BBS.H Black Bull Resources Inc

Black Bull Resources Inc. (NEX:BBS.H) released the Audited Financial Statements
and Management Discussion & Analysis (MD&A) for the year ended September 30,
2012.


The Company reports a net income for the year of $26,907 (net loss of $368,396
in 2011) or $0.00, per share ($0.00 in 2011). The loss would have been $226,957
except for an adjustment to reclamation obligation. There was no mineral revenue
of $35 ($159,065 in 2011) as the Company is in care and maintenance. The Company
recorded $228,756 ($82,243 in 2011) in non-cash operating expenses resulting in
a net cash loss from operations of $205,851 ($305,117 in 2011) or $0.00 per
share ($0.00 in 2011). 


During the fourth quarter, the Company reports a net income of $175,354 (net
loss of $82,561 in 2011) or $0.00 per share ($0.00 in 2011). The Company
recorded -$242,476 ($22,362 in 2011) in non-cash operating items resulting in a
net cash loss from operations of $67,127 ($60,199 in 2011) or $0.00 per share
($0.00 in 2011). 


On May 10, 2012 the company held its Annual General Meeting. At that time
Richard J. Shearer, James Gogan, Joseph MacDonald and David Wood were elected to
the Board. In addition, the shareholders authorized an amendment to Articles of
Incorporation to consolidate all of the issued and outstanding common shares of
the Corporation on the basis of one (1) post-consolidation share for up to every
thirty (30) pre-consolidation shares. Such a consolidation will be initiated as
part of implementing a strategic option. 


In 2012, as per the resolution of the AGM the Board changed auditors to MacKay
LLP. We are very pleased with the work they have done, which includes moving us
from GAAP to IFRS. This has been accomplished at a substantially lower cost. 


On December 3, 2012 the Company announced that effective November 30, 2012; the
Company's listing on the TSX Venture Exchange has been transferred to NEX. The
Company's tier classification has changed from Tier 2 to NEX because the Company
did not meet the requirements for a Tier 2 listing on the Exchange. As a result,
the Company's trading symbol has changed to BBS.H. 


"The focus continues to be to reduce cash burn," says Joseph MacDonald President
and CEO, "While the Company's future is uncertain with a reduced cash burn the
Company can continue to seek longer-term strategic options for its resources."


About Black Bull Resources Inc.

Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that
owns the White Rock Mine near Shelburne. The mine produces a unique, bright,
white, high-purity quartz, marketed under the Scotia White(TM) trademark which
is used in a range of value-added, specialty products. 


The White Rock Property also contains an identified resource of kaolin and mica. 

Further detailed information may be obtained from the Company's website
www.blackbullresources.com or corporate filings at www.SEDAR.com. 


FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking
statements. All statements, other than statements of historical fact, included
herein, including without limitation statements regarding the Company's mining
properties, development results or future plans, are forward looking statements
that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Factors that
could cause actual results or events to differ materially from current
expectations include, among other things, changes in mineral prices,
fluctuations in currency exchange rates, uncertainties relating to the
availability and costs of financing needed in the future, the capital and
operating costs varying significantly from estimates, delays in the development
of projects, as well as those risk factors discussed or referred to in
Management's Discussion and Analysis under the heading "(Risks and
Uncertainties)" and other documents filed from time to time with the securities
regulatory authorities in all provinces and territories of Canada and available
at www.sedar.com.


Although the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such statements. Unless required by law, the Company undertakes
no obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change. Accordingly, readers are
cautioned not to place undue reliance on forward-looking statements.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Black Bull Resources Inc.
Joseph MacDonald
President & CEO
902-875-1510
902-875-1617 (FAX)
admin@blackbullresources.com
www.blackbullresources.com

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