Brett Resources Inc.
TSX VENTURE : BBR

Brett Resources Inc.

July 23, 2009 08:59 ET

Brett's Hammond Reef Inferred Gold Resource Grows to 5.2 Million Ounces

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2009) - Brett Resources Inc. (TSX VENTURE:BBR) is pleased to announce that an updated resource estimate has been completed on the Hammond Reef Deposit, Ontario. Brett has a 100 percent interest in Hammond Reef. The base case Inferred Resource is now 155 million tonnes at 1.04 grams per tonne (g/t) gold (Au) totaling 5.19 million ounces (oz) of Au at a 0.60g/t Au cut-off. David W. Rennie, P.Eng of Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) is the independent qualified person for the resource estimate.

A table of the Inferred Resource at various cut-off grades can be found below.



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Cut Off Tonnes Grade Au Oz
Au g/t (000,000's) Au g/t (000,000's)
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1.00 60.2 1.46 2.83
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0.90 77.1 1.35 3.34
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0.80 98.4 1.24 3.93
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0.70 124.6 1.14 4.56
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0.60 155.0 1.04 5.19
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0.50 188.5 0.95 5.78
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0.40 227.0 0.87 6.34
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0.30 259.4 0.80 6.70
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Brett's most recent drill program was successful in extending the Hammond Reef resource in three directions: to the west; down dip by over 150m, and northeastward by confirming that the strike extent of the gold-bearing structures extend past the Manley Patents, more than 2.0 km northeast from the currently defined resource. This updated resource estimate was completed by incorporating the latest drill holes, BR-111 to BR-132, into the model. This model covers the same area as Brett's earlier resource estimate.

Excluded from this resource update are holes BR-133 and BR-134 which were completed this spring. BR-133 intersected significant gold mineralization (0.30 g/t Au over 64.5 m) that is on strike and approximately 2.0 km east-northeast of the current resource limits. This resource estimate also excludes some of the most prospective ground at Hammond Reef, the Manley Patents. The Manley Patents, an area of small-scale gold mining in the early 1900's and again in the 1930's. The Manley Patents are to the West of BR-133 and BR-134. Historical shallow underground mining production at Manley averaged grades of 6 to 8 g/t Au.

A Preliminary Assessment (Scoping Study) initiated in May by Scott Wilson RPA will employ this updated resource. New metallurgical testwork being done by SGS Lakefield, will expand on earlier studies that determined gold recoveries are in excess of 90 percent. This new testwork will incorporate, amongst other things, the work index of the Hammond Reef mineralization, gold recoveries versus grade, and effectiveness of flotation on the processing plant flow sheet. Results from the new metallurgical program are expected in August. Also underway is geotechnical and baseline environmental work being conducted by TBT Engineering of Thunder Bay. The Preliminary Assessment will also provide a basis for determining capital and operating costs, project economics and will identify environmental and permitting aspects of the project.

Brett's recent $14 million financing will facilitate aggressive drilling starting this year. Drill tenders have been prepared and issued. The drilling is intended to test new exploration targets primarily on the Manley Patents, Sande Stewart Property and other targets already identified by Brett and previous operators. This summers' exploration program is expected to generate additional drill targets. Drilling will also focus on expanding and upgrading the resource beyond the Inferred category. Drilling is expected to start early this fall.

Quality Assurance and Quality Control

The Company utilizes standard industry practices in quality control and quality assurance with insertion of blind standards, blanks, and duplicates, in addition to the quality assurance and quality control practiced by the assay laboratory. Sample preparation and analysis are conducted by ALS Chemex Laboratories with sample preparation in Thunder Bay, ON., and analyses of pulps in North Vancouver, BC, ISO/IEC guideline 17025 accredited facilities. The Project Manager and Qualified Person under the terms of National Instrument 43-101 responsible for the verification of work and data acquisition at Hammond Reef is John Zbeetnoff, P. Geo.

The Qualified Person responsible for this news release under the terms of National Instrument 43-101 is Patrick Soares, P.Geo.

Patrick Soares, President & CEO

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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