10:00:15 EDT Sun 23 Jun 2024
Enter Symbol
or Name
USA
CA



Silver Bullet Mines Corp
Symbol SBMI
Shares Issued 66,697,522
Close 2024-01-09 C$ 0.10
Market Cap C$ 6,669,752
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Silver Bullet working on minor changes at Buckeye mine

2024-01-09 09:21 ET - News Release

Mr. John Carter reports

SILVER BULLET PROVIDES OPERATIONAL UPDATE IN ARIZONA AND ANNOUNCES SECOND TRANCHE OF FINANCING

Silver Bullet Mines Corp. has provided an update on mine and mill operations in Globe, Ariz.

As part of the normal course mining procedures, both the federal Mining Safety and Health Administration (MSHA) and the state mine inspector completed their respective first mine inspections at the Buckeye silver mine on Dec. 21 and Dec. 22, 2023, resulting in a request to make minor changes to the mine site. No major changes were requested. These minor changes are under way. Silver Bullet Mines has been assigned both a mine and mill number from the MSHA and the state mine inspector. Silver Bullet Mines' first mine safety report filed with the MSHA is currently under review and a response is anticipated in the near future. This regulatory step represents a significant move forward as Silver Bullet Mines transitions from a development company to commercial production.

Upon completion of the minor changes to the Buckeye mine site, Silver Bullet Mines' plan is to continue mining in zone 1, muck out the mineralized material, truck that material to the mill and process the material through the mill, resulting in commercial production. It is believed the mineralized material from zone 1 will consist of higher-grade silver material.

The main reason for this belief is the assay results from that area, which include the Dec. 11, 2023, results of the concentrates averaging 24.2 ounces per ton (829.7 grams per tonne) silver, with the high-grade line on the shaker table then assaying at 334 ounces per ton (11,451.5 grams per tonne). The company also relies on the high-grade silver results reported in its Nov. 11, 2023, press release and upon other internal assay results that have not been disclosed. As previously disclosed, the company continually runs its own production assay lab and not all assay results, whether lower or higher than those herein, have been or will be disclosed.

There is some lower-grade material already stockpiled at the mill, ready to be blended with the anticipated higher-grade material.

Silver Bullet Mines has closed the second and final tranche of the non-brokered financing previously announced on Oct. 25, 2023. The second tranche of the financing consisted of $279,085 by way of units priced at 12 cents per unit, resulting in the issuance of 2,325,709 units. Each unit consisted of one common share and a full warrant exercisable into one common share at 17 cents for a term of two years. There is no acceleration clause on these 17-cent warrants. One insider participated in the financing. Finders' fees paid to arm's-length parties were $2,604 in cash and 21,700 broker warrants.

We seek Safe Harbor.

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