SHELBURNE, NOVA SCOTIA--(Marketwire - May 31, 2011) - Black Bull Resources Inc. (News - Market indicators) has released its Interim Report including the Financial Statements and Management's Discussion & Analysis for the first fiscal quarter ended March 31, 2011. 

The Company recorded a net and comprehensive loss for the three month period of $87,696 versus $231,586 for March 31, 2010, or ($0.00) per share versus ($0.01). Allowing for non-cash operating expense of $21,861 compared to $122,113 for March 31, 2010 the Company's operational cash flow was ($65,618) versus ($109,473) for March 31 2010.

As reported earlier, all the redundant assets and existing inventory have been sold during the previous quarter significantly improving the cash position. Cash burn has also been reduced substantially with the Company going into hibernation mode during the quarter.

While the Company's future is uncertain, these sales together with a reduced cash burn give the Company time to seek long-term strategic options for its resource. In that regard the Company is pursuing any such options as they emerge.

On May 16, 2011, the Company held its Annual General meeting in Halifax. Richard Shearer, Dave Wood, Jim Gogan and Joseph MacDonald were reelected to the Board. Under other business the Board was asked to consider as part of its strategic options, the consolidation of the shares of the Company at 20:1 subject to shareholder and regulatory approval.

Black Bull Resources Inc. announces the granting of 1,114,985 stock options to Directors of the company at an exercise price of $0.10. These options will be granted to Directors who were re-elected to the Board of Directors at the May 16, 2011 shareholders meeting. The proposed granting of stock options is subject to regulatory approval.

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, 2010 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 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.