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Gold/Mining/Energy : Breakwater Resources (T.BWR) -- Ignore unavailable to you. Want to Upgrade?

To: Harry K who wrote (919)	1/9/2003 12:45:00 AM
From: Stephen O	Read Replies (1) \| Respond to of 962

95c a share.

To: Harry K who wrote (919)	1/15/2003 6:29:44 PM
From: Stephen O	Read Replies (1) \| Respond to of 962

Here's the reason for BWR strength- Agnico Eagle drilling BWR's Lapa property LAPA: EXTENSION OF HIGH-GRADE GOLD ZONE As previously disclosed, an option agreement was signed in 2002 between Agnico-Eagle and Breakwater Resources Ltd. for the Lapa Property. Agnico-Eagle can earn a 60% interest over a five-year period and can increase this to 70% by delivering a bankable feasibility study. The Lapa Property is located in Cadillac Township, Quebec, seven miles east of the LaRonde Mine, and it has the potential to be developed into a gold mine similar to others located along the Cadillac-Larder Lake Break. In 1999 while Breakwater was drilling Zone A, a new gold bearing horizon was discovered and named the Contact Zone for its proximity to the Cadillac Group sediment and Piche Group volcanic contact. Three of the four holes completed returned the following results: //st True Gold(oz/ton) Gold(oz/ton) Drill Hole From (ft) To (ft) Thickness(ft) Cut(1.0 oz) (uncut) LA99-02 2049.5 2139.4 26.2 0.29 0.39 LA99-03 2415.4 2432.7 9.8 0.34 0.42 LA99-04 1726.4 1735.6 6.5 0.25 0.25 //et In 2002, upon the signing of the option agreement, Agnico-Eagle initiated a drill program to follow up on 1999's encouraging results. As previously announced, initial drilling extended the Contact Zone and encountered high grade gold mineralization as follows: //st True Gold(oz/ton) Gold(oz/ton) Drill Hole From (ft) To (ft) Thickness(ft) Cut(1.0 oz) (uncut) 118-02-01A 2546.3 2562.7 9.5 0.23 0.29 118-02-02B 2549.9 2573.2 14.9 0.32 0.32 118-02-03 2505.9 2514.1 5.9 0.13 0.13 //et Based on the success of Agnico-Eagle's first drill program, a follow-up program was initiated in November 2002. Four follow-up drill holes have successfully extended the high grade Contact Zone. Visible gold was evident in all of the drill holes. The drill results are: //st True Gold(oz/ton) Gold(oz/ton) Drill Hole From (ft) To (ft) Thickness(ft) Cut 1.0 oz Uncut 118-02-04 3086.9 3110.9 16.4 0.36 0.60 118-02-05 1341.2 1375.7 16.4 0.17 0.17 118-02-06() 2681.4 2706.7 13.1 0.18 0.29 118-02-07() 3219.8 3236.2 10.5 0.28 0.28 (*) check assay pending //et A third drill has been added to the program. Drilling is focused on extending the Contact Zone to the east and at depth where the zone remains open. To date, the zone has been traced over a length of 1,100 feet and 1,600 feet vertically. The Company intends to provide an inferred resource calculation for Lapa in the year-end results. The Company will continue its aggressive drill program upon the completion of the resource calculation. Due to its high grade potential and proximity to LaRonde, the Lapa property has the potential to be an important part of the Company's regional development and production plan. All Lapa drill core is BQ caliber and is logged at the LaRonde Mine by a senior project geologist for the Company's Exploration Division, who is fully qualified per the standards outlined in National Instrument 43-101. The drill core is sawed in half with one half sent to a commercial laboratory and the other half retained for future reference. Upon reception of the assay results, the pulps and rejects are recovered and submitted to a second laboratory for check-assay purposes. The gold assaying method uses a 30-gram sample with either an Atomic Absorption finish or a Fire Assay finish as requested by the project geologist. The laboratories used are ALS Chemex Chimitec, Val d'Or, Quebec, and XRAL Division SGS Canada Inc. of Rouyn-Noranda, Quebec.