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Silver Bull Resources Enters Into an Option Agreement to Acquire the Beskauga Copper-Gold Project in Kazakhstan
VANCOUVER, British Columbia, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) is pleased to announce it has
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) is pleased to announce it has entered into an option to purchase agreement with Copperbelt AG (“Copperbelt”), a private mineral exploration company registered in Zug, Switzerland, to acquire a 100% interest in their Beskauga copper-gold project located in North Eastern Kazakhstan. Highlights of the Agreement On execution of the agreement Silver Bull paid Copperbelt US$30,000. An additional US$40,000 will be paid to Copperbelt after due diligence on the Beskauga property is completed to Silver Bull’s satisfaction. Silver Bull will have a 60 day due diligence period which will commence after the Company has been able to access the Beskauga property in a matter that complies with governmental recommendations and advisories with respect to the global COVID-19 pandemic, among other conditions. Silver Bull will then have 4 years to conduct exploration on the property. Exploration expenditures on Beskauga and certain other licenses required to keep the option in good standing are US$2 million in year one, US$3 million in year two, US$5 million in year three and US$5 million in year four, for a total exploration spend of US$15 million over four years. After completing US$15 million in cumulative exploration expenditures Silver Bull can acquire the Beskauga property for a US$15 million cash payment. In addition Copperbelt may receive a bonus payment of up to US$32 million should Silver Bull publish a Bankable Feasibility Study (“BFS”) with a resource of up to 10 million gold equivalent ounces on the main Beskauga prospect and 5 million gold equivalent ounces on an additional prospect. 20% of the bonus is payable 60 days after publishing a BFS, with the remaining 80% payable on the commencement of mine construction. Up to 50% of the bonus is payable in common shares of Silver Bull at Silver Bull’s election. Silver Bull will pay a finders fee to a third party upon the satisfaction of certain conditions. Tim Barry, President, CEO and director of Silver Bull states, “We are extremely pleased to enter into this agreement with Copperbelt. We believe the Beskauga copper-gold Project represents one of the best exploration opportunities in the world. The high quality work that has been c...