Significantly Increased Size And Grade Of Silver Resource At The Sierra Mojada Project

VANCOUVER, BC - Silver Bull Resources, Inc. reported that the updated NI 43-101 Technical Report is currently being completed by JDS Energy & Mining Inc. on the silver and zinc mineralization of the "Shallow Silver" and "Zinc" Zones at the Sierra Mojada Project in Coahuila, Mexico. Highlights at various cutoff grades for the silver include: An Indicated silver resource of 71.9 million tonnes at an average grade of 72.5g/t silver totaling 167.5 million troy ounces of silver at a 25g/t silver cutoff grade; An Indicated silver resource of 40.75 million tonnes at an average grade of 102.2g/t silver totaling 134.0 million troy ounces of silver at a 45g/t silver cutoff grade; An Indicated silver resource of 20 million tonnes at an average grade of 147.8g/t silver totaling 94.0 million troy ounces of silver at a 80g/t silver cutoff grade; An Indicated zinc resource of 2.19 billion pounds of zinc at an average grade of 1.38%; An Inferred lead resource of 538 million pounds at an average grade of 0.34%; An Inferred copper resource of 126 million pounds at an average grade of 0.08%.

In order to establish a reasonable prospect of economic extraction in an open pit context, the reported silver resource falls within a Lerchs-Grossman Optimized pit shell that uses a silver price of US$29.20/oz, a zinc price of US$0.95 per pound, US$3.70 per pound copper, and US$1.00 per pound lead. Pit walls are set at 50 degrees overall, and mining costs were assumed to be US$1.50/tonne, G&A US$1.00/tonne and silver and zinc processing costs at US$12.00/tonne. Metal prices are based on the trailing 3 year averages for silver, zinc, copper, and lead.

Silver and zinc mineral resources were estimated by ordinary Kriging using 3-D Mintec MineSight V7 block modeling software in multiple passes using 20 meter X 10 meter X 5 meter blocks as the SMU size. The geologic wireframes were updated and a partial model technique utilized to calculate accurate volumes. Grade estimates were based on 1 meter composited assay data with search radius restricted to a 20 meter search radius when a zone dependent cap limit was reached. Blocks have been classified as indicated mineral resources.

At a 25 g/t cutoff grade for the silver, the updated resource represents a 103% increase in the open pittable resource of the Shallow Silver Zone previously reported by Silver Bull's July 2012 NI 43-101 Technical Report. Additional data added in this report includes; 10,056 meters of surface diamond drilling, 6,647.5 meters of underground diamond drilling completed for the "twinning" program of the historical long hole data set and approximately 400 new channel samples. With the success of the twinning program in showing an exceptional correlation with the long hole data set, a significant increase in the range of influence of 40,240 meters of long hole data has also been included in the resource estimation.

In addition to the silver and the zinc, a resource of lead and copper has also been estimated using an Inverse Distance Squared (ID2) modeling method. Because the geological constraints and metallurgical recovery on the copper and lead are not as well understood as the silver and zinc, the lead and copper resources estimates have placed in the "inferred" category.

Tim Barry, President, CEO and Director said, "We are extremely pleased with this report and feel this is a big step forward for the company. At over 167 million ounces, Sierra Mojada is now one of the largest undeveloped silver resources in Mexico. With our recently completed financing for gross proceeds of $USD 9.2 million, the company is well financed to push the project to the next stage with a preliminary economic assessment, which will be led by JDS. It is also no small point to note that even though we have defined a much larger resource than previously reported, mineralization remains open on the deposit, and during 2013 we will have an underground drill program underway using our low cost termite drill rigs which will target a high grade silver zone defined by underground channel samples immediately adjacent to the deposit."