the motor and drive train was the only major factor beyond our control. It’s been painful to see costs increase while we had to wait for these items. Now, it should take between 30 and 40 days to complete construction, following which the field team will run roughly two weeks’ worth of low-grade material to fine-tune the components. Then we intend to start processing the higher-grade material from our nearby Buckeye Silver Mine.”
In anticipation of the mill’s imminent completion SBMI stockpiled at the millsite mineralized material extracted from the Buckeye Silver Mine. Like any responsible producer SBMI has its own assay lab, at which it will run daily assays for grade control, cost control and immediacy of results.
Once in production SBMI intends to produce silver dore bars, to be sold to a smelter or a commodities trader. SBMI is in discussions with several such groups in anticipation of having saleable product in April, 2022, which means the Company anticipates being in receipt of cash payments soon thereafter. Those cash payments will buttress SBMI’s treasury, which since the start of the pandemic has suffered through escalating costs of shipping, parts, supplies, fuel, services and equipment.
“Getting into production logically leads to risk-mitigating cash flow into the Company,” said Mr. Carter. “Then we can turn our efforts to the Washington Mine in Idaho and the McMorris Mine in Arizona, both former producers. The Washington Mine seems to be even better than we expected, as shown by the recent bulk sample results returning 55.5 oz/t silver.”
For further information, please contact:
Silver Bullet Mines Corp., CEO
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
+1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112953