FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * LAZARUS INVESTMENT PARTNERS LLLP   2. Issuer Name and Ticker or Trading Symbol SILVER BULL RESOURCES, INC. [SVBL] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 3200 CHERRY CREEK SOUTH DRIVE, SUITE 670 3. Date of Earliest Transaction (Month/Day/Year) 11/21/2011 (Street) DENVER, CO 80209 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 11/21/2011   P   95,800 A $ 0.5 12,325,447 D   Common Stock 11/22/2011   P   36,100 A $ 0.55 12,361,547 D   Common Stock 11/25/2011   P   10,000 A $ 0.54 12,371,547 D   Common Stock 11/28/2011   P   53,500 A $ 0.52 12,425,047 D   Common Stock 11/30/2011   P   16,400 A $ 0.55 12,441,447 D   Common Stock 11/30/2011   P   7,100 A $ 0.54 12,448,547 D   Common Stock 12/01/2011   P   13,000 A $ 0.56 12,461,547 D   Common Stock 12/02/2011   P   32,500 A $ 0.58 12,494,047 D   Common Stock 12/05/2011   P   26,500 A $ 0.6 12,520,547 D   Common Stock 12/06/2011   P   26,100 A $ 0.59 12,546,647 D   Common Stock 12/07/2011   P   2,100 A $ 0.58 12,548,747 D   Common Stock 12/07/2011   P   11,200 A $ 0.58 12,559,947 D   Common Stock 12/08/2011   P   100 A $ 0.59 12,560,047 D   Common Stock 12/09/2011   P   6,000 A $ 0.58 12,566,047 D   Common Stock 12/12/2011   P   23,200 A $ 0.57 12,589,247 D   Common Stock 12/13/2011   P   58,600 A $ 0.57 12,647,847 D   Common Stock 12/14/2011   P   10,200 A $ 0.5301 12,658,047 D   Common Stock 12/14/2011   P   38,419 A $ 0.5056 12,696,466 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
LAZARUS INVESTMENT PARTNERS LLLP 3200 CHERRY CREEK SOUTH DRIVE SUITE 670 DENVER, CO 80209		X
BORUS JUSTIN B 3200 CHERRY CREEK SOUTH DRIVE SUITE 670 DENVER, CO 80209		X
Lazarus Management Co LLC 3200 CHERRY CREEK SOUTH DRIVE SUITE 670 DENVER, CO 80209		X

Signatures

/s/ Justin Borus, individually, and as managing member of Lazarus Management Company LLC for itself and as general partner of Lazarus Investment Partners LLLP		12/15/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Remarks: Transactions and totals include shares reported on Form 3. The reported securities are owned directly by Lazarus Investment Partners LLLP, and indirectly by Lazarus Management Company LLC, as investment adviser and general partner of Lazarus Investment Partners LLLP, and Justin B. Borus, as managing member of Lazarus Management Company LLC.  Lazarus Management Company LLC and Justin B. Borus disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.  This report is filed jointly by Lazarus Investment Partners LLLP, Lazarus Management Company LLC and Justin B. Borus, all of whom may be deemed 10% owners.

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