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Silver Bull Presentation | March 2012

Cautionary note regarding forward looking statements This presentation contains forward-looking statements regarding future events and Silver Bull’s future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”) and applicable Canadian securities laws. Forward-looking statements include statements regarding indicated and inferred resource estimates, the anticipated scope and targets of future drilling in the Shallow Silver Zone and the timing of Silver Bull’s next resource update. These statements are based on current expectations, estimates, forecasts, and projections about Silver Bull’s exploration projects, the industry in which Silver Bull operates and the beliefs and assumptions of Silver Bull’s management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” variations of such words, and similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption “Risk Factors” in our Annual Report on Form 10-K/A for the fiscal year ended October 31, 2010 and our other periodic and current reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on www.sedar.com. . Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements.

Cautionary Note to U.S. Investors concerning estimates of Indicated and Inferred Resources: This presentation uses the terms "indicated resources" and "inferred resources" which are defined in, and required to be disclosed by, NI 43-101. We advise U.S. investors that these terms are not recognized by the United States Securities and Exchange Commission (the "SEC"). The estimation of indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that indicated mineral resources will be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations, however the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, the information contained in this presentation may not be comparable to similar information made public by U.S. companies that are not subject NI 43-101.

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BOARD OF DIRECTORS

BRIAN EDGAR Chairman

TIM BARRY President, CEO & Director

DANIEL KUNZ Director

DR. MURRAY HITZMAN Director

JOHN McCLINTOCK Director

JOSHUA CRUMB Director

DR. NICOLE ADSHEAD-BELL Director

DUNCAN HSIA Director

MANAGEMENT

TIM BARRY President, CEO & Director

SEAN FALLIS Chief Financial Officer

JASON CUNLIFFE Vice President, Exploration

GEORGE RAWSTHORNE Vice President, Metallurgy

MARTIN KING Chief Geologist

GERMAN GIL Operations Manager

WHO WE ARE EX

PER

IEN

CE

AN

D E

XP

ERTI

SE I

N A

LL A

SPEC

TS O

F TH

E IN

DU

STR

Y

PR

OV

EN TR

AC

K R

ECO

RD

OF SU

CC

ESS

FLAGSHIP PROJECT – SIERRA MOJADA

• >60Moz Silver Indicated + Inferred – AND growing

• High Grade Zinc Mineralization

• Open Pittable

• Excellent Infrastructure

• Located in Mexico

• Significant Exploration Upside

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Emerging STORY GROWING Resource Excellent LOCATION

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OCTOBER 2011 Q2 2012 APRIL 2011

17.2M

13.9M

??

47.3M

24.9M ??

20

80

60

100

40

(Mo

z SI

LVER

)

INDICATED

INFERRED

Q2 2012 TOTAL RESOURCE BASE

?? (NEXT NI43-101 EXPECTED IN Q2 2012)

OCTOBER 2011 TOTAL RESOURCE BASE

61.2Moz (19Moz added with 5 months of drilling)

APRIL 2011 TOTAL RESOURCE BASE

42.2Moz

NI43-101 REPORT EXPECTED IN Q2 2012

LARGE AND GROWING SILVER RESOURCE

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27 February 2012 - SILVER BULL INTERSECTS HIGH GRADE ZONE OF 417.64G/T SILVER OVER 10 METERS AND 283.89G/T SILVER OVER 13.05 METERS WITHIN 100+ METER INTERCEPTS OF SILVER MINERALIZATION ON THE CENTENARIO ZONE AT THE SIERRA MOJADA PROJECT, COAHUILA, MEXICO

14 February 2012 - SILVER BULL INTERSECTS 19.9% ZINC OVER 10.85 METERS AND 144 G/T OVER 31 METERS ON THE “SHALLOW SILVER ZONE” AT THE SIERRA MOJADA PROJECT, COAHUILA, MEXICO.

1 February 2012 - SILVER BULL INTERSECTS 9.81% ZINC OVER 46.4 METERS AND 100G/T SILVER OVER 43 METERS ON THE “SHALLOW SILVER ZONE” AT THE SIERRA MOJADA PROJECT, COAHUILA, MEXICO.

11 January 2012 - SILVER BULL INTERSECTS 51.8G/T SILVER OVER 109.4 METERS TO FURTHER EXTEND THE NEW “CENTENARIO” DISCOVERY AT THE SIERRA MOJADA PROJECT, COAHUILA, MEXICO.

NEXT 43-101 - RECENT DRILL RESULTS

RESOURCE ESTIMATE

OPEN PIT

CLASS CUT-OFF TONNAGE (000'S) AG G/T ZN % SILVER OUNCES

(MOZ)

INDICATED >15 g/t 28.564 50 0.95 46.313

INFERRED >15 g/t 9.248 44 0.42 13.188

UNDERGROUND

CLASS CUT-OFF TONNAGE (000'S) AG G/T ZN % SILVER OUNCES

(MOZ)

INDICATED >70g/t 0.282 111 2.84 1.007

INFERRED >70g/t 0.174 118 0.91 0.661

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* The mineral resource has been calculated by SRK Consulting, Canada Inc. and is reported in a NI43-101 Resource Update filed on 25 November 2011 and encompasses only resource which falls into an optimized Whittle pit shell. Resources that fall outside of the optimized Whittle pit, but have a reasonable prospect of being mined underground are also included. An average silver price of US$20/oz and an average recovery of 62% were used. A zero percent recovery for any other minerals has been assumed.

CURRENT SITUATION AT SIERRA MOJADA - SILVER AND ZINC

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MINERALIZATION OPEN IN ALL DIRECTIONS

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CURRENT SITUATION AT SIERRA MOJADA - SILVER AND ZINC

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“CENTENARIO”-”SHALLOW SILVER”-”ZINC ZONES”

ZINC ZONE

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ZINC ZONE

“CENTENARIO”-”SHALLOW SILVER”-”ZINC ZONES”

CAPITAL STRUCTURE

CAPITALIZATION

Shares Outstanding 136,160,157

Warrants 1,303,956

Options 5,471,907

Fully Diluted 142,936,020

Share Price US$0.58

52 Week Low/High $0.46 to $0.96

3 Month Avg. Vol. 136,000

Market Cap US$77 million

Cash US$10.5million

SHAREHOLDERS

Directors and Officers: 7̴.6%

Coeur D’Alene Mines Corporation: 12.7%

Lazarus Investment Partners: 9.6%

Sprott Asset Management: 4.0

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2012 DRILL PROGRAM

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DRILL RIGS ONSITE:

3 PLANNED METERS 2012:

50,000 TARGETING:

WESTEND SSZ & CENTENARIO

WESTEND

CENTENARIO

EXPLORATION UPSIDE

E

DORMIDOS

PALMOS NEGROS

SHALLOW SILVER ZONE W

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2 MAIN TARGETS OUTSIDE THE MAIN ZONE OF MINERALIZATION:

DORMIDOS & PALOMAS NEGROS

HISTORICAL MINING AREAS WITH EXTENSIVE UNDERGROUND AND SURFACE WORKINGS:

NEVER EXPLORED WITH MODERN TECHNIQUES

RESULTS FROM INITIAL SAMPLING INCLUDE:

UP TO; 565G/T Ag, 15.8% Zn & 11.2% Pb

NEXT STEPS BEYOND 2012

Continued mapping and prospecting of Dormidos, Palomas Negros and other areas

Geophysics

Exploration Drilling

PALOMAS NEGRAS

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DORMIDOS

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SIERRA MOJADA

SUMMARY

SILVER – CURRENT RESOURCE HOSTED IN FAULT CONTROLLED, CARBONATE HOSTED SECONDARY SILVER

MINERALIZATION

– INDICATED AND INFERRED RESOURCES OF 47.3MOZ AND 13.9MOZ RESPECTIVELY

– OPEN PITTABLE SILVER WITH BROAD ZONES OF VERY ONTINUOUS MINERALIZATION

– INITIAL POSITIVE CYANIDE LEACH RESULTS (HEAP AND AGITATION)

– KNOWN MINERALIZATION DEFINED OVER 3.2 KM OF STRIKE WITH OBVIOUS NEAR RESOURCE EXPANSION POTENTIAL

– DOLOMITE MINE ALONG STRIKE SHOWS EXCELLENT OPEN PIT MINING CONDITIONS, E.G., +70° PIT HIGH WALL

ZINC – LARGE HIGH GRADE NON-SULPHIDE ZINC DEPOSITS AT DEPTH (.E.G., VENDANTA’S SKORPION MINE IN

NAMIBIA)

– ZINC ORE BODY LIES UNDERNEATH AND IMMEDIATELY ADJACENT TO THE SILVER ORE BODY (I.E BY MINING OUT THE SILVER THE ECONOMICS OF THE ZINC IMPROVE DRAMATICALLY)

– LIMITED WORK PROGRAM REQUIRED TO ADVANCE TO NI43-101 COMPLIANCE

– LIKELY REMOBILIZED MINERALIZATION AND CONTROLLED BY FAVORABLE DOLOMITE HOST ROCKS AND FAULTS (THE SAME AS THE SILVER MINERALIZATION)

EXPLORATION – SIGNIFICANT UPSIDE POTENTIAL IN THE GREATER AREA – PALOMAS NEGRAS AND DORMIDOS AND BEYOND

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APPENDIX

Brian Edgar, Chairman of the Board - Mr. Edgar was appointed Chairman of the Board of Directors in April 2010. Mr. Edgar has broad experience working in junior and mid-size level natural resource companies. He previously served as Dome's President and Chief Executive Officer from February 2005 until it was acquired by Metalline in April 2010. Further, Mr. Edgar served on Dome's Board of Directors from 1998 to 2010. Mr. Edgar currently serves as a director of BlackPearl Resources Inc., Denison Mines Corp., Lucara Diamond Corp., Lundin Mining Corporation, and ShaMaran Petroleum Corp. Prior to establishing Rand Edgar Capital Corp. (succeeded by Rand Edgar Investment Corp.), Mr. Edgar practiced corporate/securities law in Vancouver, British Columbia, Canada for sixteen years.

Daniel Kunz, Director - Mr. Kunz, Boise, Idaho, has over 30 years of experience in all areas of engineering, management, accounting, finance and operations. Mr. Kunz holds a Masters of Business Administration, Bachelor of Science in Engineering Science and an Associate of Accounting degree. Mr. Kunz has held positions in Ivanhoe Mines (President), MK Gold Company (President & CEO) and Morrison Knudsen Corporation (Vice President & Controller, and as CFO to the Mining Group).

Murray Hitzman, Director - Dr. Hitzman has extensive experience in the mining sector and began work in the mining industry with Anaconda Copper Mining Company. He worked for Chevron Resources Company and initiated and managed base and precious metal exploration projects throughout the world. As the Executive Branch Fellow he served as a senior policy analyst in the White House Office of Science and Technology Policy specializing in natural resource, environmental, and geoscience issues. Dr. Hitzman became a professor at the Colorado School of Mines, and in 2000 was named Head of the Department of Geology and Geological Engineering (he stepped down as such in August, 2007). Dr. Hitzman serves as a director of several publicly held companies. Dr. Hitzman has a Master of Science in Geology from the University of Washington and a Ph.D. in Geology from Stanford University, California.

John McClintock, Director - Mr. McClintock has vast experience in all facets of the mineral exploration business. He currently serves as the President of McClintock Geological Management, which provides ongoing management services to NorthIsle Copper and Gold Inc. and Savant Explorations Ltd. From February 2007 to November 2008, Mr. McClintock served as President and CEO of Savant Explorations Ltd. From January 2006 to February 2007, he served as President and COO of Canarc Resource Corp., and from November 2004 to December 2005 he served as an Exploration Manager for BHP Billiton. Mr. McClintock holds an MBA from Simon Fraser University and an undergraduate degree in geology, with honors, from the University of British Columbia. He is a member of the Professional Engineers of British Columbia, the Prospectors and Developers Association of British Columbia, and the Association of Mineral Exploration of British Columbia.

Joshua Crumb, Director - Mr. Crumb is an engineer and mineral economist with a wide range of executive experience in the mining industry. He is a co-founder of LEC Minerals Inc., a private investment corporation that also provides advisory services for mining and exploration companies. Mr. Crumb was formerly the Senior Metals Strategist at Goldman Sachs, working in the commodity research division in London, has held various positions within the Lundin group of companies, and is currently serving as an independent director of Astur Gold Corp., Zazu Metals Corp., and Natural Resource Holdings, Ltd. He holds a Bachelor of Science degree in Engineering and Master of Science in Mineral Economics from the Colorado School of Mines.

Nicole Adshead-Bell, Director - Dr. Adshead-Bell has over 14 years of experience in the resources and finance industries working as a geologist, mining analyst and investment banker. Dr. Adshead-Bell is currently Director of Mining Research for Sun Valley Gold LLC. She was founder and President of Cupel Advisory Corp. a private company providing advisory services for mining/exploration companies and investment funds. Prior to forming Cupel she was Vice President and then Managing Director, Investment Banking at Haywood Securities Inc. (from 2007 to 2010). Dr Adshead-Bell was also a mining analyst with Dundee Securities Corp. (2005 to 2007) and Sun Valley Gold LLC (2003 to 2005). She worked as freelance consultant geologist for Australian and Canadian companies between 1995 and 2003. Dr. Adshead-Bell was awarded a Ph.D. in geology from James Cook University, Queensland, Australia in 2000. She is currently a director of Vista Gold Corp.

Duncan Hsia, Director - Mr. Hsia was appointed to the board of Directors in April 2010. Mr. Hsia has worked as a consultant to both the private and public sectors in a variety of industries for Andersen Consulting in the U.S. and Europe. From 1999 to the present Mr. Hsia has served as an analyst in the financial industry and primarily focuses his analysis and research on public and private companies in the mining and commodities sectors. He has authored articles on the financial markets for various newsletters and websites. From 1993 through 1999 Mr. Hisa worked for PeopleSoft, Inc. where he held various positions including Regional Manager for PeopleSoft's Western Region Consulting Group and corporate manager for PeopleSoft's Account Management division. Mr. Hsia has a B.S. in Economics from the Wharton School of Business and a B.A.S. from the Moore School of Engineering at the University of Pennsylvania.

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BOARD OF DIRECTORS - RESUMES

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Tim Barry, CEO, President and Director - Mr. Barry is the President and CEO of Silver Bull Resources, Inc. Between September 2010 to March 2011, Mr. Barry served as Vice President of Exploration for Metalline Mining (now renamed to Silver Bull Resources), before stepping into the role of President and CEO in April 2011. Previously, he held the position of Chief Geologist for Dome Ventures Corporation, a publically traded company on the Toronto Stock Exchange working on their projects in Africa. Mr. Barry has over 15 years of exploration and management experience and has worked as a Consulting Geologist and manager on projects in Canada, Mexico, Australia, New Zealand, Mongolia and West and Central Africa. Mr. Barry also served as a Director for Dome Ventures Corporation between November 2008 to April 2010 and currently serves as a director for Acme Resources. Mr. Barry is a Registered Geologist (MAusIMM). Mr. Barry holds a BSc in Geology from the University of Otago in New Zealand.

Sean Fallis, Chief Financial Officer - Mr. Fallis is a Chartered Accountant and was formerly the corporate controller of gold producer Rusoro Mining Ltd. Prior to Rusoro Mining Ltd. Mr. Fallis worked with Canadian and United States publically listed companies in the audit and assurance practice of PricewaterhouseCoopers where Mr. Fallis focused on clients in the mining industry. Mr. Fallis experience includes mergers and acquisitions, debt and equity financing and overseeing the financial reporting and regulatory compliance of international mining companies including subsidiaries based in Latin America.

Jason Cunliffe, Vice President of Exploration - Mr. Cunliffe has over 16 years experience working throughout South and Central America exploring mainly for precious metals. He has held a number of senior management positions including; the South American Exploration Manager for Hochschild Mining plc. and Underworld Resources. During this time he has been involved in the discovery and advancement of a number of projects including the San José gold-silver vein deposit for Hochschild. Mr. Cunliffe is familiar with Mexican geology having worked in the country previously. Mr. Cunliffe has a Masters degree in Mineral Exploration and Mining Geology from Leicester University in the United Kingdom and is fluent in English and Spanish.

George Rawsthrone, Vice President of Metallurgy - Mr Rawsthorne has over 40 years of experience in the mining and metallurgical / process industry including management roles in operations, project studies and construction, as well as plant commissioning and optimization. As a direct employee or as a consultant he has been involved with numerous projects encompassing commodities which include; copper, molybdenum, lead, zinc, silver, gold, tungsten and uranium. Roles he has previously held include; mill manager, lead process engineer, and lead metallurgist, as well as also working as an independent consultant to review mining operations for companies and banks. Companies he has previously been associated with include; (Cominco) Teck Corporation, Rabbit Lake Uranium, Placer Development's Gibraltar Mine, Mount Pleasant Tungsten Mine and Dome Mine's Detour Lake Mine as well as numerous junior and mid-tier mining and exploration companies. Mr. Rawsthorne has a strong history of success in the design and development of metallurgical flow sheets, plant startup, commissioning and optimization, as well as optimizing existing processing plants in an operating environment. Mr. Rawsthorne received his B.Sc. in Chemical Engineering from Queens University in Ontario, and is a member of the Association of Professional Engineers and Geoscientists of British Columbia, Canada.

Martin King, Chief Geologist - Mr. King has over 24 years working as a geologist to the project as well as considerable experience working in carbonate hosted mineral deposits. He was part of the team led by Murray Hitzman, a director of Silver Bull, which defined the Lisheen zinc deposit in Ireland, and has previously worked in Mexico, Canada, Australian, Peru, Suriname, and Yemen exploring for gold, silver, lead, and zinc. Mr. King is a Professional Geologist, is a graduate of the National University of Ireland and is fluent in English and Spanish.

German Gil, Operations Manager - Mr. Gil has over 15 years working as a mining engineer and operations manager. He has considerable experience working in underground mining conditions and has worked for Penoles throughout Mexico. Mr. Gil is a Professional Mining Engineer, and is fluent in English and Spanish.

MANAGEMENT - RESUMES

N

W E

HISTORICAL MINES IN RELATION TO SHALLOW SILVER ZONE

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CENTENARIO ZONE

E W

SHALLOW SILVER ZONE IN RELATION TO TOPOGRAPHY

60m

EXPRESSION OF ZINC ZONE TO SURFACE

E W

E W

ZINC ZONE IN RELATION TO TOPOGRAPHY

TOTAL MINERALIZED STRIKE LENGTH DEFINED

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Silver Bull Presentation | March 2012