SILVER BULLET MINES CORP - SBMCF STOCK NEWS

Silver Bullet Mines Corp. (SBMI) has initiated contract mining at the Idaho Washington Mine, signing with an experienced miner specialized in high-grade vein operations. The company is targeting a historic area last tested in the 1980s, where previous bulk samples showed 44 ounces silver and 0.1 ounces gold per ton, with recent random sampling confirming 58.5 ounces per ton silver. The miner has completed drilling of the pilot hole and is preparing the portal for timbering, aiming to drive a 12 x 12 foot adit to access the Target Zone, located approximately 80 feet from the portal opening. The company plans to take a bulk sample of at least 2,000 tons within two months of commencement.

Silver Bullet Mines Corp. (SBMI) has discovered a historical mining tunnel during development of the Super Champ vein structure. The historical adit, approximately 4 feet wide by 8 feet high, was found under 12 feet of overburden. Random samples from the newly intercepted Tunnel Zone showed exceptional silver grades, with four samples exceeding 1,000 oz silver/ton. Additional samples from historical waste piles returned values between 9.8 to 77.6 oz silver/ton. The company is conducting detailed sampling and plans to process a bulk sample at its mill in Globe, Arizona. Visible silver has been reported in the Tunnel Zone, and gold is visible in current mill concentrates.

Silver Bullet Mines (SBMI) has received confirmatory multi-element assay results from its Super Champ concentrate samples, processed at an independent accredited lab. The results show silver head grade of 28.0 oz/ton (877g), concentrate grade of 339.6 oz/ton (10,563g), and 88.2% recovery. Additionally, gold values in the concentrates assayed 0.52 oz/ton (16.16g/ton), potentially increasing concentrate value significantly. The company continues shipping material from Super Champ to its mill in Globe, Arizona for stockpiling and processing, with costs aligning with internal projections. SBMI has begun negotiations for concentrate sales.

Silver Bullet Mines Corp. (TSXV: SBMI, OTCQB: SBMCF) announced the closing of an oversubscribed Debenture financing amounting to $1,118,000. Cash commissions of $13,500 were paid, and 135,000 broker warrants were issued.

Proceeds will be used for ongoing work at the Buckeye Silver Mine in Arizona, former Washington Mine in Idaho, and processing material from a third-party property. The company has also entered into a lease agreement for the third-party property after completing a due diligence review, focusing resources to produce saleable product from this Land due to better economic efficiencies.

This financing enables SBMI to continue operations at both the Buckeye and Washington Mines.

Silver Bullet Mines Corp. (SBMI) has provided an update on its 500-pound sampling program of mineralized material from a third-party owned past-producing silver mine. The company conducted a detailed metallurgical test with the following results:

- Head grade: 19.2 ounces per ton silver
- Concentrate grade: 307.6 ounces per ton silver
- Tailings grade: 2.1 ounces per ton silver
- Concentration ratio: 18:1

SBMI believes these results are representative of both the sample and potentially the entire system. The company continues to run material and produce commercial grade concentrates for sale to its customers. SBMI is pleased with the progress on the new property and believes it, along with the Buckeye material, will provide excellent feed to the mill.

Silver Bullet Mines Corp. (SBMI) has entered an agreement to process high-grade mineralized material from a past-producing silver mine near its Buckeye Silver Mine in Arizona. The company has begun processing the material into saleable products, generating revenue. Key points:

- Initial 200-pound test run yielded an average head grade of 12.0 ounces per ton silver with over 90% recovery
- 500-pound sampling program showed assay values as high as 45.4 ounces per ton
- Six samples from the exposed vein returned assays between 10.0 and 45.6 oz Ag/t
- SBMI plans to process 50 tons per day, producing dore bars and high-grade concentrate
- The company continues work at its Buckeye Silver Mine, upgrading ventilation and conducting required rockbolting

Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) has signed a contract for underground mining at its Washington Silver Mine in Idaho. Mining is set to begin in early fall 2024, with plans to extract approximately 2500 tons of silver mineralized material. The company expects the material to contain gold credits as well, targeting a zone that previously yielded 44 oz/ton silver and 0.1 oz/ton gold in a 1980s bulk sample.

SBMI has also made progress at its Buckeye Silver Mine in Arizona, where ground support work is nearing completion. Mining from the higher grade Zone1 is expected to commence in the coming weeks, with processing to be done at the company's mill in Globe, Arizona.

The company cautions that its decision to proceed with production at the Washington Mine is not based on a pre-feasibility or feasibility study, which may increase economic and technical risks.

Silver Bullet Mines Corp. (SBMI) provided updates on its Washington Mine property in Idaho and announced changes to its board and financing plans:

- Preparing for mining at the Washington Mine, a historical high-grade gold/silver producer

- Appointed Kerem Usenmez, an experienced mining engineer, to the board of directors

- Plans to start production at 50 tons per day in the coming months, targeting a zone with reported grades of 44 oz/ton silver

- Will extract ~2,500 tons of high-grade material to stockpile before shipping to a mill

- Intends to issue a convertible debenture up to $1 million to finance operations, with a lead order of $300,000 from existing shareholders

- The debenture will have a 3-year term, 12% annual interest, and be convertible to shares at $0.10-$0.14 depending on the period

Silver Bullet Mines (SBMI) is nearing completion of testing a 350-ton stockpile of material from a third party's past silver mine. The material was processed at SBMI's mill in Globe, Arizona, producing silver dore bars weighing 2551.1 grams (90 ounces) and 2834.9 grams (100 ounces). The company is also progressing with rock bolting at the Buckeye Silver Mine, having completed over 400 feet, and expects to speed up as they move out of difficult drilling conditions. SBMI aims to determine the economic feasibility of processing the remaining 30,000 tons of material or potentially acquiring the third-party site.