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| |   Mon Mar 1, 2010
Black Bull Resources Inc. Announces December 31, 2009 Interim Financial Statement Release
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| | Shelburne, NS --- March 1, 2010 --- Black Bull Resources Inc. (TSXV:BBS)has released its Interim Report including the Financial Statements and Management's Discussion & Analysis for the first fiscal quarter ended December 31, 2009.
The Company recorded a net and comprehensive loss for the three month period of $289,967 versus $506,132 for December 31, 2008, or ($0.003) per share versus ($0.006). Allowing for non-cash operating expense of $126,832 compared to $192,234 for December 31, 2008, the Company's operational cash flow was ($163,135) versus ($313,899) for December, 31 2008.
As reported in the Financial Statement Notes and MD&A, the first quarter of fiscal 2010 continued to be dedicated to focus on surviving the economic downturn. The Company continued to make progress in reducing our monthly cash burn, collecting receivables, selling inventoried quartz product and selling any redundant assets at the processing plant.
Obviously, Black Bull Resources Inc. cannot continue indefinitely on the basis of extreme cost cutting and existing on our limited cash. Our long term existence continues to be a serious matter. We must realize significant new sales revenue if we are to survive as a company. We continue to work with several new customer prospects but time and the continued soft economy are major concerns. There is clearly an urgency to gain major new sales.
A complete set of Black Bull's Financial Statements, Notes to the Consolidated Financial Statements and Management's Discussion and Analysis for the period ended December 31, 2009 have been filed on SEDAR at www.sedar.com.
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. Prior to suspension of operations, the mine produced a unique, bright, white, high-purity quartz, marketed under the Scotia WhiteTM 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. For other Company information contact:
Richard J. Shearer,
President & CEO
Black Bull Resources Inc.
Tel: 902-875-1510
Fax: 902-875-1617
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.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. |
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| | You can view the Next News Releases item: Mon Apr 5, 2010, Shearer to focus on Board Chairmanship Role
You can view the Previous News Releases item: Tue Dec 1, 2009, Black Bull Resources Inc. Announces September 30, 2009 -- Annual Financial Statement Release
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