Breakwater Resources Ltd.
TSX : BWR
TSX : BWR.WT.A

Breakwater Resources Ltd.

August 17, 2011 17:24 ET

Breakwater Fixes Record Date for Previously Announced Special Dividend

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2011) - Breakwater Resources Ltd. ("Breakwater") (TSX:BWR)(TSX:BWR.WT.A) has today announced that, in order to comply with stock exchange requirements, it has fixed the record date for the payment of the Breakwater Special Dividend previously announced in Breakwater's June 15, 2011 and June 23, 2011 news release in connection with the offer (the "Offer") by Nyrstar NV, through its direct wholly-owned subsidiary, Nyrstar Resources Canada Ltd. for all of the issued and outstanding shares of Breakwater. The Offer is open for acceptance until 5:00pm (Toronto time) on August 25, 2011 unless extended or terminated.

The Breakwater Special Dividend of C$0.50 per common share of Breakwater will be paid on August 30, 2011 to shareholders of record on August 24, 2011 (the "Record Date").

For the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation, Breakwater has designated the Breakwater Special Dividend as an "eligible dividend". Shareholders should consult their tax advisor for advice with respect to the income tax consequences of such a designation.

Holders of Breakwater warrants who have not yet exercised their warrants are encouraged to do so sufficiently in advance of the Record Date in order to be eligible to receive the Breakwater Special Dividend.

About Breakwater

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 is preparing the Langlois mine in Quebec, Canada for production in the first quarter of 2012.

Forward Looking Information

This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release relating to the proposed take-over bid are of necessity forward looking. The outcome of a take-over bid cannot be certain because the process is subject to a number of conditions described in the take-over bid and directors' circulars referred to above. Although the Company believes that the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual events or developments may differ materially from those in the forward looking statements and may require achievement of a number of regulatory and legal requirements. For more information on Breakwater and the risk factors inherent in its business, investors should review Breakwater's Annual Information Form for the year ended December 31, 2010 at www.sedar.com.

Contact Information

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