Black Bull Resources Inc. Announces December 31, 2009 Interim Financial Statement Release
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.
Black Bull Resources Inc. Announces September 30, 2009 -- Annual Financial Statement Release
The Company reports a net loss for the year of $2,883,828 ($3,481,960 in 2008) or $0.030, per share ($0.038 in 2008). The loss in 2009 includes a write down of fixed assets of $1,250,000. Net sales of $261,983 ($257,125 in 2008) consisted of existing processed sand inventory as well as damp unprocessed stone sales. The Company recorded $2,059,212 ($1,082,845 in 2008) in non-cash operating expenses resulting in a net cash loss from operations of $824,615 ($2,399,115 in 2008) or $0.009 per share ($0.029 in 2008).
During the fourth quarter, the Company reports a net loss of $424,985 ($881,430 in 2008) or $0.0047 per share ($0.0080 in 2008). The Company recorded $220,135 ($227,257 in 2008) in non-cash operating items resulting in a net cash loss from operations of $204,850 ($654,174 in 2008) or $0.002 per share ($0.007 in 2008). Net sales for this quarter were $23,085 ($21,176 in 2008).
"As we end our 2009 fiscal year at Black Bull Resources Inc., reflection on the past year shows that we continue to deal with difficult issues" says Richard Shearer President and CEO. "While the Company's future is uncertain, during 2009, management focused on conserving cash, defining our markets and researching kaolin clay.
Our team has been focusing on short term sales opportunities due to our limited cash and our urgency to increase revenues. Our current plan is to continue to conserve cash by reducing costs further while we push to develop additional sales as quickly as possible, By doing what is necessary to survive during these rough times, we hope to be able to see the company through to a point in 2010 when the economy improves and our sales revenues increase."
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 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.
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.
Black Bull Resources Inc. Announces June 30, 2009 Interim Financial Statement Results
The Company recorded a net and comprehensive loss for the three month period of ($318,405) vs. ($767,673) for June 30, 2008, or ($0.004) per share vs. ($0.008). Allowing for non-cash operating expense of $164,487 compared to $210,829 for June 30, 2008, the Company's operational cash flow was ($153,918) vs. ($556,845) for June 30, 2008. During the quarter as part of its plan the Company sold redundant assets that resulted in a positive cash flow for the period of $323,287 versus a cash loss of $1,131,423 for the same period in 2008.
On a year to date basis, the Company recorded a net and comprehensive loss of ($2,458,627) vs. ($2,598,304) for the nine-month period ended June 30, 2008, or ($0.027) per share vs. ($0.029). Allowing for non-cash operating expense of $1,807,166 compared to $628,888 for June 30, 2008, the Company's operational cash flow was ($651,461) vs. ($1,969,416) for June 30, 2008. The change from the previous year includes a write down of redundant capital assets of $1,250,000 to reflect the anticipated selling price of these assets, which was posted in March 2009.
"We have begun to implement our plan to focus on selling unprocessed ("damp") quartz stone and, potentially, kaolin clay from our unique quarry. Our high quality ore deposit is our unique competitive advantage." says Richard J Shearer, President and CEO. "Completing the sale of a sizable portion of our redundant assets and significantly reducing our costs allows us the time and cash resources to implement our new strategy."
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 June 30, 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. The mine produces 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.
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.
Black Bull Resources Inc. Announces March 31, 2009 Interim Financial Statement Results
The Company recorded a net and comprehensive loss for the three month period of ($1,633,907) vs. ($1,042,840) for March 31, 2008, or ($0.018) per share vs. ($0.011). Allowing for non-cash operating expense of $1,456,445 compared to $210,899 for March 31, 2008, the Company's operational cash flow was ($172,462) vs. ($833,167) for March 31, 2008. The Company posted a write down of redundant capital assets of $1,250,000 to reflect the anticipated selling price of these assets.
Thus, year to date, the Company recorded a net and comprehensive loss of ($2,140,222) vs. ($1,830,631) for the six month period ended March 31, 2008, or ($0.024 per share vs. ($0.020). Allowing for non-cash operating expense of $1,648,680 compared to $418,061 for March 31, 2008, the Company's operational cash flow was ($491,543) vs. ($1,414,796) for March 31, 2008.
"We have put aside the idea of being a direct seller into the high-end, boutique specialty sand markets, such as pool plastering. These markets have proven to be too small and transportation too costly to compete outside of Atlantic Canada." says Richard J Shearer, President and CEO. "A reassessment of this business has led us to withdraw from the dried, processed quartz products and focus on selling unprocessed ("damp") quartz stone and, potentially, kaolin clay, from our unique quarry. Our high quality ore deposit is our unique competitive advantage."
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 March 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. The mine produces 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.
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.
Black Bull Resources Inc. and Turley International Resources LLC, Announce White Quartz Partnership
"We believe that this new partnership will clearly be a win/win/win relationship for our valued pool aggregate customers, for T.I.R. and for us", stated Rick Shearer President and CEO of Black Bull Resources Inc. "As a partner, the solid reputation and national resources of T.I.R., including their wholly owned subsidiaries Wet Edge Technologies and Consolidated Aggregates LLC, will allow for a more efficient and more timely response to better meet the needs of our pool building customers."
"This partnership brings a unique combination of high quality quartz products and exceptional service to the pool construction industry", commented Laurence Turley President of Turley International Resources LLC. "We are excited to begin selling this outstanding white quartz product line immediately".
Customers who have purchased, or would like to purchase, specific Scotia White quartz aggregate pool products such as 8x16, 6x10, and PQ Blend can now contact their T.I.R. sales representatives to purchase these same high quality white quartz products.
For further information on specific white quartz products and sales, please contact:
Turley International Resources, LLC
4322 S, 80th Street
Mesa, AZ 85212
Phone: 480-380-6253
www.turleyinternational.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
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.