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EX-31.2 - EXHIBIT 31.2 - SILVER BULL RESOURCES, INC.ex31x2.htm
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v2.4.0.6
Property Concessions
3 Months Ended
Jan. 31, 2012
Property Concessions [Abstract]  
Property Concessions

NOTE 6 – PROPERTY CONCESSIONS

The following is a summary of the Company's property concessions in Sierra Mojada, Mexico and Gabon, Africa as at January 31, 2012 and October 31, 2011, respectively:

             
    Sierra Mojada,     Gabon,  
    Mexico     Africa  
 
Property Concessions – October 31, 2010 $ 4,318,292   $ 4,396,915  
Acquisitions   797,960      
Joint venture agreement payment received (Note 8)       (100,000 )
Foreign currency translation adjustment   (269,565 )   203,233  
Property Concessions – October 31, 2011 $ 4,846,687   $ 4,500,148  
Acquisitions   20,000      
Impairment   (68,284 )    
Foreign currency translation adjustments       (321,087 )
Property Concessions – January 31, 2012 $  4,798,403    $ 4,179,061  

 

During the three months ended January 31, 2012, the Company decided not to pursue further work on the Fortaleza and Ampl. A. Fortaleza concessions. As a result the Company did not make a concession option payment for these concessions in February 2012 and has written off the capitalized property concession balance related to these concessions of $68,284.