BESKAUGA COPPER GOLD PROJECT

VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) is pleased to announce it has completed its due diligence and has closed om the option agreement with Copperbelt AG (“Copperbelt”), a public, non-listed mineral exploration company registered in Zug, Switzerland, regarding their 100% owned Beskauga copper-gold project located in northeastern Kazakhstan.

Highlights of the Agreement

With the closing of the deal Silver Bull has paid Copperbelt a total of US$70,000 in upfront fees.
Silver Bull has four years to conduct exploration on the property. Exploration expenditures on Beskauga and certain other licenses required to keep the option in good standing are US$2 million in year one, US$3 million in year two, US$5 million in year three and US$5 million in year four, for a total exploration spend of US$15 million over four years.
After completing US$15 million in cumulative exploration expenditures Silver Bull can acquire the Beskauga property for a US$15 million cash payment.
Copperbelt may receive a bonus payment of up to US$32 million should Silver Bull publish a Bankable Feasibility Study (“BFS”) with a resource of up to 10 million gold equivalent ounces on the main Beskauga prospect and 5 million gold equivalent ounces on an additional prospect. 20% of the bonus is payable 60 days after publishing a BFS, with the remaining 80% payable on the commencement of mine construction. Up to 50% of the bonus is payable in common stock of Silver Bull at Silver Bull’s election.
Silver Bull will pay a finder’s fee to a third party upon the satisfaction of certain conditions.

Tim Barry, President, CEO and director of Silver Bull states, “We are extremely pleased to close this agreement with Copperbelt. We believe the Beskauga copper-gold project represents one of the best exploration opportunities in the world. The high quality work that has been completed on the project to date indicates that Beskauga is a huge mineralizing system that has considerable upside that has yet to be explored. We will be working closely with our partners from Copperbelt to quickly and efficiently explore these areas. In addition to the exploration potential at Beskauga, the project has excellent infrastructure.

Paved road access and, 1100 KVA power lines, heavy rail, and a highly trained workforce all lie within a 10 kilometer radius. The capital city of Nur-Sultan, located approximately 300 kilometers from the project, has a major international airport allowing for easy access and administration of the Beskauga project.

As a mining jurisdiction Kazakhstan is fast becoming a “go to” place due to its recently updated mining law and incredible geological prospectivity. In June 2018 the Kazakhstan government implemented a new mining code based on the mining code used in Western Australia and has reduced a considerable amount of the administrative burdens for subsoil users. Unlike many governments around the world today, the Kazakh government is very supportive of the mining sector, a view which is highlighted by the fact that numerous major mining companies have recently set up an office in the country and acquired exploration licenses. We expect to provide more details about the Beskauga project itself in the coming months.”

About Kazakhstan

Size: Kazakhstan is the ninth largest country in the world, covering 2,717,300 km2, and has a population of 18.2 million people.

Capital City:The capital city is Nur-Sultan which is located 300 kilometers from the project. Nur-Sultan has a major international airport allowing for easy access and administration of the Beskauga project.

Mining Law: Kazakhstan adopted a new mining code titled “Code on Surface and Subsoil Use” (the "SSU Code") on December 27, 2017, that became effective on June 29, 2018. The SSU Code is based on the Western Australian model where Kazakhstan moved from a contractual regime to a licensing regime for solid minerals (except for uranium). Coincident with the updated SSU law, the Kazakhstan government also reduced a considerable amount of the administrative burdens for subsoil users.

Tax: A summary of pertinent taxes related to exploration in Kazakhstan is as follows:

20% corporate tax
12% value-added tax (VAT) is refundable for exploration companies
4.7% royalty for copper
5% royalty for gold and silver

Geological Prospectivity:Kazakhstan is one of the most prospective countries in the world for a number of metals. According the United States Geological Survey (USGS) Kazakhstan is;

1^st in the world for uranium production (41% of world output)
2^nd in the world for chromite production (18% of world output)
4^th in the world for titanium production (6% of world output)
10^th in the world for copper production

In addition, Kazakhstan has significant proven reserves (as yet unmined) of gold, silver, lead, zinc tin, iron ore, nickel, cobalt, and bauxite.

The Fraser Institute Annual Survey of Mining Companies in 2017, ranked Kazakhstan the 24^th best mining jurisdiction in the world.