Business
Silver Bull Resources Wins Lawsuit in Mexico
VANCOUVER, British Columbia , March 31, 2021 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL) (“Silver Bull” or the “Company”) is pleased
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia , March 31, 2021 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL) (“Silver Bull” or the “Company”) is pleased to announce it has won a definitive and conclusive decision in its favor in a lawsuit filed by a local mining co-operative called Minera Norteños in relation to the Sierra Mojada project. The decision was made by the unanimous vote of three judges in the third Federal Circuit Court of Chihuahua. Tim Barry, President, CEO and director of Silver Bull states, “This ruling is welcomed, but not unanticipated. This is the fourth time that the courts have ruled in our favor on this issue. Unfortunately, we believe the plaintiff, Minera Norteños, was manipulated and ill advised by legal and other advisers. Our legal team in Mexico is to be commended for patiently making progress in the face of numerous tactics to delay a judgement on the merits of the case. Despite the fact that the Company has at all times proceeded in accordance with the law, the Sierra Mojada project remains under an illegal blockade manned by a small group of radical members from within Minera Norteños. We believe their actions do not represent the view of the vast majority of the Minera Norteños members and wider local community, and we are working with authorities to resolve the situation in a safe, fair, and timely manner. We remain committed to good faith dialogue with selected members from Minera Norteños to find a solution that facilitates the resumption of the drilling program halted by the blockade more than one year ago. We are optimistic we will find a solution to the blockade and look forward to continuing our exploration program with our exploration partner, South32 Limited (“South32”). Sierra Mojada remains one of the largest undeveloped silver-zinc projects in Mexico. The silver-zinc mineralization sits largely at surface and is open pittable and has excellent infrastructure close by. These types of deposits are rare.” South32’s Option: In June 2018, Silver Bull signed an agreement with a wholly owned subsidiary of South32 whereby Silver Bull granted South32 an option to form a 70/30 joint venture with respect to the Sierra Mojada Project. To maintain the option in good standing, South32 must contribute minimum exploration funding of US$10 million (\"Initial Funding\") during a 4-year option p...