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Energy Junior Mining Silver Bullet Mines

Silver Bullet Mines Corp. Assays 55.5 Oz/Ton Silver from a Bulk Sample at Its 100%-Owned Washington Mine in Idaho

Burlington, Ontario–(Newsfile Corp. – January 18, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) is pleased to report excellent assay results from a bulk sample from its Washington Mine in Idaho (the ‘Property’). The assay results from SBMI’s own assay lab on site have been corroborated by a third-party accredited lab.

“The importance of these results cannot be overstated,” said A. John Carter, the Company’s CEO. “These results support three important conclusions. First, they are in line with historical data, which increases our comfort level with using that data for guidance. Second, they show the Property is still mineralized with silver and gold. Third, and I think most importantly, it confirms that QA/QC processes both in our own lab and at the third-party lab return very similar results. This further validates our lab.”

The results are below. Lines 1, 2, 3 and 4 were processed in SBMI’s lab in Arizona. Line 5 was processed by Paragon Geochemical, a third-party lab. These values are in oz/ton silver.

Q1Q2Q3Q4
SBMI169.655.444.248.8
SBMI268.855.443.051.6
SBMI374.057.044.054.0
SBMI470.456.844.251.4
Avg per Quarter70.756.243.951.5
Avg across all Quarters55.5
Paragon570.167.150.046.6
Diff between SBMI & Paragon0.8%-16.2%-12.2%10.5%

Paragon also assayed for gold, which across the four quarters returned 1.82g/t, 2.49g/t, 1.77g/t, and 1.4g/t respectively. SBMI did not assay for gold.

As indicated above the SBMI average across all quarters was 55.5 oz/ton silver. This equates to over 1,902 g/t silver at a conversion rate of 34.285.

SBMI collected the bulk sample from eight locations at the Property. The material from each of the eight locations was blended into an 80-kilogram bulk sample, with the result being crushed and quartered. Five kilograms of material was removed from each quarter and processed by SBMI as sixteen assays in total. Five kilograms of material was removed from each quarter and processed by Paragon as four assays.

The Company intends to send the fourth quarter of the bulk sample for ore characterization and metallurgical testing to Montana Technical University, Centre for Advanced Mineral Processing. The remaining parts of the bulk sample including the pulps and rejects have been retained by SBMI as part of its QA/QC practices.

SBMI’s assay lab on-site in Arizona is managed by Robert Budd, a Metallurgical Process Engineer who began his career in metallurgical engineering in 1972. He has held various positions with various employers including Senior Engineer, Superintendent, Engineer, Technical Assistant, Technician, and Lab Assistant. Most recently, prior to joining SBMI he was involved in designing and creating an internal assay facility in Arizona for Freeport McMorran Inc. He has also been the Chief Metallurgist for Northern Sphere Mining Corporation in Arizona, the Principal Process Specialist for Fluor Canada out of Vancouver, the Senior Metallurgical Engineer for Doe Run Lead, the Project Engineer for the commissioning of a copper concentrator start-up at Oz Minerals’ Prominent Hill Mine in South Australia, Senior Metallurgical Engineer for Cyprus Miami/Phelps Dodge Miami in Arizona, Metallurgical Engineer and Metallurgical Lab Supervisor for Newmont Gold in Nevada, and Chief Metallurgist for Inspiration/Cyprus Miami in Arizona among other positions.

Working with Mr. Budd in SBMI’s assay facility is Vic Power, a Registered Professional Assayer for the state of Arizona.

“We have an extremely high level of confidence in our team and in the accuracy of our assays,” said Mr. Carter. “Today’s results only add to that confidence.” SBMI’s management believes these assays confirm the tenor and range of grades reported historically from the silver veins, but cautions they may not be representative of the average grade of mineralization within the full width or extent of any of the muck piles or mineralized structures present on the Property.

The next steps at the Property are to continue sampling, to take the steps necessary to go underground for visual inspection and sampling, and then to take a larger bulk sample. As the Property is on patented lands the process of permitting required to re-open the Washington Mine is more streamlined. SBMI is in discussions with third parties for the purchase of the resulting ore and/or concentrate and has identified potential mill facilities near the Property. SBMI is also considering whether to ship larger samples from the Washington Mine to SBMI’s assay facility in Arizona.

Meanwhile, in Arizona, SBMI continues to advance work at the mill site and mine site at its massive Black Diamond property, which hosts among others the Buckeye Silver Mine. SBMI has been advised it has been moved up the list for the unloading of its shipping container at Long Beach, but cannot provide a firm date upon which such unloading will take place. Assuming it takes place in the next two weeks, SBMI is still on a timeline for pilot production at the Buckeye Silver Mine by the end of this quarter.

QA/QC at SBMI’s Facility

The samples analyzed by SBMI at its facility near Globe, Arizona were processed through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.

QA/QC at Paragon

The samples reported above were collected by the Company’s project geologist and then bagged, labeled, securely stored and sent to Paragon Geochemical in Sparks, Nevada following the Company’s standard QA/QC protocols and the use of independent testing labs. Silver and gold values were determined using fire assay with gravimetric finish using SOP-230. Paragon Geochemical is an IAS accredited full service geochemical laboratory in compliance with ISO/IEC Standard 17025:2017. It also holds a Certificate of Registration for its Quality Management System under ISO 9001:2015 for the testing of metal content in metal and mineral samples for mining companies.

The Qualified Person for this press release is Mr. Ron Wortel, P.Eng., who oversaw all of SBMI’s work referred to herein. Mr. Wortel is also President and a director of the Company.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+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/110574

Categories
Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Reports 6,174 g/t Silver and 18 g/t Gold at Its Washington Mine in Idaho

Burlington, Ontario–(Newsfile Corp. – December 15, 2021) – Silver Bullet Mines Corp. (TSXV: SBMI) (“SBMI” or “the Company”) is pleased to announce the first technical disclosure on its work at the Washington Mine on patented lands in the prolific placer gold district in Idaho (the “Property”). Three rounds of sampling were carried out and are reported below.

The results from these rounds provided confirmation of the high grade nature of the Property’s mineralization potential; direction for the development of a bulk sampling program; and, discovery of parallel mineralized structures. These sets of results indicate the potential for the development of early production from the site through bulk sampling and for the ongoing discovery and development of additional silver and gold resources.

History

The references below to data and observations derived from work not carried out by SBMI is of historical nature only and cannot be relied upon at this time. SBMI does not know the methods by which such work was carried out, or whether all or part of it was under the supervision of a Qualified Person, as that term is defined in NI43-101. SBMI refers to such data and observations to inform its knowledge of the area and to support its thesis for exploration.

The Property first saw production in the late 1800’s with an average gold grade of one ounce per ton. It again produced in the 1930’s during which the then-owner lacked the process capability needed to produce silver, so a decision was then made to block out the silver mineralization with the intention of returning at a future date to process the silver. To the best of SBMI’s knowledge, that never happened. A report included an estimate of 3 million ounces of silver with a grade of 30 to 90 ounces per ton and 15,000 ounces of gold at 0.3 ounces per ton for the veins identified on the Property at the time. Further work must be carried out to confirm the precise location of those veins and the property boundaries at the time. (Source, “Geological Evaluation”, Roger G. Stoker, P.G. and Ryne C. Stoker, Student Geologist, Energy Services Inc., December, 1981.)

In the 1980’s the previous owner reopened the underground and produced a bulk sample claimed to be representative of the silver mineralization in the Washington Vein. The bulk sample was sent to Hecla Smelting for processing with the head grade reported to be 44 ounces silver per ton. (Source, Stoker, ibid.)

Finally, Stoker indicated the location of the “Berger Vein”, described as a “gold ore shoot 25 feet wide, 135 feet long, and unknown depth.” Average grades were given as 0.3 oz/ton gold with unknown silver content. Additional notes in Stoker suggest that the Berger Vein was intersected in drifting at the 400 foot level.

SBMI’s 2021 Work Program – Overview

Following its purchase of the Washington Mine, the Company conducted mapping, sampling and grid soil geochemistry, and prepared staging areas for pending underground rehab and bulk sampling.

Efforts also focused on securing permits, engaging contractors, cutting timber for mine support, and making improvements to the access road. Geologic interpretation of field data is ongoing, and SBMI remains very encouraged with initial findings. Management believes the evidence to date supports historical accounts of previously mined grades and of the presence of strongly mineralized parallel vein structures.

SBMI’s 2021 Work Program – Step One

During Covid-19 shutdowns and while waiting for corporate paperwork to be processed, SBMI reassessed the Property’s historical data and based upon its conclusions, SBMI assayed samples of mineralized vein material that it had collected in December, 2020. The highlights of those assays are below:

MethodAUAG-GR30AUAG-GR30
ElementGoldSilverSilver
Units[g/t][g/t][oz/ton]
LDL*0.145
WASH-ID-0010.5574350127
WASH-ID-0021.364780139
WASH-ID-0031.264740138
WASH-ID-0040.676203059
WASH-ID-0050.928258075
WASH-ID-0061.69248073
WASH-ID-0070.37129841
WASH-ID-0080.6110735
WASH-ID-009< 0.1488328
WASH-ID-0104.613928126

*LDL = Lower Detection Limit as provided by the Certified Assay Lab

The complete table will be posted at SBMI’s web site www.silverbulletmines.com. Readers are cautioned that samples are by their nature selective and may not reflect the overall nature of the property. The values above for silver in oz/ton were rounded off to the nearest digit.

Said A. John Carter, SBMI’s CEO, “Based in part on the historical records we knew we had a high possibility of success at the Washington Mine. We were pleasantly surprised the values in the samples were as high as they were. Those values required immediate follow-up.”

SBMI’s Work Program – Step Two

In July of 2021 the Company completed a limited grid soil sampling program of approximately 50 sites on three lines on each side of the Washington Shaft. The program was designed to provide an initial data set for the discovery of potential parallel mineralized structures. The sampling results from the west side of the Washington Shaft did not identify any mineralized structures within the grid.

The samples from the east grid did return significant results in terms of grade and location. The highlights from this limited program included 9.13, 4.58, and 1.06 g/t gold across three lines in near surface soil samples. The Company believes these are very good grades for soil samples and for this limited amount of sampling.

The samples collected by SBMI are located in a zone where the historical reports indicated the location of the “Berger Vein”, referenced above in Stoker. The initial results above encouraged the field team to specifically map and sample this mineralized structure. The Company is waiting on the assay results of this targeted sampling program.

SBMI’s Work Program – Step Three

The follow-up also involved additional investigations and site work. SBMI carried out a more detailed sampling program, including exposing the vein at surface, opening the adit, sampling across the vein, sampling the historical ore bins in the Washington Shaft, sampling the crushed ore from the south shaft stockpile, and sampling the Weatherby Portal.

This program was extremely successful. Highlights of the assay results from the sampling program are below.

MethodAUAG-GR30AUAG-GR30
ElementGoldSilverAg
Units[g/t][g/t][oz/ton]
LDL*0.145
5-28-21 B1.06365188.8
5-28-21 H18.72<.146
5-28-21 L4331126
08-26-21 C6.586174180
08-26-21 D3.984241124
08-26-21 K0.3423742109

*LDL = Lower Detection Limit as provided by the Certified Assay Lab

The full table will be posted at the company’s website.

Continued Mr. Carter, “We were blown away by these results. While we expected strong values from the samples, especially from the crushed rock in the stockpile, we did not expect the ore bin to show over 180 ounces of silver per tonne and over six grams of gold per tonne. These are great numbers for our shareholders.”

SBMI also collected a small bulk sample from the available vein mineralization from the Property. This sample was crushed and quartered. One-quarter is out for assay at SBMI’s own assay facility in Arizona, one-quarter is out for assay at an independent lab, and one-quarter has been sent for ore characterization. The final quarter is retained by SBMI as part of QA/QC best practices. SBMI will report the results of the bulk sample as soon it receives the results from the independent third-party lab.

SBMI’s Work Program – Next Steps

SBMI is currently working with a contract miner on possible plans to reopen the Washington Mine. SBMI received a road upgrade permit from the US Forest Service and a Federal Mine ID number. As the mine is on patented lands the amount of permitting that is required is limited. SBMI is in discussions with third parties for the purchase of the resulting ore and/or concentrate and has identified potential mill facilities near the Property.

Management feels strongly that the Property fits precisely into its business model of high-grade lower risk near-term production, significant resource potential and substantial blue sky.

The Company will be providing a further update in the near future. A more detailed report on the Property can be found on our website www.silverbulletmines.com .

QA/QC

All of the samples taken by SBMI and referred to in this release were processed by Paragon Geochemical of Sparks, Nevada, an independent certified lab. Paragon tests for a 35 element suite using 0.25g 4-acid digestion/ICP-OES. Samples that ran over the detection limit were re-processed using a 30g fire assay and a gravimetric finish.

The Qualified Person for this press release is Mr. Ron Wortel, P.Eng., who oversaw all of SBMI’s work referred to herein. Mr. Wortel is also President and a director of the Company.

The Company also announces it has been advised by Mr. Jon Wiesblatt he is resigning from his position as a director of the Company to concentrate on other ventures. The Company thanks Mr. Wiesblatt for his contributions to the growth of the Company as a Capital Pool Company and through to the closing of its Qualifying Transaction.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+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 Property; 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/107649

Categories
Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Commences Trading and Provides Updates on Arizona and Idaho

Burlington, Ontario–(Newsfile Corp. – December 6, 2021) – Following the closing of its Qualifying Transaction and the listing of its common shares on the TSX Venture Exchange under the symbol SBMI, Silver Bullet Mines Corp. (TSXV: SBMI) (“SBMI” or “the Company”) is excited to provide its first operational update.

SBMI’s flagship asset is the Black Diamond Project located in the major mining camp of Globe, Arizona. Black Diamond is a massive project, covering 4900 acres and hosting five former producing silver mines. SBMI also owns the George Washington Mine, a former silver and gold producer in Idaho on patented lands.

SBMI’s goals are:

  1. Put the Buckeye Silver Mine in pilot production in Q1/22, followed by full-scale production;
  2. Finalize plans to have the McMorris Silver Mine back in production within 24 months;
  3. Carry out exploration programs elsewhere on Black Diamond to enable a decision on the order in which the remaining former producers will be put back in production;
  4. Investigate the waste rock on surface at the George Washington Mine in Idaho; and
  5. Defend the treasury.

“The team has made astonishing progress in mining-friendly Arizona,” said A. John Carter, SBMI’s CEO. “In a short period of time we have gone from an empty field to having a mill pad and an assay lab. Having our own lab means we can be nimble underground and not waste time waiting for third party labs to get around to processing our samples. Our goal of positive cash flow is closer every day.”

Some parts for SBMI’s mill have been installed onsite at the Buckeye Silver Mine after navigating through the port of Long Beach. Other parts are still in the supply chain and are beyond SBMI’s control for the time being. If those parts are significantly delayed, SBMI can choose to accelerate the program at the George Washington Mine in Idaho. Once finalized, the mill will have the capacity to process 125 tonnes of ore per day.

Concerning that program in Idaho, Mr. Carter continued, “We have taken grab samples from the waste rock at surface and expect assay results shortly. If, as we anticipate, the results justify further investigation, we would expect to process a bulk sample to test historical results and to determine ore characteristics including representative grades of silver and gold.”

The Company also plans to investigate Black Diamond’s potential to host a copper porphyry, as referenced in the Company’s January 8, 2021 Technical Report. The mill is not needed for this task. See page 7 at https://www.silverbulletmines.com/technical-documents for the technical reference to the possible copper porphyry, and see SBMI’s new website for site video, photos, maps, historical reports and leadership team biographies at www.silverbulletmines.com.

Because almost all of Black Diamond consists of BLM claims or patented lands owned by SBMI, SBMI does not have expensive annual payments or advanced royalty payments to make. Relative to the large size of the land package, the annual carrying costs are quite small.

SBMI has roughly 55,000,000 shares outstanding of which approximately 29,000,000 are in escrow. Almost all of the outstanding warrants and options have a strike price equal to or greater than the price in the recent over-subscribed financing. The Company has no debt outstanding other than normal trade payables.

SBMI expects to disseminate technical information in the near future, in compliance with NI43-101. It is possible the first technical disclosure will be on the assay results from the surface rock in Idaho.

To introduce itself to individual and institutional investors as well as advisors and analysts, SBMI will be carrying out a real-time, interactive presentation at the Emerging Growth Conference this Wednesday, December 8 at 11:00 am EST. This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with Mr. Peter M. Clausi, SBMI’s VP, Capital Markets, in real time.

Mr. Clausi will provide a general overview of SBMI, its capital structure, its achievements in the field, and its plans for the future. The floor will then be open for questions.

Please register here to ensure attendance at the conference and to receive any updates that are released.

https://goto.webcasts.com/starthere.jsp?ei=1512636&tp_key=b542885e5a&sti=silver

If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com.

About the Emerging Growth Conference

The Emerging Growth Conference is an effective way for public companies to present and communicate their new products, services and other major announcements to the investment community from the convenience of their office, in a time efficient manner.

The Conference focus and coverage includes companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long term growth. Its audience includes potentially tens of thousands of Individual and Institutional investors, as well as Investment advisors and analysts. All sessions are conducted through video webcasts.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+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; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the Property; 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/106709

Categories
Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. (Formerly Pinehurst Capital I Inc.) Closes Qualifying Transaction

Toronto, Ontario, Dec. 01, 2021 (GLOBE NEWSWIRE) —

Silver Bullet Mines Corp. (TSXV: SBMI) (“Silver Bullet” or the “Company”), formerly Pinehurst Capital I Inc., is pleased to announce that the Company has closed its qualifying transaction (the “Transaction”) previously announced in the Company’s comprehensive press releases dated November 12, 2020 and June 28, 2021 and more particularly set out in its filing statement dated September 27, 2021 (the “Filing Statement”) which is available under the Company’s profile at www.sedar.com, subject to final approval of the TSX Venture Exchange (the “TSXV”). The Company’s shares, which had traded on the TSXV, were halted on August 27, 2020, at the Company’s request pending completion of the Transaction and receipt of final approval of the TSXV. The Company’s common shares will commence trading on the TSXV as a Tier 2 mining issuer under the symbol “SBMI” on or about December 6, 2021.

The Transaction

Pursuant to an amalgamation agreement, Pinehurst I Acquisition Corp., a wholly owned subsidiary of the Company, and an entity formerly named Silver Bullet Mines Inc. amalgamated under the Canada Business Corporations Act (the “Amalgamation”) to form Silver Bullet Mining Inc. As a result of the Amalgamation, (i) all common shares of Pinehurst Capital I Inc. were consolidated on the basis of one (1) post-consolidation common share for every 2.1428 pre-consolidation common shares (the “Consolidation”); and (ii) in exchange for each (1) security held in the capital of Silver Bullet Mining Inc., each securityholder received one (1) security in the capital of the Company. Concurrently with the closing of the Transaction, the Company changed its name to Silver Bullet Mines Corp.

Outstanding Share Capital and Escrow

Following the closing of the Transaction, the Company has a total of 55,458,038 common shares issued and outstanding. An aggregate 24,071,668 common shares and 2,605,763 stock options held by the principals of the Company are subject to Tier 2 Surplus Security Escrow and will be released from escrow as follows: five percent (5%) of the escrowed shares will be released from escrow on the issuance of the final exchange bulletin confirming the completion of the Transaction by the TSXV (the “Final Exchange Bulletin”), five percent (5%) will be released 6 months thereafter, ten percent (10%) will be released 12 months and 18 months following the issue of the Final Exchange Bulletin, fifteen percent (15%) will be released 24 months and 30 months following the issue of the Final Exchange Bulletin, and the balance of forty percent (40%) will be released 36 months after the issue of the Final Exchange Bulletin. An additional 6,000,000 shares and 428,571 stock options held by non-principals of the Company are subject to Tier 2 Value Security Escrow and will be released from escrow as follows: ten percent (10%) of the escrowed shares will be released from escrow on the issuance of the Final Exchange Bulletin, fifteen percent (15%) will be released on each of the 6 months, 12 months, 18 months, 24 months, 30 months and 36 months thereafter.

New Board and Management

On closing of the Transaction, David Rosenkrantz, Daniel Tobon, Ilana Prussky, John A. Leja, Maurice Kagan and Shael Soberano resigned as the directors and officers of the Company.

On closing, the following individuals were appointed as directors and officers of the Company:

John Carter – CEO and Director
Ron Wortel – President and Director
Ron Murphy – Vice President Mining and Director
Eric Balog – Director
J. Birks Bovaird – Director
Peter Clausi – Vice President Capital Markets and Director
Jon Wiesblatt – Director
Brian Crawford – Chief Financial Officer and Corporate Secretary

The incoming board of directors would like to thank Messrs. Rosenkrantz, Tobon, Leja, Kagan and Soberano and Ms. Prussky for their contributions and service to the Company.

For further information, please contact:

John Carter
Silver Bullet Mines Corp.
e: info@silverbulletmines.com
p: 905-302-3843

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities referenced herein have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.