Breakwater Resources Ltd.

Breakwater Resources Ltd.

December 19, 2008 11:44 ET

Breakwater Announces Sale of Lapa Royalty to Agnico-Eagle

TORONTO, ONTARIO--(Marketwire - Dec. 19, 2008) - Breakwater Resources Ltd. (TSX:BWR) has sold its 1.0 percent net smelter royalty (NSR) on all gold production from the Tonawanda property and its 0.5 percent NSR on all gold production from the Zulapa property to Agnico-Eagle Mines Limited for $6.25 million.

In 2003 Breakwater sold 100% of its Tonawanda and Zulapa gold properties (collectively the "Lapa property") to Agnico-Eagle. At the time, Breakwater retained the above noted NSRs on the Lapa property.

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 three mines in Chile, Honduras and Canada. Breakwater's Langlois mine in Quebec, Canada is currently on temporary care and maintenance.

Contact Information

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