Brett Resources Inc.
TSX VENTURE : BBR

Brett Resources Inc.

March 27, 2008 09:00 ET

Brett Resources Consolidates Ownership of Hammond Reef Project and Forms Strategic Alliance with Kinross

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2008) - Brett Resources Inc. (TSX VENTURE:BBR) is pleased to announce that it has entered into an agreement (the "Agreement") with Kinross Gold Corporation ("Kinross") to acquire 100 percent of the Hammond Reef Gold Project ("Hammond Reef"). The Agreement provides that Brett will by May 30, 2008: (a) exercise its existing option to acquire a 60% interest in Hammond Reef from Kinross; and (b) complete the acquisition of the remaining 40% interest in accordance with the terms of an acquisition agreement (the "Acquisition Agreement") to be entered into between Brett and Kinross. As part of the Acquisition, Brett has agreed to spend up to $2 million reviewing properties of interest in British Columbia and the Yukon, which Kinross can elect to obtain a 50 percent interest upon acquisition by Brett (The Project Participation Agreement).

"This strategic alliance with Brett is an excellent example of Kinross' strategy to expand our exploration network and geographic reach by partnering with quality junior companies and proven mine finders," said Hugh Agro, Executive Vice-President Strategic Development at Kinross. "As a result of this transaction we are increasing our stake in a high-calibre company and exploration team, as well as leveraging Brett's exploration experience and abilities to expand our interests and potential in BC and the Yukon."

Ron Netolitzky, Chairman of Brett, said, "Kinross has been a supportive partner during the initial Hammond Reef exploration program. We look forward to our continued partnership in reviewing potential properties of interest in BC and the Yukon."

"Once these transactions are completed, Brett will be able to expand the scope of its exploration activities at Hammond Reef," said Patrick Soares President and CEO of Brett Resources Inc. "Our exploration team has done a fine job in discovering new areas of mineralization during the past 18 months, indicating to us that the property has great growth potential. Brett currently has two diamond drills active on the property and expects to deliver a new resource to the market that meets NI 43-101 standards by mid year."

The terms of the Agreement provide that:

1. Brett will exercise its 60 percent option on Hammond Reef which will require that Brett: (a) provide Kinross with evidence that it has completed US$5 million in expenditures on the project; and (b) complete the issuance of the remaining 400,000 shares to Kinross necessary to exercise the option; and

2. The terms of the Acquisition Agreement will include:

(a) that Brett and Kinross will enter into a strategic association where Brett will spend up to $2 million dollars to identify significant projects in British Columbia and the Yukon. Kinross will have the election to obtain a 50% interest in up to three projects acquired by Brett.

(b) the requirement for Brett to issue 14 million common shares to Kinross (the "Acquisition Shares");

(c) Kinross being granted an anti-dilution right whereby it will have the right to participate in future Brett financings to the extent necessary to maintain its then pro-rata interest in Brett's issued and outstanding share capital (the "Anti-Dilution Right");

(d) Kinross being granted the right to nominate one person to the Board of Directors of Brett (the "Nomination Right");

(e) the requirement that the Anti-Dilution Right and the Nomination Right will terminate should Kinross' ownership position in Brett fall below 10% of the issued and outstanding common shares;

(f) Kinross being granted a 2% net smelter return royalty ("NSR") on Hammond Reef and certain associated Brett properties;

(g) Brett having a right of first refusal in the event that Kinross wishes to sell all or a portion of the NSR;

(h) a requirement that as long as Kinross holds 10% or more of Brett's issued and outstanding common shares it shall not sell, transfer or otherwise dispose of more than 5 percent of the shares in any given 30 day period without first providing Brett with a period of 20 days to find a purchaser for said shares;

The final Acquisition Agreement is subject to Kinross Board approval and Brett shareholder approval as necessary, and any other required approvals.

About Brett Resources

Brett Resources Inc. is a Canadian minerals exploration company whose primary mandate is the discovery, acquisition, and development of precious metals systems, with particular expertise in Canada and Latin America. Opportunities in the acquisition of tin and tungsten resources in North America and gold in Ontario have provided diversification to its asset portfolio.

ON BEHALF OF THE BOARD OF DIRECTORS OF BRETT RESOURCES INC.

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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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