Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL) ("Silver
Bull") is pleased to provide interim results and a metallurgical
flow sheet for its metallurgical test program on the silver
mineralization at the Sierra Mojada project located in the state of
Coahuila, Northern Mexico.
Results reported in this news release pertain to test work
conducted by Kappes, Cassidy and Associates, Reno ("KCA") on the
silver mineralization from the three areas of the silver deposit:
"Shallow Silver Zone, "Centenario Zone", and "Fonteriza Zone", and
on SART test work (a metallurgical process that regenerates and
recycles the cyanide used in the leaching process of the silver)
performed by BioteQ Environmental Technologies Inc. ("BioteQ").
This news release does not include work on the "High grade" zinc
zone which is still ongoing and sits underneath and adjacent to the
silver mineralization.
HIGHLIGHTS INCLUDE:
-- An overall average silver recovery of 73.2% with peak values approx.
89.0%.
-- Recovery of between 40% - 50% of the "low grade" zinc mineralization at
the SART stage, previously thought unrecoverable (low grade zinc
resource is estimated at 1.53 billion pounds of indicated zinc metal).
-- A mining and metallurgical flow sheet that will recover silver, zinc,
and potentially lead.
-- Greater than 98% recycling of cyanide via the SART process - Cyanide is
one of the most expensive reagents used in the leaching process, so the
recycling of this will have a significant positive effect in lowering
the overall costs.
-- Room to optimize and improve recoveries to 75%-80%.
SUMMARY OF SILVER METALLURGICAL TEST WORK
Test work on leaching the silver ore at Sierra Mojada has been
conducted by KCA. Work has focused on cyanide leach recovery of the
silver, and zinc and copper, using "Bottle Roll" tests to simulate
an agitation leach system common on many mine sites.
Samples have been taken separately from drill core, mineralized
outcrop, and trenches from the "Centenario", "Fonteriza" and
"Shallow Silver" Zones of the deposit and have been crushed and
mixed to create either a "composite" sample representative of each
of the 3 zones, or a series of composite samples based on the
silver grade for each of the three zones.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/svb702-F1.pdf.
SUMMARY OF SILVER RESULTS
A summary of results for the cyanide leach test work on silver
recovery is shown in the table below.
----------------------------------------------------------------------------
Leach
Target Solution Calculated
KCA p80 NaCN Head,
Sample Size, Conc., gms % Ag
No. Sample Description mm g/L NaCN Ag/MT Recovery
----------------------------------------------------------------------------
64605 Centenario, Composite No. 5
(10 to 20 gms Ag/MT) 0.074 5.0 16.9 76.7%
----------------------------------------------------------------------------
64601 Centenario, Composite No. 1
(10 to 20 gms Ag/MT) 0.074 5.0 17.5 68.5%
----------------------------------------------------------------------------
64602 Centenario, Composite No. 2
(20 to 30 gms Ag/MT) 0.074 5.0 23.3 69.6%
----------------------------------------------------------------------------
64606 Centenario, Composite No. 6
(20 to 30 gms Ag/MT) 0.074 5.0 24.6 76.2%
----------------------------------------------------------------------------
65609 Centenario, Composite No.
9; (30 to 60 gms Ag/MT) 0.074 5.0 41.6 81.8%
----------------------------------------------------------------------------
65441 Centenario, Composite No.
7; (30 to 60 gms Ag/MT) 0.053 1.0 42.6 85.0%
----------------------------------------------------------------------------
64603 Centenario, Composite No.
3; (30 to 60 gms Ag/MT) 0.074 5.0 43.3 81.8%
----------------------------------------------------------------------------
65610 Centenario, Composite N0.
10: (approx. 100 gms/MT) 0.074 5.0 104.0 79.0%
----------------------------------------------------------------------------
64604 Centenario, Composite No.
4; (greater than 60 gms
Ag/MT) 0.074 5.0 105.8 88.4%
----------------------------------------------------------------------------
65608 Centenario, Composite No.
8; (greater than 60 gms
Ag/MT) 0.074 5.0 172.4 89.0%
----------------------------------------------------------------------------
65743 Fronteriza, Composite No.
1; (35 to 50 gms Ag/MT) 0.044 10.0 43.6 51.0%
----------------------------------------------------------------------------
65744 Fronteriza, Composite No.
2; 50 to 100 gms Ag/MT 0.045 5.0 67.4 55.0%
----------------------------------------------------------------------------
65745 Fronteriza, Composite No. 3
(100 to 150 gms Ag/MT) 0.040 5.0 126.2 60.0%
----------------------------------------------------------------------------
65746 Fronteriza, Composite No. 4
(150 to 200 gms Ag/MT) 0.038 10.0 182.9 62.0%
----------------------------------------------------------------------------
65747 Fronteriza, Composite No. 5
(200+ gms Ag/MT) 0.053 20.0 597.0 86.1%
----------------------------------------------------------------------------
63604 Shallow Silver Zone, Core
Composite 0.053 20.0 57.6 70.7%
----------------------------------------------------------------------------
65770 Shallow Silver, Composite
No. 2 (45 to 100 gms
Ag/MT) 0.053 20.0 65.8 68.2%
----------------------------------------------------------------------------
65771 Shallow Silver, Composite
No. 3 (100 to 150 gms
Ag/MT) 0.053 20.0 110.1 68.7%
----------------------------------------------------------------------------
AVERAGE 73.2%
Observations from these results include;
-- Silver recoveries generally show an increase with higher grade.
-- Silver recovery is grind size sensitive with finer grinds giving higher
recoveries.
-- Due to high cyanide soluable zinc values, cyanide concentration is
critical to maximize silver recovery.
Work will continue to optimize the parameters for leaching the
silver, with the average silver recovery expected to reach 75%-80%
as test parameters are optimized.
SUMMARY OF THE ZINC RESULTS
In addition to the tests assessing the silver recoveries via
cyanidation, KCA performed cyanide leach tests to determine the
recovery of the "low grade" zinc to the leach solution. The
following two tables provide the results of the zinc recoveries to
cyanide solution in the cyanide leach tests.
Zinc Recoveries
----------------------------------------------------------------------------
Target Average Head, Avg. Tails, Zn Extracted,
Sample Description NaCN, gpL Zn, mg/kg Zn, mg/kg %
----------------------------------------------------------------------------
Shallow Silver Zone 10 7,750 4,380 41%
----------------------------------------------------------------------------
Centenario 10 2,080 1,540 26%
----------------------------------------------------------------------------
Fonteriza 10 18,870 7,359 64%
----------------------------------------------------------------------------
Average All Tests 44%
----------------------------------------------------------------------------
It should be noted that the zinc recovery was still climbing at
the end of the majority of the leach tests, indicating that higher
zinc recoveries are possible if higher cyanide concentrations are
used. Silver recoveries are also expected to increase with higher
cyanide concentrations.
THE SART PROCESS:
The purpose of the "SART" process (Sulfidization, Acidification,
Recycling and Thickening) is to;
1. Regenerate and recycle the cyanide used in the leaching process of the
silver, and zinc - thereby significantly lowering cyanide costs - one of
the major costs in any leach process.
2. Recover the zinc as saleable sulphide concentrates. Selling this
concentrate will contribute significantly to reducing the net operating
costs of the SART circuit.
The studies were performed at BioteQ utilizing the leach
solution samples collected at KCA after the silver had been
precipitated out of the solution. Testing was conducted at a
laboratory bench top scale using batch testing methods to assess
the effectiveness of different process conditions. The tests were
conducted using sodium hydrosulphide (NaHS) and hydrogen sulphide
gas (H2S) as sulphide reagent sources. Test results provided values
for cyanide recovery, and zinc and copper recovery to sulfide
concentrates. The tests proved very successful and the results are
summarized in the discussion below by BioteQ.
The following were concluded after analyzing the experimental
data for various reaction conditions:
-- Recovery of WAD cyanide to free cyanide was close to 100% under
operating conditions.
-- Zinc can be recovered from the barren leach solution (BLS) using both
sulphide sources (NaHS and H2S).
-- Zinc grade of the concentrate is predicted to be between 63%-64%,
considered a high-grade zinc sulphide product.
-- The small amount of silver that was present in the BLS was removed from
solution to below detection limit of the analytical equipment and
reported to the metal sulphide solids.
MINING FLOW SHEET FOR THE SILVER MINERALIZATION AT SIERRA
MOJADA
A summary of the mining flow sheet for the silver mineralization
at Sierra Mojada is shown below. The metallurgical results reported
in this news release refer to the "VAT leach" - "Merrill Crowe" -
"SART" steps of the diagram below. The products produced at the
various steps are shown on the right hand side of the diagram.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/svb702-F2.pdf.
TESTWORK ON THE LEAD
Floatation testwork on the lead mineralization is currently
underway. With over 537 million pounds of contained lead metal, the
lead has the potential to provide significant upside to the
project. The ore containing the lead mineralization will already
have been milled and will only need to be passed through a
floatation cell either prior to vat leaching or after vat leaching
on the way to the tailings dam.
Tim Barry, President, CEO and director of Silver Bull states,
"We are extremely pleased with the results of the metallurgical
program. Work going forward on the metallurgy will now focus on
optimizing and improving the silver and low grade zinc recoveries
at various steps along the process, and examining the potential to
extract more value from lead and zinc. By unlocking the metallurgy
we have taken another major step forward in development of one of
the largest undeveloped silver resources in Mexico. The next step
for the company is a Preliminary Economic Assessment which we
expect to have out to the market in the third quarter of this
year."
THE NEXT STEPS GOING FORWARD
-- Cyanide leach tests will continue on the silver, low-grade zinc and
copper ore to optimize recovery and leach time. Drivers to improve
recovery will include stronger cyanide solutions, grind size of the ore,
and leaching residence times.
-- Floatation tests on the lead mineralization.
-- Floatation tests are also underway on the "high grade" zinc (greater
than 8%) mineralization which sits underneath the silver mineralization
at the eastern end of the deposit.
About Silver Bull: Silver Bull is a well funded US registered
mineral exploration company listed on both the NYSE MKT and TSX
stock exchanges and based out of Vancouver, Canada. The flag ship
"Sierra Mojada" project is located 150 kilometers north of the city
of Torreon in Coahuila, Mexico, and is highly prospective for
silver and zinc. Silver Bull also has 2 mineral licenses in Gabon,
Central Africa, which are prospective for gold, manganese, and iron
ore.
The technical information of this news release has been reviewed
and approved by William J. Pennstrom, Jr., a qualified person for
the purposes of National Instrument 43-101. Mr. Pennstrom, a
consulting process engineer and President of Pennstrom Consulting,
Inc. has acted as the Qualified Person, as defined by NI 43-101,
for evaluation of the metallurgical testing data. He has over 30
years of experience in mineral process design and operation, and
has been an independent process and metallurgical consultant for
the mining industry for the last 12 years. He is a Registered
Member of the Society of Mining, Metallurgy and Exploration (SME
Member No. 2503900). Mr. Pennstrom and Pennstrom Consulting Inc.
are both independent of the Company under NI 43-101.
On behalf of the Board of Directors
Tim Barry, MAusIMM, Chief Executive Officer, President and
Director
Cautionary Note to U.S. Investors concerning estimates of
Indicated and Inferred Resources: This press release uses the terms
"indicated resources" and "inferred resources" which are defined
in, and required to be disclosed by, NI 43-101. We advise U.S.
investors that these terms are not recognized by the United States
Securities and Exchange Commission (the "SEC"). The estimation of
indicated resources involves greater uncertainty as to their
existence and economic feasibility than the estimation of proven
and probable reserves. U.S. investors are cautioned not to assume
that indicated mineral resources will be converted into reserves.
The estimation of inferred resources involves far greater
uncertainty as to their existence and economic viability than the
estimation of other categories of resources. U.S. investors are
cautioned not to assume that estimates of inferred mineral
resources exist, are economically minable, or will be upgraded into
measured or indicated mineral resources. Under Canadian securities
laws, estimates of inferred mineral resources may not form the
basis of feasibility or other economic studies.
Disclosure of "contained ounces" in a resource is permitted
disclosure under Canadian regulations, however the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures. Accordingly, the
information contained in this press release may not be comparable
to similar information made public by U.S. companies that are not
subject NI 43-101.
Cautionary note regarding forward-looking statements: This news
release contains forward-looking statements regarding future events
and Silver Bull's future results that are subject to the safe
harbors created under the U.S. Private Securities Litigation Reform
Act of 1995, the Securities Act of 1933, as amended (the
"Securities Act"), and the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and applicable Canadian securities
laws. Forward-looking statements include, among others, statements
regarding forecasted of indicated and inferred resources,
metallurgical optimization results, ability to use the SART process
to recycle cyanide and recover zinc and copper, and the timing of
the preparation and completion of a Preliminary Economic Analysis.
These statements are based on current expectations, estimates,
forecasts, and projections about Silver Bull's exploration
projects, the industry in which Silver Bull operates and the
beliefs and assumptions of Silver Bull's management. Words such as
"expects", "anticipates", "targets", "goals", "projects",
"intends", "plans", "believes", "seeks", "estimates", "continues",
"may", variations of such words, and similar expressions and
references to future periods, are intended to identify such
forward-looking statements. Forward-looking statements are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond our control, including such factors as the results of
exploration activities and whether the results continue to support
continued exploration activities, unexpected variations in ore
grade, types and metallurgy, volatility and level of commodity
prices, the availability of sufficient future financing, and other
matters discussed under the caption "Risk Factors" in our Annual
Report on Form 10-K for the fiscal year ended October 31, 2012, as
amended, and our other periodic and current reports filed with the
SEC and available on www.sec.gov and with the Canadian securities
commissions available on www.sedar.com. Readers are cautioned that
forward-looking statements are not guarantees of future performance
and that actual results or developments may differ materially from
those expressed or implied in the forward-looking statements. Any
forward-looking statement made by us in this release is based only
on information currently available to us and speaks only as of the
date on which it is made. We undertake no obligation to publicly
update any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new
information, future developments or otherwise.
Contacts: Silver Bull Resources, Inc. Matt Hallaran Investor
Relations +1 604 336 8096info@silverbullresources.com
www.silverbullresources.com
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