Brett Resources Inc.

Brett Resources Inc.

October 15, 2008 13:38 ET

Brett Resources Announces an Initial Resource of 4.8 Million Ounces of Gold at Hammond Reef

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2008) - Brett Resources Inc. (TSX VENTURE:BBR) is pleased to announce that an initial inferred resource estimate has been completed for its 100%-owned Hammond Reef gold deposit, located 22 km north of Atikokan, Ontario, Canada. Scott Wilson Roscoe Postle Associates Inc. of Vancouver BC Canada, independent resource consultant for Brett, has audited the following resource estimate and confirms that it is National Instrument 43-101 compliant.

Based on a cut-off grade of 0.6 grams per tonne Au and using Inverse Distance Cubed methodology ("ID3") Brett Resources has estimated an inferred resource of 141.5 million tonnes at a grade of 1.05 grams per tonne or 4.8 million ounces contained gold.

The table below illustrates the sensitivity of the gold deposit to different grade thresholds.

(g/t Au) Tonnes (000's) Au g/t Au Oz.
+0.7g/t 115,600 1.14 4,252,000
+0.6g/t 141,500 1.05 4,794,000
+0.5g/t 169,800 0.97 5,294,000
+0.4g/t 200,500 0.89 5,737,000

Brett President, Patrick Soares, commented: "Our exploration efforts at Hammond Reef have succeeded in outlining a large, near surface gold deposit. Over 97% of this resource is within 300m of surface and the mineralization remains open along strike and to depth. Preliminary metallurgical work indicates that gold recoveries in excess of 90 percent are achievable. The Company intends to initiate a preliminary economic assessment on Hammond Reef in the spring of 2009. Also in the planning stages, is further drilling and an exploration program which will explore the lateral extents of the deposit and assess the potential of other areas within our large land position to host additional gold deposits. Baseline environmental studies and consultation with First Nations are also proceeding."

To date Brett has spent more than $10.5 million at Hammond Reef over the past two years. Exploration conducted on the property includes soil sampling, prospecting, trenching and geophysics, but the main emphasis has been on diamond drilling. The majority of the delineated resource lies in the A-Zone where Brett has drilled most of its 122 diamond drill holes. Historic drilling on the property consisted of 69 holes drilled by Falconbridge Gold in the 1980's and in the 1990's an additional 16 holes were drilled in the 41-Zone by Pentland Firth. Details on the metallurgical testwork performed at Hammond Reef can be found on the Brett website See news release dated February 27, 2008. "Initial Metallurgical Testwork Yields Positive Results at Hammond Reef".

Hammond Reef Resource Estimate Details

The Resource Estimate was completed using diamond drill hole data. The drill hole database comprises a total of 85 historic diamond drill holes (18,060m, 15,732 assays) and 114 diamond drill holes (over 31,000m and 20,220 assays) completed by Brett Resources. Brett holes up to BR-110 had assay data available in time to be included in this resource estimate.

The resource estimate is based on a geological interpretation in the areas historically reported as A-Zone and 41-Zone. These two locations are on strike and 0.5 km apart. Although these two areas have been interpreted separately, they are believed to contain the same set of mineralized structures. This resource estimate reports the combined inventory for both the A-Zone and 41-Zone.

Hammond Reef mineralization typically dips -35 to -40 degrees southerly and strikes east-northeast at 060. The parameters used in the interpretation include assays greater than 0.25g/t Au and a minimum drilled length of 4.5m. In isolated areas, the minimum assay values or minimum thickness was lowered to allow for continuity in the interpretation of the mineralization. All assay values within the mineralized lenses were used in grade modeling. The geological interpretation outlined 29 mineralized lenses and each was constructed into a three-dimensional wire frame. Over 90% of the resource is attributable to just 8 of these lenses.

Grade estimation was done by means of block model techniques using Inverse Distance Cubed ("ID3") weighting. Block grade estimates were calculated using 3m length-weighted composites. Final composite grades were calculated using individual assay values capped at 15.0g/t Au. Block dimensions are 10x10x10m. Grade interpolated into each of the 29 lenses was based purely on the composites that report to the individual lens.

Grade interpolation was completed using a search ellipse orientated with parameters determined by variography. A maximum of twenty-five 3.0m composites were used to estimate block grades, with no more than five composites from any single drill hole.

Grade interpolation involved populating all blocks within the mineralized lenses with a gold grade. To be included in the 2008 resource, the blocks, or portions of blocks, needed to be within a mineralized lens and within a maximum distance of a drill hole. This distance varied and was dependant on whether or not the block was in the core of a mineralized lens or near the outer margins of the lens.

To be included in the 2008 Hammond Reef Inferred Resource, blocks in the core of the mineralized lenses needed to be within 100m of the nearest drill hole, blocks at the outer margins of the mineralized lens had to be less than 50m of a drill hole.

Tonnage estimates are based on a bulk density of 2.75g/cm3.

John Zbeetnoff, P.Geo, completed this resource estimate on behalf of Brett Resources and Scott Wilson Roscoe Postle Associates Inc. carried out the independent audit on this estimate and are the independent Qualified Persons in accordance with National Instrument 43-101. 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 Statements on Forward-Looking Information.

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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