VANCOUVER, British Columbia,
June 3, 2011 /PRNewswire/ -- Silver
Bull Resources Inc. (NYSE Amex: SVBL, TSX: SVB) ("Silver Bull") is
pleased to announce the closing of its recently announced private
placement financing with Coeur d'Alene Mines Corporation (NYSE:
CDE, TSX: CDM) ("Coeur d'Alene"). Coeur d'Alene purchased 7,353,000
shares of Silver Bull common stock at $0.68 per share for total gross proceeds of
US$5,000,040.
Tim Barry, President and CEO of
Silver Bull states, "The closing of this financing with Coeur
d'Alene is significant as we have secured the funds necessary for
our current exploration program at Sierra
Mojada and now have a strategic partner that is the largest
U.S.-based primary silver producer with experience in developing
several silver mines worldwide, including Mexico."
The proceeds of the financing will be used in the continued
exploration and advancement of Silver Bull's flagship Sierra Mojada silver-zinc project in
Mexico and for general corporate
purposes.
About Silver Bull
Silver Bull is focused on the acquisition, exploration and
potential development of mineral properties. Silver Bull currently
owns mineral concessions in the municipality of Sierra Mojada, Coahuila, Mexico and holds
exploration licenses in Gabon,
Africa. To obtain more information
on Silver Bull visit the web site at
www.silverbullresources.com.
On behalf of the Board of Directors,
"Tim Barry"
Tim Barry, MAusIMM
Chief Executive Officer, President and Director
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 harbours created under the Securities Act of 1933 (the
"Securities Act") and the Securities Exchange Act of 1934 (the
"Exchange Act") and forward-looking information under Canadian
securities laws. These statements are based on current
expectations, estimates, forecasts, and projections about 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, are intended to identify such
forward-looking statements. In addition, any statements that refer
to requisite funding for Silver Bull's programs, projections of
Silver Bull's future financial performance, Silver Bull's
anticipated growth and potential in its business and other
characterizations of future events or circumstances are
forward-looking statements. Such statements are subject to a number
of assumptions, risks and uncertainties, including such factors as
the volatility and level of commodity prices, currency exchange
rate fluctuations, uncertainties in cash flow, expected acquisition
benefits, exploration mining and operating risks, competition,
litigation, environmental matters, the potential impact of
government regulations, and other matters discussed under the
caption "Risk Factors" in our Annual Report on Form 10-K/A for the
fiscal year ended October 31, 2010
and subsequent periodic reports available at www.sec.gov
and www.sedar.com, many of which are beyond our
control. 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.
SOURCE Silver Bull Resources, Inc.