TORONTO, ONTARIO--(Marketwired - Dec. 9, 2015) - Silver Bullion Trust ("SBT") (TSX:SBT.UN) (C$) and (TSX:SBT.U) (US$) confirmed today that the unsolicited offer by Sprott Asset Management LP and Sprott Physical Silver Trust ("Sprott PSLV"; and collectively, "Sprott") for all of the outstanding units of SBT has once again failed to achieve sufficient acceptance to satisfy the required minimum tender condition. As a result, Sprott has yet again, for the 8^th time, extended the expiry date of their offer, which is now set to expire on January 12, 2016.

Bruce Heagle, Chair of the Special Committee of the Board of Trustees, stated: "Yet again, Sprott's inadequate offer has failed to achieve sufficient support from SBT unitholders. We expect that unitholder support for Sprott's offer will erode further and support for the proposed conversion (the "ETF Conversion") of SBT into a silver bullion exchange-traded fund will gain momentum as unitholders review the Trustees' Information Circular (the "Circular"), which describes the benefits of the ETF Conversion for all unitholders and its clear advantages relative to Sprott's offer. We are confident that unitholders will reach the same conclusion as the Independent Trustees have; that the proposed ETF Conversion is a superior alternative to Sprott's inadequate offer."

The ETF Conversion is expected to result in SBT units trading in-line with net asset value ("NAV"), to eliminate any material future discounts to NAV and provide unitholders with significantly enhanced liquidity, consistent with other silver bullion ETFs. At the same time, unitholders will continue to benefit from SBT's low management fees, industry-leading bullion security and safeguards and its Canadian domiciled, tax-efficient structure.

In addition, following a successful vote on the ETF Conversion and until all stock exchange and regulatory approvals are received, SBT's current redemption features will be amended to immediately provide significantly enhanced liquidity for ALL unitholders, similar to the liquidity expected after completion of the ETF Conversion. During this period, ALL unitholders will be able to redeem their units for cash at 100% of NAV(1) on a bi-weekly basis.

Mr. Heagle continued: "In order to preserve the opportunity to cast your vote on the ETF Conversion at the unitholders' meeting on January 26^th (the "Meeting"), we urge unitholders to continue to reject Sprott's offer and immediately withdraw any units tendered to the offer. Sprott intends to use the powers of attorney attached to any tendered units as proxies to pass a written resolution to replace the Independent Trustees, which could deny unitholders the opportunity to vote on the proposed ETF Conversion. SBT's Independent Trustees believe that it is in the best interests of ALL unitholders to vote FOR the ETF Conversion at the Meeting. We thank unitholders for their patience and continued support of Silver Bullion Trust."

The Board of Trustees recommends that unitholders vote FOR the ETF Conversion, and that unitholders continue to REJECT Sprott's offer, and immediately WITHDRAW any units tendered to Sprott's offer.

SBT unitholders are urged to read and carefully consider the contents of the Circular dated December 4, 2015, which contains all the pertinent details of the proposed ETF Conversion and its anticipated benefits to ALL unitholders. The Circular is being mailed to unitholders and can also be accessed from SBT's website, www.silverbulliontrust.com, and also on SEDAR at www.sedar.com.

Unitholders who have already tendered to Sprott's offer should withdraw their units immediately by contacting D.F. King & Co at 1-800-398-2816, or via email at inquiries@dfking.com

About Silver Bullion Trust

Silver Bullion Trust (established on July 9, 2009) is a passive, self-governing, single purpose trust, which invests primarily in long-term holdings of silver bullion and does not speculate in silver prices. At December 8, 2015, the units of Silver Bullion Trust were 99.4% invested in unencumbered, allocated and physically segregated silver bullion. Units may be purchased or sold on the Toronto Stock Exchange.

Additional Information and Where to Find It

The recommendation of the Trustees described herein with respect to Sprott's offer is contained in the Trustees' Circular dated December 4, 2015 (the "Trustees' Circular"), which has been filed with Canadian securities regulatory authorities. Unitholders are urged to read the Trustees' Circular, and other relevant materials because they contain important information. The Trustees' Circular and other filings made by SBT with Canadian securities regulatory authorities since 2009 may be obtained without charge at http://www.sedar.com and at the investor relations section of the SBT website at http://silverbulliontrust.com/Filings%20and%20News.htm.

The Choice is Clear - ETF Conversion is the Superior Alternative for ALL SBT Unitholders

SBT Urges ALL Unitholders to Vote FOR the ETF Conversion & Immediately WITHDRAW any Units Tendered to the Sprott Offer

Questions or assistance, please call D.F. King toll-free at 1-800-398-2816 or visit www.silverbulliontrust.com for further details

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" under Canadian securities laws (or, "Forward-Looking Statements"), including those related to: the anticipated impacts on SBT following implementation of the proposed amendments to the cash redemption provisions of the Declaration of Trust and the completion of the ETF Conversion, including the anticipated impacts on unit liquidity, trading discounts to NAV, administration fees, bullion security and safeguards, marketing capabilities and the ability to grow SBT's asset base; the tax consequences of the proposed cash redemption features and the ETF Conversion on SBT and its unitholders; the continued listing of units on Canadian stock exchanges following adoption of the proposed amendments to the Declaration of Trust and completion of the ETF Conversion; any anticipated steps or actions that Sprott might take using the amended powers of attorney, including the removal of SBT's independent Trustees, the election of Sprott's own Trustee nominees and the completion of the Sprott offer, the reasons of the Board of Trustees for recommending to unitholders the rejection of Sprott's offer, not taking any action with respect to Sprott's offer, not tendering any units to Sprott's offer and withdrawing any units already tendered to Sprott's offer; the anticipated costs, risks and uncertainties associated with Sprott's offer, including any anticipated impacts on bullion security, governance and unitholder rights, potential tax risks, leverage to rising silver prices and fees to be collected by Sprott; the anticipated timing, mechanics, completion and settlement of Sprott's offer; the value of the Sprott Physical Silver Trust units that would be received as consideration under Sprott's offer; the ability of Sprott to complete the transactions contemplated by Sprott's offer; any anticipated results or performance of Sprott Physical Silver Trust or any other affiliates of Sprott; any anticipated changes to the market price of Sprott Physical Silver Trust units or any other securities of Sprott and their affiliates; any anticipated future prices of silver and the units; and the proposed ETF conversion and related amendments to SBT's constating documents, the anticipated benefits thereof and the likelihood of such proposed transactions being completed on the terms outlined herein or at all. SBT cautions investors about important factors that could cause actual results or outcomes to differ materially from those expressed, implied or projected in such Forward-Looking Statements.

Such Forward-Looking Statements involve projections, estimates, assumptions, known and unknown risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such Forward-Looking Statements or otherwise be materially inaccurate. No assurance can be given that these projections, estimates, expectations or assumptions will prove to be correct and any Forward-Looking Statements included in this press release should not be unduly relied upon. These Forward-Looking Statements speak only as to SBT's beliefs, views, expectations and opinions as of the date of this press release. Except as required by applicable securities laws, SBT does not intend and does not assume any obligations to update or revise these Forward-Looking Statements, whether as a result of new information, future events or otherwise. In addition, this press release may contain Forward-Looking Statements drawn from or attributed to third party sources. Factors that could cause or contribute to such differences include, but are not limited to, those risks detailed in SBT's filings with the Canadian securities regulatory authorities.

¹ Net of reasonable transaction costs incurred by SBT related to the redemption.