Brett Resources Inc.

Brett Resources Inc.

February 08, 2010 09:40 ET

Brett Reports That the New Sawbill North Road Opens

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2010) - Brett Resources Inc. (TSX VENTURE:BBR) (the "Company" or "Brett") is pleased to announce that the Sawbill North road was officially opened on February 2, 2010. Approximately 26 kilometres in length, this road provides a shorter link between Brett's mineral properties in the Hammond Reef Area and the community of Atikokan. The road will also provide access for other resource related activities in the area.

The rehabilitation of the Sawbill North road is a collaborative construction project between the Seine River First Nation, which contributed $45,000 in training funds, Brett which contributed $150,000 and the Ministry of Natural Resources which provided funding of $150,000. The Ministry also provided a bridge for use on the rehabilitated Sawbill North road. Brett would like to thank the Town of Atikokan for their assistance in coordinating this project.

All parties recognize the need to support economic development in the area for First Nation Communities and the town of Atikokan. Work on the road provided employment, training and development opportunities to First Nation community members in the area as well as employment opportunities to residents of the town of Atikokan. Rainy Lake Tribal Contracting Ltd. supervised construction and rehabilitation activities along the road which was completed on budget and on time.

The official opening of the road was attended by Chief Earl Klyne, chief of the Seine River First Nation, Dennis Brown, Mayor of Atikokan, and Bill Mauro, MPP. Brett President and CEO, Patrick Soares, and Director, Steve Cook, were also in attendance along with employees of Brett's Atikokan office.

"Brett is extremely pleased with the collaborative approach taken by all parties involved with this project. We are looking forward to this being the first of many future ventures that will be beneficial to all the stakeholders of the Hammond Reef Project," said Patrick Soares, President and CEO of the Company.

Brett is conducting a minimum of 70,000 metres of drilling during 2010 with the expectation of a sequential program for 2011. Up to six drills will be operating, one of which will be focused on completing PQ drilling for metallurgical samples. The Company is also advancing base line environmental, engineering and metallurgical studies that are in support of a feasibility study.

Now that this road is complete, travel time to Hammond Reef from the town of Atikokan will be reduced to about 45 minutes. Brett has set up an exploration office, core logging facilities and a community relations centre in the town of Atikokan and will continue to pursue a local hiring policy where qualified local personnel are available.

Ongoing Exploration Activities:

As part of its efforts to satisfy the obligation under Brett's acquisition agreement with Kinross Gold Corporation to expend $2 million on reviewing, acquiring and testing properties of mutual interest in British Columbia and the Yukon, In September 2009 Brett signed a letter agreement (the "Letter Agreement") with Firesteel Resources Inc. ("Firesteel") pursuant to which Brett would have the option to acquire, on certain terms set out in the Letter Agreement, Firesteel's interest in certain mineral claims in British Columbia referred to as the "ROK Property". The definitive purchase and sale agreement contemplated by the Letter Agreement was not entered into and in the intervening period Firesteel has entered into a letter of intent with a third party for the acquisition of an interest by that third party in the ROK Property. Brett has filed a writ of summons against Firesteel for breach of the Letter Agreement which seeks various remedies including specific performance of the Letter Agreement or, alternatively, damages. Brett does not presently consider the ROK Property to be material to the Company.

About Brett Resources Inc.

Brett Resources Inc. is a Canadian minerals exploration company whose mandate entails the discovery, acquisition, and development of precious metals systems, with particular expertise in Canada and Latin America. Since 2006 Brett's primary focus has been the 100 percent owned Hammond Reef Gold Deposit in Ontario where a C.I.M. Inferred Resource of 6.70 million ounces of gold, 259.4 million tonnes at a grade of 0.8 grams per tonne utilizing a 0.3 gram per tonne gold cut-off has been outlined. The Company will continue to advance this flagship Project.

Patrick Soares, President & CEO

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

Contact Information