Breakwater Resources Ltd. Announces Production Resumption At Bou
5/1/0 11:34 (New York)
A temporary crushing plant is being installed that will permit
the processing of Bouchard-Hebert ores without use of the SAG
mill at a rate of approximately 2,400 tonnes of ore per day,
representing approximately 83% of the normal rate of production
of 2,900 tonnes per day.
The SAG mill at Bouchard-Hebert, which was shut down on March 28,
2000 due to mechanical problems, will undergo repairs according
to an agreed work program currently being finalized by Cambior
Inc. ("Cambior"), Breakwater (which signed an agreement to
purchase the Bouchard-Hebert and Langlois Mines from Cambior on
March 14, 2000) and their respective insurers. This program of
repairs is designed to provide a lasting solution to the
mechanical problems identified. The SAG mill is currently
expected to return to operating status by the third quarter.
Breakwater and Cambior currently anticipate completing the
closing of the Bouchard-Hebert and Langlois sale and purchase
transaction on or about May 5, 2000 with an effective date of
transfer of May 1, 2000. Completion of the transaction by such
date remains subject to the finalization of satisfactory
arrangements among the parties and their respective insurers and
lenders.
Breakwater Resources Ltd. is a mineral resource company engaged
in the acquisition, exploration, development and mining of base
metal and precious metal deposits in the Americas and North
Africa. Breakwater has four producing zinc mines: the Nanisivik
mine on Baffin Island in Canada; the Bougrine mine in Tunisia;
the El Mochito mine in Honduras; and the El Toqui mine in Chile.
In 1999 Breakwater's mines produced 383 million pounds of zinc,
24 million pounds of lead, 2.1 million ounces of silver and 4,900
ounces of gold. Breakwater also owns the Caribou mine in New
Brunswick, Canada that is currently being held on a care and
maintenance basis pending higher zinc prices. Once the Cambior
transaction is finalized, the Company will have six operating
mines located in four countries with a combined annual contained
metal production capacity of 550 million pounds of zinc, 18
million pounds of copper, 27 million pounds of lead, 30,000
ounces of gold and 2.5 million ounces of silver.
This press release includes certain forward-looking statements.
All statements, other than statements of historical fact included
herein, are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such
statements.
For further information please contact:
Rene R. Galipeau E. Ann Wilkinson
Senior Vice President, Finance and Corporate Secretary and
Marketing and Chief Financial Officer Investor Relations
(416) 363-4798 Ext. 260 Officer
(416) 363-4798 Ext. 277 |
