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Silver Bull Resources Announces Private Placement of C$2,517,500 in Newly Incorporated Subsidiary Arras Minerals Corp. And Transfer of Kazakh Exploration Projects
VANCOUVER, British Columbia, April 01, 2021 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull” or the “Company”), a mineral
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, April 01, 2021 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull” or the “Company”), a mineral exploration company with assets in Kazakhstan and Mexico, is pleased to announce the completion of a C$2,517,500 private placement (the “Private Placement”) into its newly incorporated British Columbia subsidiary, Arras Minerals Corp. (“Arras Minerals”). Pursuant to the Private Placement, investors purchased 5.035 million shares of Arras Minerals at a price of C$0.50 each for gross proceeds of C$2,517,500, with management and directors (and their affiliates) taking approximately C$200,000 of the offering. No placement agent or finder’s fees were paid in connection with the Private Placement. Silver Bull’s assets in Kazakhstan, including the Beskauga Option Agreement and the Ekidos and Stepnoe mineral licences, have been transferred to Arras Minerals. In return, Silver Bull has received 36 million shares of Arras Minerals and owns approximately 88% of the company, with the remaining 12% owned by the individuals who participated in the Private Placement. The net proceeds from the Private Placement will be used to fund exploration activities, technical studies and permitting on the Company’s projects in Kazakhstan and for general and working capital purposes in managing the Kazakhstan projects. Beskauga Deposit, Kazakhstan: The Beskauga deposit is an open pittable gold-copper-silver deposit with a NI 43-101 compliant “Indicated Mineral Resource” of 207 million tonnes grading 0.35 g/t gold, 0.23% copper and 1.09 g/t silver for 2.33 million contained ounces of gold, 476.1 thousand contained tonnes of copper and 7.25 million contained ounces of silver and an “Inferred Mineral Resource” of 147 million tonnes grading 0.33 g/t gold, 0.15% copper and 1.02 g/t silver for 1.56 million contained ounces of gold, 220.5 thousand contained tonnes of copper and 4.82 million contained ounces of silver. The constraining pit was optimised and calculated using a net smelter return (“NSR”) cut-off based on prices of: $1,500/oz for gold, $2.80/lb for copper, $17.25/oz for silver, and with an average recovery of 81.7% for copper and 51.8% for both gold and silver. Mineralization remains open in all directions as well as at depth. Table 1. Pit-constrained Mineral Resource estimate for the Beskaug...