Silver Bull Resources Inc (OTCMKTS:SVBL) on September 2, 2022, announced the termination of the option agreement with the wholly-owned subsidiary of South32 Limited at the Sierra Mojada project in Coahuila, Mexico. The project was illegally blockaded and hence there has been no progress in the exploration activities.
Trading Data
On Thursday, SVBL stock decreased 4.41% to $0.1950 with more than 22.61K shares, compared to its average volume of 17K shares. The stock moved within a range of $0.1950 – 0.2042 after opening trading at $0.2042.
Silver Bull Announces Termination of Option Agreement With South32 at Sierra Mojada
Tim Barry, CEO said that though the firm is disappointed with South32 terminating the agreement, the company understands the reasoning given the inability to access the project site since September 2019. Barry appreciated South32’s professionalism during the partnership.
Barry further stated that the ongoing illegal blockade by the local mining cooperative, Sociedad Cooperativa de Exploración Minera Minero Norteños S.C.L, has existed for the last three years. As per the CEO, there is no intervention by appropriate authorities for bringing an end. Despite the firm’s efforts on reaching an amicable settlement, the company hasn’t been able to get permanent access to the project site.
Barry further opined that despite the unfortunate recent outcome, the company is encouraging appropriate government agencies to take action for removing illegal blockades for the betterment of the project as well as the broader local community and businesses.
Silver Bull will continue to evaluate the situation at Sierra Mojada and opportunities outside of Mexico.
Key Quote
Tim Barry, CEO commented, “While we are disappointed that South32 has decided to terminate the option agreement for Sierra Mojada, we understand their reasoning given the inability to access the project site since September 2019. We appreciate South32’s professionalism throughout this partnership.”
Technical Data
SVBL stock is trading below the 20-Day and 50-Day Moving averages of $0.21 and $0.20 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.24. The company has a total market capitalization of $6.8 million. The stock is down 3% over the past month.
