VANCOUVER, British Columbia, Aug. 16, 2012 /PRNewswire/ -- Silver Bull Resources, Inc. (TSX: SVB, NYSE MKT: SVBL) ("Silver Bull") is pleased to announce the renewal of its 2,000 square kilometer Mitzic license by the Ministry of Mines in Gabon for an additional 3 years. Silver Bull is also pleased to provide the results of the work program on the Mitzic license completed over the last 2 years.
The Mitzic license lies 180km northeast of the capital city of Libreville and is accessed via a paved road directly to site and lies 60km to the north of a functioning railway. In addition to the Mitzic license, Silver Bull also recently renewed its 2,000 square kilometer "Ndjole" license which is highly prospective for gold and manganese.
Mitzic License - Iron Results: A regional reconnaissance work program on the Mitzic license targeting over 70 kilometers of magnetic highs has confirmed the widespread presence of a coarse grained, magnetite rich, Banded Iron Formation "BIF" averaging approximately 40% Fe. Localized supergene and hypogene enrichment in excess of 65% Fe is seen in the field but is thus far poorly constrained. Geological mapping shows the BIF forms a series of topographic highs with up to 300m of relief and has localized evidence of thickening through folding and faulting. The steep dipping nature of the BIF's also suggests they continue at depth.
Key features of the Mitzic Iron Ore target include:
- Over 70km of magnetics which correlate to banded iron formations grading at approximately 40% Fe.
- The Iron has been locally enriched to >65% Fe.
- The area is folded and steeply dipping suggesting the potential for a thick proto-ore keel, coupled with evidence of thickening through folding and faulting.
- The coarse nature of the magnetite will aid in the beneficiation process.
- The entire Mitzic iron prospect has been staked up in one exploration license 100% owned by Silver Bull.
- Located in the new world-class iron ore district of Central Africa (3 deposits >650Mt @ 60% Fe currently under development).
- 60km from existing railway and 65km from the "Ogooue" River, which is barge-able to the coast.
Tim Barry, President and CEO of Silver Bull Resources states: "We are very pleased to have the Mitzic license renewed for another 3 years. This is a very large license of over 2,000 square kilometers in an area which is extremely prospective for iron ore and contains over 70 kilometers of magnetic highs. Preliminary work indicates the magnetic highs correspond to a coarse grained banded iron formation that has in places been locally enriched to greater than 65% Fe. We believe that Central Africa will become a major iron ore producing region in the years to come with 3 major deposits already under development. The Mitzic license falls within the same suite of rocks as these deposits and is very promising."
Figure 1. Location of the Mitzic license in relation to the main iron deposits in Central Africa. Three deposits >650Mt are currently under development in the region.
Figure 2. Results from the sampling program >30% Fe shown in map "A" from the regional reconnaissance sampling program on the Mitzic license. The same samples set against the regional magnetic map shown in Map "B" on the Mitzic license. There are over 70km of magnetic highs in the area which correspond to topographic highs.
About Gabon: Gabon is a French speaking democratic country located in West-Central Africa. It has an area of nearly 270,000 square kilometers (100,000 sq mi) and has an estimated population of 1.5 million people, of which 800,000 live in the Capital city of Libreville. Gabon has the third highest GDP per capita in Africa, is the 2nd largest exporter of manganese in the world, and is the 5th largest producer of oil in Africa. In addition to manganese, Gabon is also extremely prospective for iron ore and has numerous deposits including "Belinga", thought to be one of the largest undeveloped iron ore deposits in Africa.
About Silver Bull: Silver Bull is a US registered mineral exploration company listed on both the NYSE MKT and TSX stock exchanges and based out of Vancouver, Canada. The flag ship "Sierra Mojada" project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico and is highly prospective for silver and zinc.
The technical information of this news release has been reviewed and approved by Tim Barry, MAusIMM, a qualified person for the purposes of National Instrument 43-101.
On behalf of the Board of Directors
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 harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding the exploration potential of Silver Bull's Mitzic license. These statements are based on current expectations, estimates, forecasts, and projections about Silver Bull's exploration projects, 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 and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2011 and our other periodic and current reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on www.sedar.com. 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. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE Silver Bull Resources, Inc.