X0306 4 2014-09-04 0 0001031093 SILVER BULL RESOURCES, INC. SVBL 0001489637 Hitzman Murray W. C/O SILVER BULL RESOURCES, INC. 925 WEST GEORGIA STREET, SUITE 1908 VANCOUVER A1 V6C 3L2 BRITISH COLUMBIA, CANADA 1 0 0 0 Stock Option (Right to Buy) 0.26 2014-09-04 4 A 0 125000 0 A 2014-09-04 2019-09-03 Common Stock 125000 125000 D Options were granted on September 4, 2014 pursuant to Silver Bull Resources, Inc.'s 2010 Stock Option Plan, as amended. This option to purchase common stock vests in two (2) equal annual installments of 62,500. The first installment vests on the date of grant; the second installment vests on September 4, 2015. /s/ Murray W. Hitzman 2014-09-04