Breakwater Resources Ltd.
TSX : BWR

Breakwater Resources Ltd.

September 05, 2007 12:24 ET

Breakwater and Virginia Provide Coulon JV Project Update

TORONTO, ONTARIO--(Marketwire - Sept. 5, 2007) -

Attention Business Editors:

Breakwater Resources Ltd. ("Breakwater")(TSX:BWR) is pleased to provide, in conjunction with Virginia Mines Inc. ("Virginia"), an update on the exploration program currently in progress on the Coulon JV property (100% Virginia), located 15km north of the Fontanges airport, Quebec Middle North. Breakwater may acquire a 50% interest in the property in exchange for payments totalling $180,000 and $6.5 million in exploration expenditures.

To date in 2007, prospecting and geological mapping, diamond drilling as well as ground (InfiniTEM and Maxmin) and borehole (pulse-EM) geophysics have been carried out on the property. The eleven new holes announced by Virginia earlier today tested lenses 43 (3 holes), 44 (3 holes), and 9-25 (2 holes) as well as some regional targets (3 holes). For the complete details of the results please go to http://www.virginia.qc.ca/en/propriete_BaieJames.asp.

NEW SURFACE DISCOVERIES

Prospecting and geological mapping conducted in 2007 led to the discovery, at surface, of a new, promising mineralized showing located several kilometres west-northwest of the area hosting lenses 08, 44, and 9-25. The Spirit showing consists of semi-massive to massive sulphide mineralization rich in chalcopyrite and sphalerite, with lesser quantities of galena. Three unexplained, airborne EM conductors lie in the vicinity of the Spirit showing. This new discovery, lying within an unexplored area, strongly illustrates the high potential of the property, since it extends the presence of mineralized base-metal showings as well as the fertile volcanic sequence by 4km north of the limits of the previously identified mineralized system. This mineralized system is now traced over nearly 20km laterally and remains open.

Prospecting and mapping also outlined another interesting area on the Ishikawa grid, located 4km south of the Spirit showing. Several rusty erratic boulders were discovered within an approximate perimeter of 2km by 2km. The boulders are composed of alteration minerals (anthophyllite) and, periodically, disseminated to semi-massive sulphides are present. These boulders returned metal values reaching 6.14% Cu, 4.08% Zn, 2000 g/t Ag and 20.7% Pb. It appears that the probable source of these boulders lies to the east-northeast in a sector occupied by a large lake. This sector will be the object of an InfiniTEM survey in the winter of 2007/08.

Breakwater and Virginia are both encouraged by the results of the current campaign as the recent assay results extend the limits of lenses 43 and 44. A third drill will be mobilized on the project very shortly to accelerate the drill program, which will keep going throughout the fall of 2007, while carrying out geological surface work.

Work is carried out by the personnel of Virginia Mines Inc., under the supervision of Mr. Paul Archer, geological engineer. Mr. Archer is a Qualified Person (as defined by National Instrument 43-101) and has more than 25 years of experience in exploration.

Breakwater is a mining, exploration and development company which produces and sells zinc, copper, lead and gold concentrates to customers around the world. The Company's concentrate production is derived from the Langlois and Myra Falls mines located in Canada, the Toqui mine located in Chile and the Mochito mine located in Honduras.

Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management's expectation or estimates of future performance, constitute forward-looking statements". The words "expect", "will", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Breakwater to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to, risks associated with the mining industry such as government regulation, environmental and reclamation risks, title disputes or claims, success of mining activities, future commodity prices, costs of production, possible variation in ore reserves, resources, grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, the timing of estimated future production, capital expenditures, financial market fluctuations, requirements for additional capital, conclusions of economic evaluations, limitations on insurance coverage, risks associated with using third-party contractors, inflation as well as those factors discussed in the Company's most recent Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact Information

  • Breakwater Resources Ltd. Torben Jensen Vice President, Engineering (416) 363-4798 Ext. 232
    or
    Breakwater Resources Ltd. Ann Wilkinson Vice President, Investor Relations (416) 363-4798 Ext. 277