Silver Bull Resources (SVBL) 10-Q 16 Mar 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jan. 31, 2018	Mar. 16, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	SILVER BULL RESOURCES, INC.
Entity Central Index Key	1,031,093
Current Fiscal Year End Date	--10-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		203,105,592

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jan. 31, 2018	Oct. 31, 2017
CURRENT ASSETS
Cash and cash equivalents (Note 13)	$ 210,570	$ 681,776
Value-added tax receivable, net of allowance for uncollectible taxes of $89,518 and $67,729 respectively (Note 5)	154,102	156,997
Income tax receivable	2,984
Other receivables	5,127	5,245
Prepaid expenses and deposits	127,663	116,836
Total Current Assets	500,446	960,854
Office and mining equipment, net (Note 6)	201,638	208,755
Property concessions (Note 7)	5,019,927	5,004,386
Goodwill (Note 8)	2,058,031	2,058,031
TOTAL ASSETS	7,780,042	8,232,026
CURRENT LIABILITIES
Accounts payable	121,561	138,130
Accrued liabilities and expenses (Note 9)	280,801	313,058
Income tax payable	5,780	4,780
Stock option liability (Note 11)	13,235	5,194
Warrant derivative liability (Note 12)	1,858,741	341,717
Total Current Liabilities	2,280,118	802,879
STOCKHOLDERS' EQUITY (Notes 10, 11 and 12)
Common stock, $0.01 par value; 300,000,000 shares authorized, 200,169,342, and 199,259,967 shares issued and outstanding, respectively	2,001,693	1,992,599
Additional paid-in capital	127,877,925	127,679,664
Accumulated deficit	(124,471,942)	(122,335,364)
Other comprehensive income	92,248	92,248
Total Stockholders' Equity	5,499,924	7,429,147
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 7,780,042	$ 8,232,026

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Jan. 31, 2018	Oct. 31, 2017
Statement of Financial Position [Abstract]
Allowance for uncollectible taxes, current	$ 89,518	$ 67,729
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	200,169,342	199,259,967
Common stock, shares outstanding	200,169,342	199,259,967

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Income Statement [Abstract]
REVENUES
EXPLORATION AND PROPERTY HOLDING COSTS
Exploration and property holding costs	174,104	360,197
Depreciation	7,117	7,682
TOTAL EXPLORATION AND PROPERTY HOLDING COSTS	181,221	367,879
GENERAL AND ADMINISTRATIVE EXPENSES
Personnel	132,297	116,188
Office and administrative	98,966	61,929
Professional services	51,910	41,751
Directors' fees	42,014	34,796
Provision for (recovery of) uncollectible value-added taxes (Note 5)	19,402	(51,170)
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES	344,589	203,494
LOSS FROM OPERATIONS	(525,810)	(571,373)
OTHER (EXPENSES) INCOME
Interest income	640	508
Interest and finance costs (Note 9)	(949)	(925)
Foreign currency transaction loss	(2,973)	(13,786)
Change in fair value of stock option liability (Note 11)	(8,041)
Change in fair value of warrant derivative liability (Note 12)	(1,598,344)
Miscellaneous income	225
TOTAL OTHER EXPENSES	(1,609,442)	(14,203)
LOSS BEFORE INCOME TAXES	(2,135,252)	(585,576)
INCOME TAX EXPENSE (RECOVERY)	1,326	(2,118)
NET LOSS	(2,136,578)	(583,458)
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments		2,721
COMPREHENSIVE LOSS	$ (2,136,578)	$ (580,737)
BASIC AND DILUTED NET LOSS PER COMMON SHARE (Note 4)	$ 0.01
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	199,425,252	177,894,967

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 3 months ended Jan. 31, 2018 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Other Comprehensive Income [Member]	Total
Balance at Oct. 31, 2017	$ 1,992,599	$ 127,679,664	$ (122,335,364)	$ 92,248	$ 7,429,147
Balance, shares at Oct. 31, 2017	199,259,967				199,259,967
Issuance of common stock as follows: - exercise of warrants at a price of Canadian dollar ("$CDN") 0.13 per share less costs of $165 (Note 10)	$ 8,875	83,821			$ 92,696
Issuance of common stock as follows: - exercise of warrants at a price of Canadian dollar ("$CDN") 0.13 per share less costs of $165 (Note 10), (in shares)	887,500
Issuance of common stock as follows: - exercise of agent warrants at a price of $CDN 0.10 per share less costs of $55 (Note 10)	$ 219	1,500			$ 1,719
Issuance of common stock as follows: - exercise of agent warrants at a price of $CDN 0.10 per share less costs of $55 (Note 10), (in shares)	21,875
Reclassification to additional paid-in capital upon exercise of warrants at price of $CDN 0.13 (Note 12)		79,281			79,281
Reclassification to additional paid-up capital upon exercise of warrants at price of $CDN 0.10 (Note 12)		2,039			2,039
Stock option activity as follows:
Stock-based compensation for options issued to officers, employees and consultants		31,620			31,620
Net loss for the three month period ended Jan 31, 2018			(2,136,578)		(2,136,578)
Balance at Jan. 31, 2018	$ 2,001,693	$ 127,877,925	$ (124,471,942)	$ 92,248	$ 5,499,924
Balance, shares at Jan. 31, 2018	200,169,342				200,169,342

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Jan. 31, 2018USD ($)
Warrant issuance cost	$ 220
Warrant [Member] | $CDN 0.10 Unit [Member]
Warrant issuance cost	55
Warrant [Member] | $CDN 0.13 Unit [Member]
Warrant issuance cost	$ 165

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,136,578)	$ (583,458)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation	7,117	7,682
Provision for (recovery of) uncollectible value-added taxes	19,402	(51,170)
Foreign currency transaction (gain) loss	(7,518)	3,362
Change in fair value of warrant derivate liability (Note 12)	1,598,344
Change in fair value of stock option liability (Note 11)	8,041
Stock options issued for compensation	31,620	16,452
Changes in operating assets and liabilities:
Value-added tax receivable	(11,887)	(38,202)
Income tax receivable	(2,925)
Other receivables	163	(3,844)
Prepaid expenses and deposits	(10,995)	19,743
Accounts payable	(17,178)	(45,882)
Accrued liabilities and expenses	(35,395)	(24,752)
Income tax payable	1,000	(2,096)
Net cash used in operating activities	(556,789)	(702,165)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property concessions	(15,541)
Net cash used in investing activities	(15,541)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of warrants, net of costs (Note 10)	94,634
Net cash provided by financing activities	94,634
Effect of exchange rates on cash and cash equivalents	6,490	1,692
Net decrease in cash and cash equivalents	(471,206)	(700,473)
Cash and cash equivalents beginning of period	681,776	1,467,328
Cash and cash equivalents end of period	210,570	766,855
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Income taxes paid	1,072
Interest paid	949	925
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issuance costs included in accounts payable and accrued liability	$ 220

ORGANIZATION, DESCRIPTION OF BU

ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN	3 Months Ended
	Jan. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN	NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN Silver Bull Resources, Inc. (the "Company") was incorporated in the State of Nevada on November 8, 1993 as the Cadgie Company for the purpose of acquiring and developing mineral properties. The Cadgie Company was a spin-off from its predecessor, Precious Metal Mines, Inc. On June 28, 1996, the Company's name was changed to Metalline Mining Company. On April 21, 2011, the Company's name was changed to Silver Bull Resources, Inc. The Company's fiscal year-end is October 31. The Company has not realized any revenues from its planned operations and is considered an exploration stage company. The Company has not established any reserves with respect to its exploration projects and may never enter into the development stage with respect to any of its projects. The Company engages in the business of mineral exploration. The Company currently owns a number of property concessions in Mexico (collectively known as the "Sierra Mojada Property"). The Company conducts its operations in Mexico through its wholly-owned subsidiary corporations, Minera Metalin S.A. de C.V. ("Minera Metalin") and Contratistas de Sierra Mojada S.A. de C.V. ("Contratistas") and through Minera Metalin's wholly-owned subsidiary Minas de Coahuila SBR S.A. de C.V. ("Minas"). On April 16, 2010, Metalline Mining Delaware, Inc., a wholly-owned subsidiary of the Company, was merged with and into Dome Ventures Corporation ("Dome"). As a result, Dome became a wholly-owned subsidiary of the Company. Dome has a wholly-owned subsidiary Dome Asia Inc. ("Dome Asia"), which is incorporated in the British Virgin Islands. Dome Asia has a wholly-owned subsidiary, Dome Minerals Nigeria Limited, incorporated in Nigeria. On May 15, 2017, the Company liquidated the Company's Gabonese subsidiary, African Resources SARL Gabon ("African Resources"). The Company's efforts and expenditures have been concentrated on the exploration of properties, principally the Sierra Mojada Property located in Coahuila, Mexico. The Company has not determined whether its exploration properties contain ore reserves that are economically recoverable. The ultimate realization of the Company's investment in exploration properties is dependent upon the success of future property sales, the existence of economically recoverable reserves, and the ability of the Company to obtain financing or make other arrangements for exploration, development, and future profitable production activities. The ultimate realization of the Company's investment in exploration properties cannot be determined at this time. Going Concern Since its inception in November 1993, the Company has not generated revenue and has incurred a deficit of $124,471,942. Accordingly, the Company has not generated cash flows from operations, and since inception the Company has relied primarily upon proceeds from private placements and registered direct offerings of the Company's equity securities and warrant exercises as the primary sources of financing to fund the Company's operations. possible financing and strategic options not limited to: obtaining adequate equity financing (including warrant exercises) and joint venture opportunities on the Sierra Mojada Property These interim condensed consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern. Such adjustments could be material.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jan. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 2 – BASIS OF PRESENTATION The Company's interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and applicable rules of the U.S. Securities and Exchange Commission ("SEC") regarding interim reporting. All intercompany transactions and balances have been eliminated during consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The interim condensed consolidated balance sheet at October 31, 2017 was derived from the audited consolidated financial statements. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended October 31, 2017. The interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as disclosed in Note 3. In the opinion of management, the interim condensed consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented. Uncertainties with respect to estimates and assumptions are inherent in the preparation of the Company's interim condensed consolidated financial statements. Accordingly, operating results for the three months ended January 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2018.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jan. 31, 2018
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies are defined in the Company's Annual Report on Form 10-K for the year ended October 31, 2017 filed on January 17, 2018, except as follows. Income Taxes The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. The law includes significant changes to the U.S. corporate income tax system, including a Federal corporate rate reduction from 35% to 21%, limitations on the deductibility of interest expense and executive compensation, and the transition of U.S. international taxation from a worldwide tax system to a territorial tax system. The law did not have a material impact on the Company's financial position, results of operations or cash flows and disclosures. Recent Accounting Pronouncements Adopted in the Three-Month Period Ended January 31, 2018 Effective November 1, 2017 the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update (" Effective November 1, 2017, the Company adopted the FASB's ASU Recent Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," which clarifies the definition of a business to assist entities in the evaluation of acquisitions and disposals of assets or businesses. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which provides guidance on the presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In February 2016, the FASB issued ASU 2016-02, "Leases," which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company's fiscal year beginning November 1, 2018. Early application is permitted. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606 ) " , which has subsequently been amended to update revenue guidance under the newly-created ASC 606. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. I

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended
	Jan. 31, 2018
Earnings Per Share [Abstract]
LOSS PER SHARE	NOTE 4 – LOSS PER SHARE The Company had stock options and warrants outstanding at January 31, 2018 and 2017 that upon exercise were issuable into 38,735,325 and 15,209,686 shares of the Company's common stock, respectively. They were not included in the calculation of loss per share because they would have been anti-dilutive.

VALUE-ADDED TAX RECEIVABLE

VALUE-ADDED TAX RECEIVABLE	3 Months Ended
	Jan. 31, 2018
VALUE-ADDED TAX RECEIVABLE [Abstract]
VALUE-ADDED TAX RECEIVABLE	NOTE 5 – VALUE-ADDED TAX RECEIVABLE Value-added tax ("VAT") receivable relates to VAT paid in Mexico. The Company estimates net VAT of $154,102 will be received within 12 months of the balance sheet date. The allowance for uncollectible VAT was estimated by management based upon a number of factors, including the length of time the returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions. A summary of the changes in the allowance for uncollectible VAT taxes for the three months ended January 31, 2018 is as follows: Allowance for uncollectible VAT taxes – October 31, 2017 $ 67,729 Provision for VAT receivable allowance 19,402 Foreign currency translation adjustment 2,020 Recovery of VAT receivable 367 Allowance for uncollectible VAT taxes – January 31, 2018 $ 89,518

OFFICE AND MINING EQUIPMENT

OFFICE AND MINING EQUIPMENT	3 Months Ended
	Jan. 31, 2018
Property, Plant and Equipment [Abstract]
OFFICE AND MINING EQUIPMENT	NOTE 6 – OFFICE AND MINING EQUIPMENT The following is a summary of the Company's office and mining equipment at January 31, 2018 and October 31, 2017, respectively: January 31, October 31, 2018 2017 Mining equipment $ 358,513 $ 358,513 Vehicles 53,451 53,451 Buildings and structures 185,724 185,724 Computer equipment and software 74,236 74,236 Well equipment 39,637 39,637 Office equipment 47,597 47,597 759,158 759,158 Less: Accumulated depreciation (557,520 ) (550,403 ) Office and mining equipment, net $ 201,638 $ 208,755

PROPERTY CONCESSIONS

PROPERTY CONCESSIONS	3 Months Ended
	Jan. 31, 2018
PROPERTY CONCESSIONS [Abstract]
PROPERTY CONCESSIONS	NOTE 7 – PROPERTY CONCESSIONS The following is a summary of the Company's property concessions for the Sierra Mojada Property as at January 31, 2018 and October 31, 2017: Property concessions –October 31, 2017 $ 5,004,386 Acquisitions 15,541 Property concessions – January 31, 2018 $ 5,019,927

GOODWILL

GOODWILL	3 Months Ended
	Jan. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	NOTE 8 – GOODWILL Goodwill represents the excess, at the date of acquisition, of the purchase price of a business acquired over the fair value of the net tangible and intangible assets acquired. fair value of the reporting unit is less than its carrying amount. The Company performs its annual goodwill impairment tests at April 30th of each fiscal year. The following is a summary of the Company's goodwill balance as at January 31, 2018 and October 31, 2017: Goodwill – January 31, 2018 and October 31, 2017 $ 2,058,031

ACCRUED LIABILITIES AND EXPENSE

ACCRUED LIABILITIES AND EXPENSES	3 Months Ended
	Jan. 31, 2018
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED LIABILITIES AND EXPENSES	NOTE 9 – ACCRUED LIABILITIES AND EXPENSES The Company financed an insurance premium at an interest rate of 7.99%. The insurance premium finance agreement has a maturity of less than one year and has a balance of $42,000 which is included in accrued liabilities and expenses at January 31, 2018.

COMMON STOCK

COMMON STOCK	3 Months Ended
	Jan. 31, 2018
Stockholders' Equity Note [Abstract]
COMMON STOCK	NOTE 10 – COMMON STOCK On March 15, 2018, 1,025,000 warrants to acquire 1,025,000 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $102,248 ($CDN 133,250). On March 14, 2018, 250,000 warrants to acquire 250,000 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $25,108 ($CDN 32,500). On March 8, 2018, 974,500 warrants to acquire 974,500 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $98,000 ($CDN 126,685). On February 20, 2018, 8,750 warrants to acquire 8,750 shares of common stock were exercised at an exercise price of $CDN 0.10 per share of common stock for aggregate gross proceeds of $693 ($CDN 875). On February 20, 2018, 250,000 warrants to acquire 250,000 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $25,749 ($CDN 32,500). On February 16, 2018, 250,000 warrants to acquire 250,000 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $25,917 ($CDN 32,500). On February 13, 2018, 178,000 warrants to acquire 178,000 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $18,365 ($CDN 23,140). On January 29, 2018, 21,875 warrants to acquire 21,875 shares of common stock were exercised at an exercise price of $CDN 0.10 per share of common stock for aggregate gross proceeds of $1,773 ($CDN 2,188). On January 22, 2018, 62,500 warrants to acquire 62,500 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $6,522 ($CDN 8,125). On January 15, 2018, 625,000 warrants to acquire 625,000 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $65,408 ($CDN 81,250). On January 8, 2018, 200,000 warrants to acquire 200,000 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $20,931 ($CDN 26,000). The Company incurred costs of $220 related to the warrant exercises in the three months ended January 31, 2018. No shares of common stock were issued during the three months ended January 31, 2017.

STOCK OPTIONS

STOCK OPTIONS	3 Months Ended
	Jan. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK OPTIONS	NOTE 11 – STOCK OPTIONS The Company has one stock option plan, the 2010 Stock Option and Stock Bonus Plan, as amended (the "2010 Plan"). Under the 2010 Plan, the lesser of (i) 30,000,000 shares or (ii) 10% of the total shares outstanding are reserved for issuance upon the exercise of options or the grant of stock bonuses. Options are typically granted with an exercise price equal to the closing market price of the Company's stock at the date of grant, have a graded vesting schedule over approximately one to two years and have a contractual term of two to five years. No options were granted or exercised during the three months ended January 31, 2018 and January 31, 2017. The following is a summary of stock option activity for the three months ended January 31, 2018: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at October 31, 2017 12,794,286 $ 0.16 2.98 $ 110,622 Expired (314,286 ) 0.58 Outstanding at January 31, 2018 12,480,000 $ 0.16 2.80 $ 729,277 Exercisable at January 31, 2018 8,305,000 $ 0.19 2.30 $ 392,263 The Company recognized stock-based compensation costs for stock options of $31,620 and $16,452 for the three months ended January 31, 2018 and 2017, respectively. As of January 31, 2018, there was $54,128 of total unrecognized compensation expense, which is expected to be recognized over a weighted average period of 0.51 years. Summarized information about stock options outstanding and exercisable at January 31, 2018 is as follows: Options Outstanding Options Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.06 4,075,000 3.06 $ 0.06 2,716,666 $ 0.06 0.10 4,075,000 4.18 0.10 1,358,334 0.10 0.21 – 0.26 2,625,000 1.81 0.25 2,525,000 0.25 0.37 1,705,000 0.40 0.37 1,705,000 0.37 $ 0.06 – 0.37 12,480,000 2.80 $ 0.16 8,305,000 $ 0.19 Stock options granted to consultants with a $CDN exercise price are classified as stock option liability on the Company's interim condensed consolidated balance sheets upon vesting. Stock option liability at October 31, 2017: $ 5,194 Change in fair value of stock option liability 8,041 Stock option liability at January 31, 2018 $ 13,235 On February 19, 2018, the Company granted options to acquire 350,000 shares of common stock with an exercise price of $CDN 0.205 per share.

WARRANTS

WARRANTS	3 Months Ended
	Jan. 31, 2018
Warrants and Rights Note Disclosure [Abstract]
WARRANTS	NOTE 12 – WARRANTS A summary of warrant activity for the three months ended January 31, 2018 is as follows: Warrants Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at October 31, 2017 27,164,700 $ 0.10 1.70 $ 9,769 Exercised (909,375 ) $ 0.10 Outstanding and exercisable at January 31, 2018 26,255,325 $ 0.11 1.44 $ 1,620,693 Warrants exercised during the three months ended January 31, 2018 and from February 1, 2018 to March 16, 2018 are discussed in Note 10. The warrants exercised during the three months ended January 31, 2018 had an intrinsic value of $81,231. No warrants were exercised during the three months ended January 31, 2017. The Company's warrants with a $CDN exercise price have been recognized as a derivative liability. Summarized information about warrants outstanding and exercisable at January 31, 2018 is as follows: Warrants Outstanding and Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $ 0.08 1,237,425 1.44 $ 0.08 0.11 20,477,500 1.45 0.11 0.13 4,340,000 1.47 0.13 0.17 200,400 0.47 0.17 $ 0.08 – 0.17 26,255,325 1.44 $ 0.11 If the closing price of the common stock on the TSX is higher than $CDN 0.30 for 20 consecutive trading days, then on the 20th consecutive trading day (the "Acceleration Trigger Date") the expiry date of the above $0.13 and $0.17 warrants may be accelerated to the 20th trading day after the Acceleration Trigger Date by the issuance, within three trading days of the Acceleration Trigger Date, of a news release announcing such acceleration. The following is a summary of the Company's warrant derivative liability at January 31, 2018 and October 31, 2017: Warrant derivative liability at October 31, 2017: $ 341,717 Change in fair value of warrant derivative liability 1,598,344 Reclassification to additional paid-in capital upon exercise of warrants (81,320 ) Warrant derivative liability at January 31, 2018 $ 1,858,741

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Jan. 31, 2018
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	NOTE 13 – FINANCIAL INSTRUMENTS Fair Value Measurements All financial assets and financial liabilities are recorded at fair value on initial recognition. Transaction costs are expensed when they are incurred, unless they are directly attributable to the acquisition of financial assets or the assumption of liabilities carried at amortized cost, in which case the transaction costs adjust the carrying amount. The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Under fair value accounting, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's financial instruments consist of cash and cash equivalents, accounts payable, stock option liability and warrant derivative liability. The carrying amounts of cash and cash equivalents and accounts payable approximate fair value at January 31, 2018 and October 31, 2017 due to the short maturities of these financial instruments. Derivative liability The Company classifies warrants with a $CDN exercise price on its interim condensed consolidated balance sheets as a derivative liability which is fair valued at each reporting period subsequent to the initial issuance as the functional currency of Silver Bull is the U.S. Dollar. The Company has used the Black-Scholes pricing model to determine the fair value of the warrants that do not have an acceleration feature and has used the Monte Carlo valuation model to determine the fair value of the warrants that do have an acceleration feature (Note 12). Determining the appropriate fair-value model and calculating the fair value of warrants requires considerable judgment. Any change in the estimates used may cause the value to be higher or lower than that reported. The estimated volatility of the Company's common stock at the date of issuance, and at each subsequent reporting period, is based on the historical volatility adjusted to reflect the implicit discount to historical volatilities observed in the prices of traded warrants. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the warrants at the valuation date. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend yield is expected to be none as the Company has not paid dividends nor does the Company anticipate paying a dividend in the foreseeable future. The Company reclassifies stock options granted to consultants with a $CDN exercise price on its interim condensed consolidated balance sheets upon vesting as a stock option liability which is fair valued at each reporting period subsequent to reclassification as the functional currency of Silver Bull is the U.S. Dollar. Determining the appropriate fair-value model and calculating the fair value of these stock options requires considerable judgment. Any change in the estimates used may cause the value to be higher or lower than that reported. The estimated volatility of the Company's common stock at the date of reclassification, and at each subsequent reporting period, is based on the historical volatility of the Company's common stock and adjusted if future volatility is expected to vary from historical experience. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the options at the valuation date. The expected life of the options is based upon historical and expected future exercise behavior. The dividend yield is expected to be none as the Company has not paid dividends nor does the Company anticipate paying any dividend in the foreseeable future. The derivatives are not traded in an active market and the fair value is determined using valuation techniques. The estimates may be significantly different from those recorded in the interim condensed consolidated financial statements because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market. All changes in the fair value are recorded in the interim condensed consolidated statement of operations and comprehensive loss each reporting period. These are considered to be a Level 3 financial instrument. The Company has the following liabilities under the fair value hierarchy: January 31, 2018 Liability Level 1 Level 2 Level 3 Stock option liability $ — $ — $ 13,235 Warrant derivative liability $ — $ — $ 1,858,741 Credit Risk Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to ensure liquidity of funds and ensure that counterparties demonstrate acceptable levels of creditworthiness. The Company maintains its U.S. dollar and Canadian dollar cash and cash equivalents in bank and demand deposit accounts with major financial institutions with high credit standings. Cash deposits held in the United States are insured by the Federal Deposit Insurance Corporation ("FDIC") for up to $250,000, and Canadian dollar cash deposits held in Canada are insured by the Canada Deposit Insurance Corporation ("CDIC") for up to $CDN 100,000. Certain United States and Canadian bank accounts held by the Company exceed these federally insured limits or are uninsured as they relate to U.S. dollar deposits held in Canadian financial institutions. As of January 31, 2018, and October 31, 2017, the Company's cash and cash equivalent balances held in United States and Canadian financial institutions included $118,730 and $578,773, respectively, which was not insured by the FDIC or CDIC, respectively. The Company has not experienced any losses on such accounts, and management believes that using major financial institutions with high credit ratings mitigates the credit risk to cash and cash equivalents. The Company also maintains cash in bank accounts in Mexico. These accounts are denominated in the local currency and are considered uninsured. As of January 31, 2018, and October 31, 2017, the U.S. dollar equivalent balance for these accounts was $10,579 and $25,408, respectively. Interest Rate Risk The Company holds substantially all of its cash and cash equivalents in bank and demand deposit accounts with major financial institutions. The interest rates received on these balances may fluctuate with changes in economic conditions. Based on the average cash and cash equivalent balances during the three months ended January 31, 2018, a 1% decrease in interest rates would have resulted in a reduction of approximately $640 in interest income for the period. Foreign Currency Exchange Risk The Company is not subject to any significant market risk related to foreign currency exchange rate fluctuations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jan. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14 – COMMITMENTS AND CONTINGENCIES Compliance with Environmental Regulations The Company's exploration activities are subject to laws and regulations controlling not only the exploration and mining of mineral properties, but also the effect of such activities on the environment. Compliance with such laws and regulations may necessitate additional capital outlays or affect the economics of a project, and cause changes or delays in the Company's activities. Property Concessions in Mexico To properly maintain property concessions in Mexico, the Company is required to pay a semi-annual fee to the Mexican government and complete annual assessment work. Royalty The Company has agreed to pay a 2% net smelter return royalty on certain property concessions within the Sierra Mojada Property based on the revenue generated from production. Total payments under this royalty are limited to $6.875 million (the "Royalty"). Litigation and Claims On May 20, 2014, a cooperative named Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L. ("Mineros Norteños") filed an action in the Local First Civil Court in the District of Morelos, State of Chihuahua, Mexico, against the Company's subsidiary, Minera Metalin, claiming that Minera Metalin breached an agreement regarding the development of the Sierra Mojada Property. Mineros Norteños sought payment of the Royalty, including interest at a rate of 6% per annum since August 30, 2004, even though no revenue has been produced from the applicable mining concessions. It also sought payment of wages to the cooperative's members since August 30, 2004, even though none of the individuals were hired or performed work for Minera Metalin under this agreement and Minera Metalin did not commit to hiring them. On January 19, 2015, the case was moved to the Third District Court (of Federal jurisdiction). On October 4, 2017, the court ruled that Mineros Norteños was time barred from bringing the case. On October 19, 2017, Mineros Norteños appealed this ruling. The Company and the Company's Mexican legal counsel believe that it is unlikely that the court's ruling will be overturned. The Company has not accrued any amounts in its interim condensed consolidated financial statements with respect to this claim. On February 15, 2016, Messrs. Jaime Valdez Farias and Maria Asuncion Perez Alonso (collectively, "Valdez") filed an action before the Local First Civil Court of Torreon, State of Coahuila, Mexico, against the Company's subsidiary, Minera Metalin, claiming that Minera Metalin had breached an agreement regarding the development of the Sierra Mojada Property. Valdez sought payment in the amount of $5.9 million for the alleged breach of the agreement. On April 28, 2016, Minera Metalin filed its response to the complaint, asserting various defenses, including that Minera Metalin terminated the agreement before the payment obligations arose and that certain conditions precedent to such payment obligations were never satisfied by Valdez. The Company and the Company's Mexican legal counsel asserted all applicable defenses. In May 2017, a final judgment was entered finding for the Company, the defendant, acquitting the Company of all of the plaintiff's claims and demands. The Company did not accrue any amounts in its interim condensed consolidated financial statements with respect to this claim. From time to time, the Company is involved in other disputes, claims, proceedings and legal actions arising in the ordinary course of business. The Company intends to vigorously defend all claims against the Company, and pursue its full legal rights in cases where the Company has been harmed. Although the ultimate outcome of these proceedings cannot be accurately predicted due to the inherent uncertainty of litigation, in the opinion of management, based upon current information, no other currently pending or overtly threatened proceeding is expected to have a material adverse effect on the Company's business, financial condition or results of operations.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Jan. 31, 2018
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 15 – SEGMENT INFORMATION The Company operates in a single reportable segment: the exploration of mineral property interests. The Company has mineral property interests in Sierra Mojada, Mexico. Geographic information is approximately For the Three Months Ended January 31, 2018 2017 Mexico $ (201,000 ) $ (409,000 ) Canada (1,936,000 ) (260,000 ) Gabon - 86,000 Net Loss $ (2,137,000 ) $ (583,000 ) The following table details the allocation of assets included in the accompanying balance sheet at January 31, 2018: Canada Mexico Total Cash and cash equivalents $ 200,000 $ 10,000 $ 210,000 Value-added tax receivable, net - 154,000 154,000 Income tax receivable - 3,000 3,000 Other receivables 4,000 1,000 5,000 Prepaid expenses and deposits 114,000 14,000 128,000 Office and mining equipment, net - 202,000 202,000 Property concessions - 5,020,000 5,020,000 Goodwill - 2,058,000 2,058,000 $ 318,000 $ 7,462,000 $ 7,780,000 The following table details the allocation of assets included in the accompanying balance sheet at October 31, 2017: Canada Mexico Total Cash and cash equivalents $ 657,000 $ 25,000 $ 682,000 Value-added tax receivable, net - 157,000 157,000 Other receivables 4,000 1,000 5,000 Prepaid expenses and deposits 102,000 15,000 117,000 Office and mining equipment, net - 209,000 209,000 Property concessions - 5,004,000 5,004,000 Goodwill - 2,058,000 2,058,000 $ 763,000 $ 7,469,000 $ 8,232,000 The Company has significant assets in Coahuila, Mexico. Although Mexico is generally considered economically stable, it is always possible that unanticipated events in Mexico could disrupt the Company's operations. The Mexican government does not require foreign entities to maintain cash reserves in Mexico. The following table details the allocation of exploration and property holding costs for the exploration properties: For the Three Months Ended January 31, 2018 2017 Exploration and property holding costs for the period Mexico Sierra Mojada $ (181,000 ) $ (402,000 ) Gabon Mitzic - 34,000 $ (181,000 ) $ (368,000 )

SIGNIFICANT ACCOUNTING POLICI23

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jan. 31, 2018
Accounting Policies [Abstract]
Income Taxes	Income Taxes The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. The law includes significant changes to the U.S. corporate income tax system, including a Federal corporate rate reduction from 35% to 21%, limitations on the deductibility of interest expense and executive compensation, and the transition of U.S. international taxation from a worldwide tax system to a territorial tax system. The law did not have a material impact on the Company's financial position, results of operations or cash flows and disclosures.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted in the Three-Month Period Ended January 31, 2018 Effective November 1, 2017 the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update (" Effective November 1, 2017, the Company adopted the FASB's ASU Recent Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," which clarifies the definition of a business to assist entities in the evaluation of acquisitions and disposals of assets or businesses. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which provides guidance on the presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In February 2016, the FASB issued ASU 2016-02, "Leases," which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company's fiscal year beginning November 1, 2018. Early application is permitted. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606 ) " , which has subsequently been amended to update revenue guidance under the newly-created ASC 606. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. I

VALUE-ADDED TAX RECEIVABLE (Tab

VALUE-ADDED TAX RECEIVABLE (Tables)	3 Months Ended
	Jan. 31, 2018
VALUE-ADDED TAX RECEIVABLE [Abstract]
Summary of the Changes in the Allowance for Uncollectible Taxes	A summary of the changes in the allowance for uncollectible VAT taxes for the three months ended January 31, 2018 is as follows: Allowance for uncollectible VAT taxes – October 31, 2017 $ 67,729 Provision for VAT receivable allowance 19,402 Foreign currency translation adjustment 2,020 Recovery of VAT receivable 367 Allowance for uncollectible VAT taxes – January 31, 2018 $ 89,518

OFFICE AND MINING EQUIPMENT (Ta

OFFICE AND MINING EQUIPMENT (Tables)	3 Months Ended
	Jan. 31, 2018
Property, Plant and Equipment [Abstract]
Summary of Office and Mining Equipment	The following is a summary of the Company's office and mining equipment at January 31, 2018 and October 31, 2017, respectively: January 31, October 31, 2018 2017 Mining equipment $ 358,513 $ 358,513 Vehicles 53,451 53,451 Buildings and structures 185,724 185,724 Computer equipment and software 74,236 74,236 Well equipment 39,637 39,637 Office equipment 47,597 47,597 759,158 759,158 Less: Accumulated depreciation (557,520 ) (550,403 ) Office and mining equipment, net $ 201,638 $ 208,755

PROPERTY CONCESSIONS (Tables)

PROPERTY CONCESSIONS (Tables)	3 Months Ended
	Jan. 31, 2018
PROPERTY CONCESSIONS [Abstract]
Summary of Property Concessions	The following is a summary of the Company's property concessions for the Sierra Mojada Property as at January 31, 2018 and October 31, 2017: Property concessions –October 31, 2017 $ 5,004,386 Acquisitions 15,541 Property concessions – January 31, 2018 $ 5,019,927

GOODWILL (Tables)

GOODWILL (Tables)	3 Months Ended
	Jan. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of the Goodwill Balance	The following is a summary of the Company's goodwill balance as at January 31, 2018 and October 31, 2017: Goodwill – January 31, 2018 and October 31, 2017 $ 2,058,031

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	3 Months Ended
	Jan. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Option Activity	The following is a summary of stock option activity for the three months ended January 31, 2018: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at October 31, 2017 12,794,286 $ 0.16 2.98 $ 110,622 Expired (314,286 ) 0.58 Outstanding at January 31, 2018 12,480,000 $ 0.16 2.80 $ 729,277 Exercisable at January 31, 2018 8,305,000 $ 0.19 2.30 $ 392,263
Schedule of Stock Options Outstanding and Exercisable by Exercise Price Range	Summarized information about stock options outstanding and exercisable at January 31, 2018 is as follows: Options Outstanding Options Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.06 4,075,000 3.06 $ 0.06 2,716,666 $ 0.06 0.10 4,075,000 4.18 0.10 1,358,334 0.10 0.21 – 0.26 2,625,000 1.81 0.25 2,525,000 0.25 0.37 1,705,000 0.40 0.37 1,705,000 0.37 $ 0.06 – 0.37 12,480,000 2.80 $ 0.16 8,305,000 $ 0.19
Summary of Stock Option Liability	The following is a summary of the Company's stock option liability at January 31, 2018 and October 31, 2017: Stock option liability at October 31, 2017: $ 5,194 Change in fair value of stock option liability 8,041 Stock option liability at January 31, 2018 $ 13,235

WARRANTS (Tables)

WARRANTS (Tables)	3 Months Ended
	Jan. 31, 2018
Warrants and Rights Note Disclosure [Abstract]
Summary of Warrants Activity	A summary of warrant activity for the three months ended January 31, 2018 is as follows: Warrants Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at October 31, 2017 27,164,700 $ 0.10 1.70 $ 9,769 Exercised (909,375 ) $ 0.10 Outstanding and exercisable at January 31, 2018 26,255,325 $ 0.11 1.44 $ 1,620,693
Summary of Warrants Outstanding and Exercisable by Price Range	Summarized information about warrants outstanding and exercisable at January 31, 2018 is as follows: Warrants Outstanding and Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $ 0.08 1,237,425 1.44 $ 0.08 0.11 20,477,500 1.45 0.11 0.13 4,340,000 1.47 0.13 0.17 200,400 0.47 0.17 $ 0.08 – 0.17 26,255,325 1.44 $ 0.11
Summary of warrant derivative liability	The following is a summary of the Company's warrant derivative liability at January 31, 2018 and October 31, 2017: Warrant derivative liability at October 31, 2017: $ 341,717 Change in fair value of warrant derivative liability 1,598,344 Reclassification to additional paid-in capital upon exercise of warrants (81,320 ) Warrant derivative liability at January 31, 2018 $ 1,858,741

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jan. 31, 2018
Financial Instruments Tables
Summary of derivative liability under fair value	The Company has the following liabilities under the fair value hierarchy: January 31, 2018 Liability Level 1 Level 2 Level 3 Stock option liability $ — $ — $ 13,235 Warrant derivative liability $ — $ — $ 1,858,741

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Jan. 31, 2018
Segment Reporting [Abstract]
Schedule of Net Income (Loss) by Segment	Geographic information is approximately For the Three Months Ended January 31, 2018 2017 Mexico $ (201,000 ) $ (409,000 ) Canada (1,936,000 ) (260,000 ) Gabon - 86,000 Net Loss $ (2,137,000 ) $ (583,000 )
Schedule of the Allocation of Assets by Segment	The following table details the allocation of assets included in the accompanying balance sheet at January 31, 2018: Canada Mexico Total Cash and cash equivalents $ 200,000 $ 10,000 $ 210,000 Value-added tax receivable, net - 154,000 154,000 Income tax receivable - 3,000 3,000 Other receivables 4,000 1,000 5,000 Prepaid expenses and deposits 114,000 14,000 128,000 Office and mining equipment, net - 202,000 202,000 Property concessions - 5,020,000 5,020,000 Goodwill - 2,058,000 2,058,000 $ 318,000 $ 7,462,000 $ 7,780,000 The following table details the allocation of assets included in the accompanying balance sheet at October 31, 2017: Canada Mexico Total Cash and cash equivalents $ 657,000 $ 25,000 $ 682,000 Value-added tax receivable, net - 157,000 157,000 Other receivables 4,000 1,000 5,000 Prepaid expenses and deposits 102,000 15,000 117,000 Office and mining equipment, net - 209,000 209,000 Property concessions - 5,004,000 5,004,000 Goodwill - 2,058,000 2,058,000 $ 763,000 $ 7,469,000 $ 8,232,000
Schedule of Exploration and Property Holding Costs by Segment	The following table details the allocation of exploration and property holding costs for the exploration properties: For the Three Months Ended January 31, 2018 2017 Exploration and property holding costs for the period Mexico Sierra Mojada $ (181,000 ) $ (402,000 ) Gabon Mitzic - 34,000 $ (181,000 ) $ (368,000 )

SIGNIFICANT ACCOUNTING POLICI32

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended
	Jan. 31, 2018
Accounting Policies [Abstract]
Federal tax rate	35.00%
Federal tax rate 2018	21.00%

ORGANIZATION, DESCRIPTION OF 33

ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN (Details) - USD ($)	Jan. 31, 2018	Oct. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated Deficit	$ 124,471,942	$ 122,335,364
Cash and cash equivalents	$ 210,570	$ 682,000

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - shares	3 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Earnings Per Share [Abstract]
Anti-dilutive shares, stock options and warrants	38,735,325	15,209,686

VALUE-ADDED TAX RECEIVABLE (Nar

VALUE-ADDED TAX RECEIVABLE (Narrative) (Details) - USD ($)	Jan. 31, 2018	Oct. 31, 2017
VALUE-ADDED TAX RECEIVABLE [Abstract]
Value-added tax receivable, current	$ 154,102	$ 156,997

VALUE-ADDED TAX RECEIVABLE (Sum

VALUE-ADDED TAX RECEIVABLE (Summary of the Changes in the Allowance for Uncollectible Taxes) (Details)	3 Months Ended
	Jan. 31, 2018USD ($)
VALUE-ADDED TAX RECEIVABLE [Abstract]
Allowance for uncollectible VAT taxes - October 31, 2017	$ 67,729
Provision for VAT receivable allowance	19,402
Foreign currency translation adjustment	2,020
Recovery of VAT receivable	367
Allowance for uncollectible VAT taxes - January 31, 2018	$ 89,518

OFFICE AND MINING EQUIPMENT (De

OFFICE AND MINING EQUIPMENT (Details) - USD ($)	Jan. 31, 2018	Oct. 31, 2017
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	$ 759,158	$ 759,158
Less: Accumulated depreciation	(557,520)	(550,403)
Office and mining equipment, net	201,638	208,755
Mining equipment [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	358,513	358,513
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	53,451	53,451
Building and structures [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	185,724	185,724
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	74,236	74,236
Well equipment [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	39,637	39,637
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	$ 47,597	$ 47,597

PROPERTY CONCESSIONS (Details)

PROPERTY CONCESSIONS (Details)	3 Months Ended
	Jan. 31, 2018USD ($)
PROPERTY CONCESSIONS [Abstract]
Property Concessions, beginning balance	$ 5,004,386
Acquisitions	15,541
Property Concessions, ending balance	$ 5,019,927

GOODWILL (Summary of the Goodwi

GOODWILL (Summary of the Goodwill Balance) (Details) - USD ($)	Jan. 31, 2018	Oct. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill - January 31, 2018 and October 31, 2017	$ 2,058,031	$ 2,058,031

ACCRUED LIABILITIES AND EXPEN40

ACCRUED LIABILITIES AND EXPENSES (Details)	3 Months Ended
	Jan. 31, 2018USD ($)
Accrued Liabilities and Other Liabilities [Abstract]
Insurance premium interest rate	7.99%
Insurance premium maturity period	1 year
Accrued liabilities and expenses	$ 42,000

COMMON STOCK (Details)

COMMON STOCK (Details)	Mar. 15, 2018USD ($)shares	Mar. 15, 2018CAD ($)$ / sharesshares	Mar. 14, 2018USD ($)shares	Mar. 14, 2018CAD ($)$ / sharesshares	Mar. 08, 2018USD ($)shares	Mar. 08, 2018CAD ($)$ / sharesshares	Jan. 15, 2018USD ($)shares	Jan. 15, 2018CAD ($)$ / sharesshares	Jan. 08, 2018USD ($)shares	Jan. 08, 2018CAD ($)$ / sharesshares	Feb. 20, 2018USD ($)shares	Feb. 20, 2018CAD ($)$ / sharesshares	Feb. 16, 2018USD ($)shares	Feb. 16, 2018CAD ($)$ / sharesshares	Feb. 13, 2018USD ($)shares	Feb. 13, 2018CAD ($)$ / sharesshares	Jan. 29, 2018USD ($)shares	Jan. 29, 2018CAD ($)$ / sharesshares	Jan. 22, 2018USD ($)shares	Jan. 22, 2018CAD ($)$ / sharesshares	Jan. 31, 2018USD ($)shares
Class of Stock [Line Items]
Stock issued during period, shares | shares
Warrant issuance cost | $																					$ 220
$CDN 0.10 Unit [Member]
Class of Stock [Line Items]
Stock issued during period, shares | shares																	21,875	21,875
Proceeds from issuance of common stock | $																	$ 1,773
Warrant Acquired | shares																		21,875
$CDN 0.10 Unit [Member] | CDN [Member]
Class of Stock [Line Items]
Equity issuance, price per share | $ / shares																		$ 0.10
Proceeds from issuance of common stock | $																		$ 2,188
$CDN 0.13 Unit [Member]
Class of Stock [Line Items]
Stock issued during period, shares | shares							625,000	625,000	200,000	200,000									62,500	62,500
Proceeds from issuance of common stock | $							$ 65,408		$ 20,931										$ 6,522
Warrant Acquired | shares								625,000		200,000										62,500
$CDN 0.13 Unit [Member] | CDN [Member]
Class of Stock [Line Items]
Equity issuance, price per share | $ / shares								$ 0.13		$ 0.13										$ 0.13
Proceeds from issuance of common stock | $								$ 81,250		$ 26,000										$ 8,125
Subsequent Event [Member] | $CDN 0.10 Unit [Member]
Class of Stock [Line Items]
Stock issued during period, shares | shares											8,750	8,750
Proceeds from issuance of common stock | $											$ 693
Warrant Acquired | shares												8,750
Subsequent Event [Member] | $CDN 0.10 Unit [Member] | CDN [Member]
Class of Stock [Line Items]
Equity issuance, price per share | $ / shares												$ 0.10
Proceeds from issuance of common stock | $												$ 875
Subsequent Event [Member] | $CDN 0.13 Unit [Member]
Class of Stock [Line Items]
Stock issued during period, shares | shares	1,025,000	1,025,000	250,000	250,000	974,500	974,500					250,000	250,000	250,000	250,000	178,000	178,000
Proceeds from issuance of common stock | $	$ 102,248		$ 25,108		$ 98,000						$ 25,749		$ 25,917		$ 18,365
Warrant Acquired | shares		1,025,000		250,000		974,500						250,000		250,000		178,000
Subsequent Event [Member] | $CDN 0.13 Unit [Member] | CDN [Member]
Class of Stock [Line Items]
Equity issuance, price per share | $ / shares		$ 0.13		$ 0.13		$ 0.13						$ 0.13		$ 0.13		$ 0.13
Proceeds from issuance of common stock | $		$ 133,250		$ 32,500		$ 126,685						$ 32,500		$ 32,500		$ 23,140

STOCK OPTIONS (Narrative) (Deta

STOCK OPTIONS (Narrative) (Details)	1 Months Ended	3 Months Ended
	Feb. 19, 2018$ / sharesshares	Jan. 31, 2018USD ($)shares	Jan. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total options exercised during the period
Stock-based compensation costs recognized during the period | $		$ 31,620	$ 16,452
Total unrecognized compensation costs related to non-vested share based compensation arrangements granted under qualified stock option plans | $		$ 54,128
Weighted-average period for remaining compensation costs to be recognized		6 months 3 days
Employee Stock Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for plan		1 year
Contractual term for options		2 years
Employee Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for plan		2 years
Contractual term for options		5 years
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The number of shares authorized under the plan		30,000,000
Shares outstanding reserved for issuance upon the exercise of options or the grant of stock bonuses percentage		10.00%
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total options granted during the period	350,000
Exercise price of options granted | $ / shares	$ 0.205

STOCK OPTIONS (Summary of Stock

STOCK OPTIONS (Summary of Stock Option Activity) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jan. 31, 2018	Oct. 31, 2017
Shares
Outstanding at October 31, 2017	12,794,286
Expired	(314,286)
Outstanding at January 31, 2018	12,480,000	12,794,286
Exercisable at January 31, 2018	8,305,000
Weighted Average Exercise Price
Outstanding at October 31, 2017	$ 0.16
Expired	0.58
Outstanding at January 31, 2018	0.16	$ 0.16
Exercisable at January 31, 2018	$ 0.19
Weighted Average Remaining Contractual Life (Years), Outstanding	2 years 9 months 18 days	2 years 11 months 23 days
Weighted Average Remaining Contractual Life (Years), Exercisable	2 years 3 months 19 days
Aggregate intrinsic value, Outstanding	$ 729,277	$ 110,622
Aggregate intrinsic value, Exercisable at January 31, 2018	$ 392,263

STOCK OPTIONS (Summarized Infor

STOCK OPTIONS (Summarized Information of Stock Options Outstanding and Exercisable) (Details)	3 Months Ended
	Jan. 31, 2018$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Minimum exercise price	$ 0.06
Maximum exercise price	$ 0.37
Number of options outstanding | shares	12,480,000
Weighted Average Remaining Contractual Life (Years)	2 years 9 months 18 days
Weighted Average Exercise Price	$ 0.16
Number Exercisable | shares	8,305,000
Options Exercisable - Weighted Average Exercise Price	$ 0.19
0.06 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price	$ 0.06
Number of options outstanding | shares	4,075,000
Weighted Average Remaining Contractual Life (Years)	3 years 22 days
Weighted Average Exercise Price	$ 0.06
Number Exercisable | shares	2,716,666
Options Exercisable - Weighted Average Exercise Price	$ 0.06
0.10 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price	$ 0.10
Number of options outstanding | shares	4,075,000
Weighted Average Remaining Contractual Life (Years)	4 years 2 months 5 days
Weighted Average Exercise Price	$ 0.10
Number Exercisable | shares	1,358,334
Options Exercisable - Weighted Average Exercise Price	$ 0.10
0.20 - 0.26 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Minimum exercise price	0.21
Maximum exercise price	$ 0.26
Number of options outstanding | shares	2,625,000
Weighted Average Remaining Contractual Life (Years)	1 year 9 months 22 days
Weighted Average Exercise Price	$ 0.25
Number Exercisable | shares	2,525,000
Options Exercisable - Weighted Average Exercise Price	$ 0.25
0.37 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price	$ 0.37
Number of options outstanding | shares	1,705,000
Weighted Average Remaining Contractual Life (Years)	4 months 24 days
Weighted Average Exercise Price	$ 0.37
Number Exercisable | shares	1,705,000
Options Exercisable - Weighted Average Exercise Price	$ 0.37

STOCK OPTIONS (Summary of Sto45

STOCK OPTIONS (Summary of Stock Option Liability) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option liability at October 31, 2017	$ 5,194
Change in fair value of stock option liability	8,041
Stock option liability at January 31, 2018	$ 13,235

WARRANTS (Narrative) (Details)

WARRANTS (Narrative) (Details) - 3 months ended Jan. 31, 2018	USD ($)$ / sharesshares	$ / shares
Class of Warrant or Right [Line Items]
Stock issued during period, shares | shares
Warrant issuance cost | $	$ 220
Warrant [Member]
Class of Warrant or Right [Line Items]
Equity issuance, price per share		$ 0.30
Warrants exercised | shares
Warrant Intrinsic value of Exercise | $	$ 81,231
Warrant [Member] | Minimum [Member]
Class of Warrant or Right [Line Items]
Equity issuance, price per share		$ 0.13
Warrant [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Equity issuance, price per share	$ 0.17

WARRANTS (Summary of Warrant Ac

WARRANTS (Summary of Warrant Activity) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jan. 31, 2018	Oct. 31, 2017
Weighted Average Exercise Price
Weighted Average Remaining Contractual Life (Years)	2 years 9 months 18 days	2 years 11 months 23 days
Weighted Average Remaining Contractual Life (Years), Outstanding and Exercisable	2 years 3 months 19 days
Warrant [Member]
Shares
Outstanding and exercisable at October 31, 2017	27,164,700
Exercised	(909,375)
Outstanding and exercisable at January 31, 2018	26,255,325	27,164,700
Weighted Average Exercise Price
Outstanding and exercisable at October 31, 2017	$ 0.10
Exercised, weighted average exercise price	0.10
Outstanding and exercisable at January 31, 2018	$ 0.11	$ 0.10
Weighted Average Remaining Contractual Life (Years), Outstanding and Exercisable	1 year 5 months 9 days	1 year 8 months 12 days
Aggregate intrinsic value	$ 1,620,693	$ 9,769

WARRANTS (Summary of Warrants O

WARRANTS (Summary of Warrants Outstanding and Exercisable by Price Range) (Details)	3 Months Ended
	Jan. 31, 2018$ / sharesshares
Class of Warrant or Right [Line Items]
Range of exercise price, lower limit	$ 0.08
Range of exercise price, upper limit	$ 0.17
Warrants and Exercisable outstanding | shares	26,255,325
Weighted Remaining Average Contractual Life (Years)	1 year 5 months 9 days
Weighted average exercise price, outstanding	$ 0.11
Warrant Exercise Price Range One [Member]
Class of Warrant or Right [Line Items]
Exercise price	$ 0.08
Warrants and Exercisable outstanding | shares	1,237,425
Weighted Remaining Average Contractual Life (Years)	1 year 5 months 9 days
Weighted average exercise price, outstanding	$ 0.08
Warrant Exercise Price Range Two [Member]
Class of Warrant or Right [Line Items]
Exercise price	$ 0.11
Warrants and Exercisable outstanding | shares	20,477,500
Weighted Remaining Average Contractual Life (Years)	1 year 5 months 12 days
Weighted average exercise price, outstanding	$ 0.11
Warrant Exercise Price Range Three [Member]
Class of Warrant or Right [Line Items]
Exercise price	$ 0.13
Warrants and Exercisable outstanding | shares	4,340,000
Weighted Remaining Average Contractual Life (Years)	1 year 5 months 20 days
Weighted average exercise price, outstanding	$ 0.13
Warrant Exercise Price Range Four [Member]
Class of Warrant or Right [Line Items]
Exercise price	$ 0.17
Warrants and Exercisable outstanding | shares	200,400
Weighted Remaining Average Contractual Life (Years)	5 months 20 days
Weighted average exercise price, outstanding	$ 0.17

WARRANTS (Summary of Warrants D

WARRANTS (Summary of Warrants Derivative Liability) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Warrants and Rights Note Disclosure [Abstract]
Warrant derivative liability at October 31, 2017:	$ 341,717
Change in fair value of warrant derivative liability	1,598,344
Reclassification to additional paid-in capital upon exercise of warrants	(81,320)
Warrant derivative liability at January 31, 2018	$ 1,858,741

FINANCIAL INSTRUMENTS (Narrativ

FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2018	Oct. 31, 2017
Cash balance insured by FDIC per financial institution	$ 250,000
Cash balance insured by CDIC per financial institution	100,000
Value of total cash accounts held in Mexico	10,579	$ 25,408
Effect of a 1% decrease in interest rates on interest income	640
United States and Canadian financial institutions [Member]
Cash balances not insured	$ 118,730	$ 578,773

FINANCIAL INSTRUMENTS (Schedule

FINANCIAL INSTRUMENTS (Schedule of Fair Value of Derivative Liability) (Details)	Jan. 31, 2018USD ($)
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stock option liability
Warrant derivative liability
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stock option liability
Warrant derivative liability
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stock option liability	13,235
Warrant derivative liability	$ 1,858,741

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Royalty) (Details) - Sierra Mojada Property Concession [Member]	Jan. 31, 2018USD ($)
Property Concessions By Location Of Concessions [Line Items]
Percentage rate of net smelter return royalties	2.00%
The maximum net smelter return royalties that can be paid	$ 6,875,000

COMMITMENTS AND CONTINGENCIES53

COMMITMENTS AND CONTINGENCIES (Litigation and Claims) (Details) $ in Millions	3 Months Ended
	Jan. 31, 2018USD ($)
Litigation and Claims:
Interest rate sought on the Royalty	6.00%
Damages sought in litigation matter	$ 5.9

SEGMENT INFORMATION (Schedule o

SEGMENT INFORMATION (Schedule of Segment Net Loss) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Segment Reporting Information [Line Items]
Net Loss	$ (2,136,578)	$ (583,458)
Mexico [Member]
Segment Reporting Information [Line Items]
Net Loss	(201,000)	(409,000)
Canada [Member]
Segment Reporting Information [Line Items]
Net Loss	(1,936,000)	(260,000)
Gabon [Member]
Segment Reporting Information [Line Items]
Net Loss		$ 86,000

SEGMENT INFORMATION (Schedule55

SEGMENT INFORMATION (Schedule of Segment Assets) (Details) - USD ($)	Jan. 31, 2018	Oct. 31, 2017
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 210,570	$ 682,000
Value-added tax receivable, net	154,102	156,997
Income tax receivable	2,984
Other receivables	5,127	5,245
Prepaid expenses and deposits	127,663	116,836
Office and mining equipment, net	201,638	208,755
Property concessions	5,019,927	5,004,386
Goodwill	2,058,031	2,058,031
TOTAL ASSETS	7,780,042	8,232,026
Canada [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	200,000	657,000
Value-added tax receivable, net
Income tax receivable
Other receivables	4,000	4,000
Prepaid expenses and deposits	114,000	102,000
Office and mining equipment, net
Property concessions
Goodwill
TOTAL ASSETS	318,000	763,000
Mexico [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	10,000	25,000
Value-added tax receivable, net	154,000	157,000
Income tax receivable	3,000
Other receivables	1,000	1,000
Prepaid expenses and deposits	14,000	15,000
Office and mining equipment, net	202,000	209,000
Property concessions	5,020,000	5,004,000
Goodwill	2,058,000	2,058,000
TOTAL ASSETS	$ 7,462,000	$ 7,469,000

SEGMENT INFORMATION (Schedule56

SEGMENT INFORMATION (Schedule of Segment Exploration and Property Holding Costs) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Segment Reporting Information [Line Items]
Exploration and property holding costs for the period	$ (181,221)	$ (367,879)
Mexico [Member]
Segment Reporting Information [Line Items]
Exploration and property holding costs for the period	(181,000)	(402,000)
Mitzic, Gabon [Member]
Segment Reporting Information [Line Items]
Exploration and property holding costs for the period		$ 34,000