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Gold/Mining/Energy : Breakwater Resources (T.BWR)

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To: JAS who wrote (560)	11/3/1998 11:25:00 AM
From: Roderick Francey	Read Replies (1) of 962

BREAKWATER RESOURCES LTD. - PRODUCTION AT EL MOCHITO SUSPENDED DUE TO HEAVY RAINS Toronto, Nov. 3 - Breakwater Resources Ltd. (TSE-BWR) of Toronto announced today that operations at it's El Mochito mine in northwestern Honduras, have been temporarily interrupted due to the record rainfalls experienced over the past month and in particular over the past weekend. Excessive rain from the tropical storm Mitch has caused heavy damage to roads and bridges throughout the country and made the transportation of concentrates to Porto Cortez and of materials and supplies into the mine impossible for the past five days. In addition the heavy rains produced significantly higher than normal de-watering requirements in the underground operations at the mine resulting in large accumulations of water in the lower levels of the mine. As a result, mining and milling operations have been suspended and will resume when proper access to the mine has been restored and the pumping levels in the mine return to normal operating levels. During the past few days precipitation in the area has returned to normal levels for this time of the year and the water inflows to the mine are diminishing. Our best estimate at this time is that the mine will remain closed for at least a week but the ultimate length of the shutdown will be dependent on the weather and the speed at which the road access to the mine and the port can be restored. The Company's concentrate storage facilities at Porto Cortez, on the north coast of Honduras, was not affected by the storm. The company has insurance coverage in place for both damages and business interruption. For further information please contact: Colin K. Benner President and Chief Operating Officer (416) 363-4798 Ext. 269 E. Ann Wilkinson Corporate Secretary and Investor Relations Officer (416) 363-4798 Ext. 277 Breakwater Resources Ltd. 95 Wellington Street West, Suite 2000 Toronto, Ont., M5J 2N7 Tel: (416) 363-4798 Fax: (416) 363-1315

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