SHELBURNE, NOVA SCOTIA–(Marketwired – May 31, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Black Bull Resources Inc. (NEX:BBS.H) has released its Interim Report including the Financial Statements and Management’s Discussion & Analysis for the first fiscal quarter ended March 31, 2016.
The Company recorded a net and comprehensive loss for the three month period of $23,791 versus $30,345 for March 31, 2015, or ($0.00) per share versus ($0.00). Allowing for non-cash operating expense of $1,591 compared to $2,200 for March 31, 2015, the Company’s operational cash flow loss was $22,199 versus $27,809 for March 31 2015.
Year to date, the Company recorded a net and comprehensive loss of $55,741 versus $53,186 for the six month period ended March 31, 2014, or ($0.00) per share vs. ($0.00). Allowing for non-cash operating expense of $4,382 compared to $4,399 for March 31, 2015, the Company’s operational cash flow loss was $46,359 vs. $48,787 for March 31, 2015.
“The focus continues to be to reduce cash burn.” says Chris Every President and CEO, “While the Company’s future is uncertain with a reduced cash burn the Company can continue to seek longer-term strategic options for its resources.”
On March 8, 2016 the Company provided an update in connection with its proposed reverse take-over transaction with Renewable Energy Minerals Limited (REM), previously AUS Critical Metals Ltd. and now owned by DWF Capital of Sydney, Australia, as previously announced on November 6, 2015, (“Transaction”). The transaction closing date has also been amended May 16, 2016, subject to customary closing conditions.
About Black Bull Resources Inc.
Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that owns the White Rock Mine near Shelburne. The mine produces a unique, bright, white, high-purity quartz, marketed under the Scotia White™ trademark which is used in a range of value-added, specialty products.
The White Rock Property also contains an identified resource of kaolin and mica.
Further detailed information may be obtained from the Company’s website www.blackbullresources.com or corporate filings at www.SEDAR.com.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company’s mining properties, development results or future plans, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in mineral prices, fluctuations in currency exchange rates, uncertainties relating to the availability and costs of financing needed in the future, the capital and operating costs varying significantly from estimates, delays in the development of projects, as well as those risk factors discussed or referred to in Management’s Discussion and Analysis under the heading “[Risks and Uncertainties]” and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by law, the Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Martin MacKinnon
CFO
902-499-7183
902-492-0700 (FAX)
Black Bull Resources Inc.
902-875-1510
902-875-1617 (FAX)
admin@blackbullresources.com
www.blackbullresources.com