TORONTO, Sept. 5 /CNW/ - Breakwater Resources Ltd.
("Breakwater")(TSX-BWR) is pleased to provide, in conjunction with Virginia
Mines Inc. ("Virginia"), an update on the exploration program currently in
progress on the Coulon JV property (100% Virginia), located 15km north of the
Fontanges airport, Quebec Middle North. Breakwater may acquire a 50% interest
in the property in exchange for payments totalling $180,000 and $6.5 million
in exploration expenditures.
To date in 2007, prospecting and geological mapping, diamond drilling as
well as ground (InfiniTEM and Maxmin) and borehole (pulse-EM) geophysics have
been carried out on the property. The eleven new holes announced by Virginia
earlier today tested lenses 43 (3 holes), 44 (3 holes), and 9-25 (2 holes) as
well as some regional targets (3 holes). For the complete details of the
results please go to http://www.virginia.qc.ca/en/propriete_BaieJames.asp.
NEW SURFACE DISCOVERIES
Prospecting and geological mapping conducted in 2007 led to the
discovery, at surface, of a new, promising mineralized showing located several
kilometres west-northwest of the area hosting lenses 08, 44, and 9-25. The
Spirit showing consists of semi-massive to massive sulphide mineralization
rich in chalcopyrite and sphalerite, with lesser quantities of galena. Three
unexplained, airborne EM conductors lie in the vicinity of the Spirit showing.
This new discovery, lying within an unexplored area, strongly illustrates the
high potential of the property, since it extends the presence of mineralized
base-metal showings as well as the fertile volcanic sequence by 4km north of
the limits of the previously identified mineralized system. This mineralized
system is now traced over nearly 20km laterally and remains open.
Prospecting and mapping also outlined another interesting area on the
Ishikawa grid, located 4km south of the Spirit showing. Several rusty erratic
boulders were discovered within an approximate perimeter of 2km by 2km. The
boulders are composed of alteration minerals (anthophyllite) and,
periodically, disseminated to semi-massive sulphides are present. These
boulders returned metal values reaching 6.14% Cu, 4.08% Zn, 2000 g/t Ag and
20.7% Pb. It appears that the probable source of these boulders lies to the
east-northeast in a sector occupied by a large lake. This sector will be the
object of an InfiniTEM survey in the winter of 2007/08.
Breakwater and Virginia are both encouraged by the results of the current
campaign as the recent assay results extend the limits of lenses 43 and 44. A
third drill will be mobilized on the project very shortly to accelerate the
drill program, which will keep going throughout the fall of 2007, while
carrying out geological surface work.
Work is carried out by the personnel of Virginia Mines Inc., under the
supervision of Mr. Paul Archer, geological engineer. Mr. Archer is a Qualified
Person (as defined by National Instrument 43-101) and has more than 25 years
of experience in exploration.
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 the
Langlois and Myra Falls mines located in Canada, the Toqui mine located in
Chile and the Mochito mine located in Honduras.
Certain information included in this press release, including any
information as to our future financial or operating performance and other
statements that express management's expectation or estimates of future
performance, constitute forward-looking statements". The words "expect",
"will", "intend", "estimate" and similar expressions identify forward-looking
statements. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. The Company cautions the reader that such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements
of Breakwater to be materially different from the Company's estimated future
results, performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are not
guarantees of future performance. These risks, uncertainties and other factors
include, but are not limited to, risks associated with the mining industry
such as government regulation, environmental and reclamation risks, title
disputes or claims, success of mining activities, future commodity prices,
costs of production, possible variation in ore reserves, resources, grade or
recovery rates, failure of plant, equipment or processes to operate as
anticipated, accidents, labour disputes, the timing of estimated future
production, capital expenditures, financial market fluctuations, requirements
for additional capital, conclusions of economic evaluations, limitations on
insurance coverage, risks associated with using third-party contractors,
inflation as well as those factors discussed in the Company's most recent Form
40-F/Annual Information Form on file with the US Securities and Exchange
Commission and Canadian provincial securities regulatory authorities.
The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except as required by applicable law.
For further information:
For further information: Torben Jensen, Vice President, Engineering,
(416) 363-4798 Ext. 232; Ann Wilkinson, Vice President, Investor Relations,
(416) 363-4798 Ext. 277