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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: LoneClone who wrote (23656)	10/27/2006 10:27:09 AM
From: LoneClone	Read Replies (1) of 78417

Investors pile into Breakwater ANDY HOFFMAN globeinvestor.com 00:00 EDT Friday, October 27, 2006 Investors thinking zinc are also thinking Breakwater Resources Inc. The Toronto-based miner's shares were among the most active on the Toronto Stock Exchange yesterday, surging 6.4 per cent, up 9 cents to $1.49. The gains came as zinc prices climbed to record levels for the second day in a row amid concern over lower production for the metal used in galvanized steel. Zinifex Ltd., the world's second largest zinc producer, reported a 13-per-cent drop in production amid strong demand. Many looking to participate in the metal's strength piled into Breakwater as 8.2 million shares changed hands. "Breakwater offers investors significant exposure to zinc, our favoured commodity," wrote CIBC World Markets analysts Cliff Hale-Sanders and Terry K.H. Tsui in a note to clients this week. Breakwater has been much maligned for the short-term mine life of some of its operations, but the analysts say the company's exploration efforts should alleviate those concerns. "With its high leverage to zinc, we anticipate that Breakwater's earnings and cash flow are set to surge in 2007 as production levels increase," Mr. Hale-Sanders and Mr. Tsui said, adding that a recent pullback in the stock because of production forecast cuts, "are a buying opportunity to gain exposure to the robust zinc market fundamentals."

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