Tag: #SilverBulletMines

Categories
Base Metals Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. New Auditors and Extension of Oversubscribed Financing

Burlington, Ontario–(Newsfile Corp. – March 25, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces an extension to close on the final tranche of its previously announced financing (the “Financing”). The Company has closed on two tranches already in the Financing and has outstanding subscription agreements in hand. The total amount when adding the cash from those two tranches and the outstanding subscription agreements is $2,518,903.

The TSX Venture Exchange has granted an extension to April 1, 2022 to allow SBMI to physically gather all payments for its outstanding subscription agreements. This is purely a logistical issue. There will be no new subscription agreements in the Financing.

“We thank the shareholders for their continued faith in our business plan and in our ability to execute on it,” said A. John Carter, SBMI’s CEO. “The funds raised in this financing have been budgeted to put the Buckeye Mine into production, to complete our mill, and to advance the Washington Mine in Idaho in the near-term to where it can be ready for mineral extraction.”

The oversubscribed total represents 6,297,258 Units, with each Unit priced at $0.40 (forty cents). Each Unit consists of one common share and one full 60-cent (sixty cent) warrant with a 24-month term, with each such warrant being exercisable into a common share (the “Financing”). There is no acceleration clause on such warrants.

The Financing had an original minimum-maximum of $500,000 and $2,000,000 respectively. The Financing was oversubscribed by more than 25% of the original maximum.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Grant_Thornton_LLP%253BSilver_bullet%253BCompany%253BAuditor%253BTSX_Venture_Exchange%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522e29233e5-690b-31e7-8ac4-a82e8dc8a260%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

In connection with the Financing a total of 79,130 broker warrants were issued as referral fees to registrants, with such warrants having the same characteristics as those issued in the Financing. A total of $73,352 was also paid in cash as referral fees.

The strength of the Financing enables SBMI to implement additions to its mill in Arizona to increase recoverability. The modular nature of the mill allows such additions to be made relatively quickly. Management is of the opinion that the positive results of such improvements justify a minor delay to the start of processing material from the Buckeye Mine.

SBMI also announces that Grant Thornton LLP (the “Successor Auditor”) have been appointed as the company’s new auditor effective March 22, 2022, replacing McGovern Hurley LLP, (the “Former Auditor”).

Reporting notices prepared in accordance with National Instrument 51-102 (“NI 51-102”) by the Former Auditor, the Successor Auditor and the Company will be filed on SEDAR.

There are no disagreements or consultations (as those terms are defined in NI 51-102) in connection with the change of auditor nor have there been any reservations or modifications in the Former Auditor’s reports on the Company’s financial statements relating to the period during which it was auditor.

No “reportable event” as defined in NI 51-102, has occurred in connection with the audit of the most recently completed fiscal year of the Company, nor any period from the most recently completed fiscal years of the Company for which McGovern Hurley LLP issued an audit report and the date of the Notice.

The termination of McGovern Hurley LLP, and appointment of Grant Thornton LLP, as auditor of the Company were considered and approved by the Board of Directors of the Company.

Finally, SBMI announces the resignation of Ronald Wortel from his officer position with the Company. He remains a member of the board of directors.

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 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/118102

Categories
Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines – Buckeye Mine – Second Access to Treasure Room

From the offices of John Carter, CEO, Silver Bullet Mines

Everyone,

I know I just put an update out just last week but things are really moving fast !
I will make it quick :
Mill site is going great . Last major frame material arrived late but we got it now this week we can complete the screen frame and conveyor install then work on the chutes . Last but not least we are supposed to be drilling our well this week fingers crossed and then electrical. Do not anticipate a problem with supply as all components are NA made . Oh yah one other thing we are starting to stockpile ore at the millsite this week !
At the mine check out the new video on the website and on Utube. We now have our second access to The Treasure Room opened up and our destination is in sight ! Still lots of work but we are up for it !
On the Idaho front I said news is coming and it is . We are really making headway in anticipation of being on site in April! Really exciting.
On the corporate front I hope you saw the pr on the financing really phenomenal that we were able to accomplish this ! Over 80% of the funding came from existing shareholders. We have a few stragglers that will close this week but we did it ! Also I hope you saw the Metaverse PR ? We need to get people excited about SBMI and one of those ways is to think outside the box and that’s what we are doing! Always pushing the rope uphill.
As always make sure you check out the website https://urldefense.proofpoint.com/v2/url?u=http-3A__www.silverbulletmines.com&d=DwIFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=alXGId5R9cxJuK5Z2z9UoGUtk8y1SZGhzm32O97Bmm8&m=ssPVP96Apg6XkukZTR94OnbkffjURiTeGk9VyKFC45o&s=pkmiaBI8vz5SSc6bLpj5xcc6KreLnv2VSIFUK7XkV2U&e= , follow us on Twitter @bulletmines and Utube silver bullet mines .
Again thank you for your continuing support!
Enjoy!!!!

Categories
Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. Advances Metallurgy in Idaho and Breaks into Target Zone in Arizona

Burlington, Ontario–(Newsfile Corp. – February 14, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces significant achievements related to the Washington Mine in Idaho and the Buckeye Silver Mine in Arizona.

In Idaho, the Company has engaged the Center for Advanced Materials Processing (“CAMP”) of Montana Technical University, part of Montana University, to provide it with mineralogy, gravity, and flotation testwork. In Arizona, the field team has broken into what it believes to be the higher-grade mineralized zone, which appears to be located exactly where predicted by the historical records and SBMI’s own work.

Idaho and CAMP

SBMI purchased the past-producing Washington Mine on patented lands in Idaho in December, 2020. As reported on January 18, 2022, assay results from a blended bulk sample at the Washington Mine site averaged 55.5 ounces of silver per tonne. Values reported in that press release ran as high as 180 ounces silver per tonne and 18 grams of gold per tonne. Historical records and SBMI’s field work lead management to believe the Washington Mine is capable of near-term revenue generation.

As said by Mr. A. John Carter, SBMI’s CEO, “We knew from historical records the Washington Mine was going to be good. We didn’t know it would be this good. We have to invest into the property to get it ready for mining.”

To advance its knowledge of the Washington Mine, SBMI has entered into an agreement with CAMP. Established in 1989, CAMP is a Montana University System designated Center of Excellence in Research and Education, located on the campus of Montana Technological University. CAMP’s activities involve three components, namely, an analytical testing laboratory, a materials testing laboratory, and research program management. Included in the services CAMP will provide to SBMI are the following:

  • Automated Mineralogy by SEM and EDS utilizing TESCAN’s Integrated Mineral Analysis (TIMA) software include model mineralogy liberation and associations up to 5 size fractions;
  • XRD: Mineralogy by X-Ray Diffraction;
  • Sample prep to 95% passing ¼ inch and rotary split;
  • Grind determinations to establish a grind curve;
  • Falcon evaluation and Table evaluations; and
  • Flotation evaluations, fire assay, acid digestion and ICP-OES.

SBMI will use CAMP’s results to design a flowsheet intended to maximize the recoveries at the Washington Mine in Idaho and to reduce overall milling costs for the Washington Mine ore. This relationship with CAMP is made possible at this time by the Company currently carrying out a financing to buttress its treasury (press release of February 9, 2022).

The current plan, depending upon the quantum raised in the current ongoing financing and the results from CAMP’s tests, is to be on site at the Washington Mine by the end of March, 2022 and to then immediately commence collecting mineralized material. That material will come from surface, having been hauled to surface by prior owners who were seeking gold, and from development of the historical underground workings. The goal is to be generating revenue in the fourth quarter of 2022. This is another example of SBMI thinking outside the box by establishing a cash flow model to fund future operations, reduce dilution, and create value for its shareholders.

Target Zone in Arizona

The field team in Arizona last week blasted into what is believed to be the higher-grade silver mineralized zone at the Buckeye Silver Mine. As previously disclosed SBMI’s target is the high-grade silver zone identified in 1976 by K.C. Delise, an Arizona geologist, in a report titled Surface/Underground Mapping and Sampling. In his report he mapped and identified this zone as extending approximately 500 feet along strike.

Locating what is believed to be the higher-grade silver zone is a major development as:

  1. It should provide SBMI’s mill with higher-grade material, which can be blended with lower-grade material to increase the mill’s operating efficiencies;
  2. It validates the Company’s mine plan for the Buckeye; and
  3. The mineralized zone appears to be located exactly where predicted by SBMI’s field team and by Mr. Delise. This gives a very high level of confidence as to future decisions at the Buckeye and at SBMI’s other past-producing mines.

“This is old school mining,” said Mr. Carter. “We know where the mineralization is, so we’re going to spend shareholder money making money.”

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 accuracy and thoroughness of historical records; 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.

Categories
Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. Announces Financing With 2 Lead Orders

Burlington, Ontario–(Newsfile Corp. – February 9, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces its intention to carry out an accretive non-brokered financing of Units. Each Unit will be priced at $0.40 (forty cents) per Unit and will comprise of one common share and one full 60-cent (sixty cent) warrant with a 24-month term, with each such warrant being exercisable into a common share (the “Financing”). Readers are reminded the Qualifying Transaction that resulted in SBMI being a reporting issuer in December, 2021 was carried out at $0.30 per share.

“As we’ve disclosed many times, the global supply chain has been problematic for us,” said Mr. A. John Carter, SBMI’s CEO. “Unavoidable third-party delays, especially through the port of Long Beach, caused the Company to consume working capital that otherwise would not have been consumed. Further, with the passage of time, we have experienced pandemic-related increases in the cost of parts, logistics, fuel and supplies. All of this has put stress on the treasury. While SBMI continues to have considerable cash in its account, effecting a financing now is a combination of insurance and ensuring SBMI can execute on its revised 2022 plans in both Arizona and better-than-expected Idaho. It’s the responsible thing to do.”

The minimum and maximum gross proceeds from the Financing will be $500,000 (five hundred thousand dollars) and $2,000,000 (two million dollars), respectively. The minimum and maximum number of Units to issue as a result of the Financing are 1,250,000 and 5,000,000, respectively. Units will be allocated on a first come, first served basis although SBMI retains the right to accept or reject subscription agreements in its sole discretion.

SBMI has two lead orders on the Financing, one for CDN$180,000 and the other for USD$200,000, from two existing shareholders who are accredited investors, who each committed to participating in the Financing without knowing its terms. Other existing shareholders have also expressed an interest in participating in the Financing without knowing its terms.

Net proceeds from the Financing, assuming the minimum, will be used to fund operations in Arizona until the Buckeye Silver Mine begins generating revenue, most likely in May, 2022 (see SBMI press release dated February 7, 2022 for details on the timing of revenue generation). Net proceeds from the Financing, assuming the maximum, will be used to fund and expand operations in Arizona until the Buckeye Silver Mine begins generating revenue (up to approximately $800,000), to fund development of the Washington Mine in Idaho (up to approximately $500,000), and to fund exploration and development of the McMorris Mine in Arizona (up to approximately $500,000). In either case some of the proceeds will fund costs related to the Financing, working capital and overhead. The amount of costs related to the Financing will vary depending upon the amount paid as referral fees, which is unknown as this time.

SBMI purchased the Washington Mine in Idaho in December, 2020. The Company expected to warehouse that property until after the Buckeye Silver Mine began generating revenue so minimal allocation was made for it in SBMI’s 2021 or 2022 budget. However, preliminary work at the Washington Mine revealed it could be capable of near-term revenue generation, resulting in the January 18, 2022 press release disclosing the assay results from a blended bulk sample of 55.5 oz/t silver. Management wants to accelerate work at the Washington Mine which will require some of the capital being raised in the Financing.

Customary prospectus exemptions will be relied upon for the Financing, including the “Accredited Investor” exemption and the “Distributions to Existing Security Holders” exemption pursuant to section 2.9 of Ontario Securities Commission Rule 45-501 (the ‘Existing Securityholder Exemption’). Management believes this to be a democratic means of effecting the Financing.

Investors subscribing for Units under the Existing Securityholder Exemption must meet certain conditions set out in Rule 45-501. The Company has set Monday, February 7, 2022 as the record date. Subscribers purchasing Units under the Existing Shareholder Exemption will need to represent in writing that they meet certain requirements of the Existing Shareholder Exemption, including that they were, on such record date, a common shareholder of the Company and still are a shareholder as at the closing date. The aggregate acquisition cost to a subscriber under the Existing Shareholder Exemption cannot exceed $15,000 in the 12-month period immediately preceding the closing of the Financing, unless that subscriber has obtained advice from a registered investment dealer regarding the suitability of the investment. There is no minimum subscription amount. Any SBMI shareholder can subscribe, subject to the conditions above and in the subscription agreement.

Referral fees may be paid to arm’s length persons in connection with the issuance of the Units. Other than the subscription agreement, there will be no further offering material provided to Existing Security Holders or others related to Financing. The subscription agreement is available at the Company’s website https://www.silverbulletmines.com/technical-corporatedocuments. The Financing is subject to regulatory approval.

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/113319

Categories
Junior Mining Silver Bullet Mines Uncategorized

Silver Bullet Mines Corp. Commences Extraction of Mineralized Material at Its Buckeye Silver Mine in Arizona

Burlington, Ontario–(Newsfile Corp. – January 27, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces it has begun extracting mineralized material from its Buckeye Silver Mine in Arizona after taking delivery of its first shipment of blasting powder. SBMI’s intention is to produce an initial total of 10,000 tonnes of mineralized material at a rate of 125 tonnes per day.

SBMI also announces it has been invited by the TMX Group to ring the bell at market open on Monday, January 31st at 9:30 am Eastern Standard Time, a rare honour for a new junior mining company.



Blasting underground in January, 2022 at the Buckeye Silver Mine

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8464/111869_d638448104562997_001full.jpg

SBMI’s initial target is the high-grade silver zone identified in 1976 by K.C. Delise, a Registered Geologist, in a report titled Surface/Underground Mapping and Sampling. Accompanying the report was a Mine Shaft Survey dated October 23, 1976 prepared by him for International Resources and Minerals Development Company. In his report he mapped and identified this zone as extending approximately 500 feet along strike.

The Company has found a summary of assay results from 1976 and 1977 from Clarkson Labs of San Diego, CA. SBMI believes these resulted from samples taken by Delise in his 1976 field work at the Buckeye. These assays returned spectacularly high values for gold, silver and copper. The highest value for gold was 4.8 opt, for silver was 8,970 opt, and for copper was 30.7%.

This information is historical in nature and pre-dates NI43-101. 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.

Nick Barr, one of SBMI’s consulting geologists, carried out his own analysis of Delise’s work in 2015, as part of which he produced notes, sections and longitudinals. He also plotted the 1976 Clarkson Labs assay results noted above onto Mr. Delise’s original Mining Shaft Survey. In addition to Delise’s and other historical records, SBMI is also relying upon these documents created by Mr. Barr as well as his current first-hand experience at the Buckeye.

“This is a significant accomplishment”, said SBMI’s VP Mining, Mr. Ron Murphy. “We have completed the rehabilitation of the underground and have commenced mining as we blast into what we believe to be Delise’s documented high-grade zone. The training, experience and talent of our seasoned mining crew has allowed us to achieve these goals in a short period of time.”

The mineralized material blasted and extracted from the Buckeye will be stockpiled at SBMI’s proximate millsite for eventual processing at SBMI’s gravity pilot plant, which is nearing completion. The Company also plans to run assays in its own assay facility on-site on multiple samples from the mineralized material to determine grades.

As previously disclosed, 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. Working with Mr. Budd in SBMI’s assay facility is Vic Power, a Registered Professional Assayer for the state of Arizona. Mr. Budd and Mr. Power will ensure all QA/QC practices will be adhered to, including sending samples from each run to an independent accredited lab for corroboration.

It is intended the state-of-the-art gravity pilot plant should be ready to commence the processing of mineralized material in approximately sixty days, depending on the timing of delivery of certain mill items. Such deliveries are beyond SBMI’s control. The progress of both the mine and mill can be followed at www.silverbulletmines.com or on Twitter @bulletmines.

“Having our own assay lab and mill should make us incredibly efficient,” said Mr. John Carter, SBMI’s CEO who also designed the gravity pilot plant. “We will be able to have assay results back in less than a day, which will empower us to select mineralization within our target ranges to process.”

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/111869

Categories
Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. Provides Pilot Plant Construction Update

Burlington, Ontario–(Newsfile Corp. – January 5, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) is very pleased to provide an update on the construction of its modular pilot plant in Arizona.

The plant is wholly-owned by SBMI and is intended upon completion to process up to 125 metric tonnes of material per day. It is of modular design capable of being expanded in size and modified as required. The plant is being constructed on SBMI-owned private property approximately 8 miles from Globe, Arizona and in proximity to its Buckeye Silver Mine. As per the flow chart below, the plant is state of the art.



Pilot Plant Flow Chart

To view an enhanced version of this chart, please visit:
https://orders.newsfilecorp.com/files/8464/109102_c6fcca31a4499a73_001full.jpg

“The leadership team at SBMI has a substantial equity position so we like all shareholders are thrilled to see the plant be built as designed,” said A. John Carter, the Company’s CEO. “Despite ongoing supply chain issues and exorbitant material and transportation cost increases, we remain on track to start commissioning in the first quarter of 2022. In anticipation of that commissioning, the Company has approximately 1000 tonnes of material already stockpiled for feed.”

The plant consists of a coarse ore feed bin, a fine ore bin, two stage crushing and screening, and a variable speed computer-controlled feed belt that leads to a grinding circuit. The grinding circuit is a ball mill in closed circuit with a bank of cyclones. The plan is for product from the ball mill to be pumped directly to a pair of Falcon concentrators. The product from the concentrators is then fed by gravity to a full size Diester concentrating table. Tailings from the Falcons and from the table are returned to the grinding circuit.

The cyclones then split the feed with the oversize material going back to the ball mill and the undersize material going to the tailings thickener. Processed material of the appropriate size is then sent to the bullion furnace where dore bars are poured. All tailings are dewatered and all available water is recycled.



The ball mill as installed, on the mill pad poured by SBMI for this purpose.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8464/109102_c6fcca31a4499a73_002full.jpg

The plant is designed to maximize the recovery of both gold and silver, although its modular nature means it can be adjusted to recover other metals.

Currently over 90% of the necessary equipment is onsite and being assembled (go to www.silverbulletmines.com to see pictures of the plant being built, or follow on Twitter @BulletMines). The remainder is in a container in Long Beach, California waiting to be off-loaded, on a timeline beyond the Company’s control. Some small items are to be purchased as required.



Overview of SBMI’s mill site, showing the fine and coarse ore bins on the right, the ball mill in the middle, and assorted equipment to the left.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8464/109102_c6fcca31a4499a73_003full.jpg

In addition to owning its own processing plant, SBMI owns an on-site assay facility which can provide assay results in less than a day. It also owns its own 2-boom jumbo, LHD (load-haul-dump), large Bobcat, and various other equipment. Owning all this equipment will allow the Company to process feed material quickly, efficiently and economically, as well as to generate revenue, without debt payments draining cash. The Company is in discussions with various groups concerning the purchase of both the dore and the concentrates.

Finally, SBMI announces it does not intend to spend capital on a third party resource estimate or Preliminary Economic Analysis for the Buckeye Silver Mine. In the Company’s opinion, given the nature of the known mineralization, the extensive historical third-party documentation, and the leadership team’s direct experience at Buckeye, a third party resource estimate or PEA would be prohibitively expensive to have written without actually advancing the Company’s knowledge of the Buckeye. “This is old school mining,” continued Mr. Carter, “and for this project it’s the right way. Producing from 6-foot wide silver veins is not your standard mining opportunity, which means it requires a non-standard approach. Here, we believe the right approach is to carry out our own internal economic analysis.”

The next major events at Buckeye will be the arrival on-site of the third container through the Long Beach supply chain, and the delivery of assay results from a third party accredited lab on one-quarter of the 150 pound bulk sample announced December 15, 2021. The Company has no direct control over the timing of either of those events but does continue to work with its suppliers to expedite them a much as possible.

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/109102