Business
Silver Bullet Announces Investment and Continuation of Mining in Arizona
Burlington, Ontario--(Newsfile Corp. - September 7, 2023) - Silver Bullet Mines Corp. (TSXV: SBMI...
About this update from Silver Bullet Mines Corp
[{"type":"text","content":"Silver Bullet Announces Investment and Continuation of Mining in ArizonaBurlington, Ontario--(Newsfile Corp. - September 7, 2023) - Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) ('SBMI' or 'the Company') announces the continuation of mining operations at the Buckeye Mine in Arizona and a cash infusion.The aberrant extremely hot weather continued in Arizona throughout most of August, preventing work from then being carried out at the mill or at the Buckeye Mine. The temperature on the concrete mill pad during this period on occasion exceeded 150 degrees Fahrenheit. Running the mill in such hot weather would have been a danger to the proper functioning of the equipment. Mining, whether during the day or at night, would have been an unacceptable safety risk to the field team.The hot weather has finally abated and the Company is pleased to announce the continuation of mining operations at the Buckeye Mine. Processing material at the mill should continue within roughly one month.SBMI has been advised by the United States Forest Service that in August, 2023 lightning caused a fire near the Buckeye Mine. The USFS graded the road leading to the Buckeye Mine to allow it to bring in equipment needed to fight the fire.The annual taxes on the BLM lands comprising part of the Black Diamond property, which surrounds the Buckeye Mine, have been paid. SBMI is pleased to announce it has entered into an agreement with an arm's length third party (the \"Investor\") for the amount of USD$350,000. This investment is structured as a loan having a five year term and a zero per cent interest rate. The first tranche of this investment is USD$225,000 which has been received by SBMI, and the second tranche of USD$125,000 is contemplated to be forwarded to SBMI five days after the first shipment of silver dore has been received by the Investor. The loan is secured by two pieces of equipment onsite in Arizona. This relationship with the Investor should allow SBMI to better execute its business model, substantially increase its revenue and expand its operations.The Investor carried out an extensive due diligence review on SBMI, including a site visit to the Buckeye Mine and the mill, and including metallurgy on sample dore bars from the Buckeye. As a result of such extensive review, the Investor has asked SBMI to work with it to advance other project...