We engage in the business of mineral exploration. We currently own or have
the option to acquire a number of property concessions in Mexico within a mining
district known as the Sierra Mojada District, located in the west-central part
of the state of Coahuila, Mexico. We conduct our operations in Mexico through
our wholly-owned subsidiary corporations, Minera Metalin S.A. de C.V. ("Minera
Metalin") and Contratistas de Sierra Mojada S.A. de C.V. ("Contratistas"),
and through Minera Metalin's wholly-owned subsidiary Minas de Coahuila SBR S.A.
de C.V ("Minas").
Silver Bull Resources, Inc. was incorporated in the State of Nevada on November
8, 1993 as the Cadgie Company for the purpose of acquiring and developing mineral
properties. The Cadgie Company was a spin-off from its predecessor, Precious
Metal Mines, Inc. On June 28, 1996, our name was changed to Metalline Mining
Company ("Metalline"). On April 21, 2011, we changed our name to Silver
Bull Resources, Inc. We have not realized any revenues from our planned operations,
and we are considered an exploration stage company. We have not established
any reserves with respect to our exploration projects and may never enter into
the development stage with respect to any of our projects.
In April 2010, Metalline Mining Delaware, Inc., our wholly-owned subsidiary,
was merged with and into Dome Ventures Corporation ("Dome"). As a
result, Dome became a wholly-owned subsidiary of Silver Bull. Dome has a wholly-owned
subsidiary, Dome Asia Inc. ("Dome Asia"), which is incorporated in
the British Virgin Islands. Dome Asia has a wholly-owned subsidiary incorporated
in Gabon, African Resources SARL Gabon, as well as a 99.99%-owned subsidiary,
Dome Minerals Nigeria Limited, incorporated in Nigeria. In January 2015, we
completed the sale of our subsidiary Dome International Global Inc. ("Dome
International"), including Dome International's wholly-owned subsidiary
Dome Ventures SARL Gabon ("Dome Gabon"), which held the Ndjole Prospect
in Gabon.
On June 5, 2015, we announced our decision to voluntarily delist our shares
of common stock from the NYSE MKT due to costs associated with the continued
listing and NYSE MKT exchange rules regarding maintenance of a minimum share
price. On June 29, 2015, our shares began trading on the OTCQB marketplace operated
by OTC Markets Group (the "OTCQB Designation"). Our shares of common
stock continue to trade on the Toronto Stock Exchange ("TSX").
Our efforts and expenditures have been concentrated in the exploration of properties,
principally in the Sierra Mojada property located in Coahuila, Mexico (the "Sierra
Mojada Property"). We have not determined whether the exploration properties
contain ore reserves that are economically recoverable. The ultimate realization
of our investment in exploration properties is dependent upon the success of
future property sales, the existence of economically recoverable reserves, our
ability to obtain financing or make other arrangements for exploration, development
and future profitable production activities. The ultimate realization of our
investment in exploration properties cannot be determined at this time.
The Sierra Mojada project (the "Sierra Mojada Project") is located
within a mining district known as the Sierra Mojada District. The Sierra Mojada
District is located in the west-central part of the state of Coahuila, Mexico,
near the Coahuila-Chihuahua state border approximately 200 kilometers south
of the Big Bend of the Rio Grande River. The principal mining area extends for
approximately five kilometers in an east-west direction along the base of the
precipitous, 1,000-meter high Sierra Mojada Range.
The Sierra Mojada Project site is situated to the south of the village of Esmeralda,
on the northern side of a major escarpment that forms the northern margin of
the Sierra Mojada range. In general, the site is approximately 1,500 meters
above sea level. The project is accessible by paved road from the city of Torreon,
Coahuila, which lies approximately 250 kilometers to the south. Esmerelda is
served by a rail spur of the Coahuila Durango railroad. There is an airstrip
east of Esmeralda, although its availability is limited, and another airstrip
at the nearby Penoles plant, which we can use occasionally. The Sierra Mojada
District has high voltage electric power supplied by the national power company,
Comisión Federal de Electricidad, C.F.E., and is supplied water by the
municipality of Sierra Mojada. Although power levels are sufficient for current
operations and exploration, future development of the project, if any, may require
additional power supplies to be sourced.
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