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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (27965)	2/16/2004 12:08:27 PM
From: Stephen O	Read Replies (1) \| Respond to of 39344

Breakwater's news release which contains production numbers Breakwater to Acquire Myra Falls Mine from Boliden 2004-02-16 12:01 (New York) TORONTO, Feb. 16 /CNW/ - BREAKWATER RESOURCES LTD. (TSX - BWR) is pleased to announce that it has signed a letter of intent with Boliden AB ("Boliden") to purchase all the outstanding shares of Boliden Westmin (Canada) Limited ("BWCL"). BWCL is the owner of the Myra Falls zinc/copper/gold operation in British Columbia, certain marketable securities and interests in several exploration projects in Canada. The acquisition of BWCL will be exclusive of the Premier Gold property and certain other assets and liabilities. The general terms of the proposed acquisition include Breakwater issuing 18 million of its common shares as well as 5 million warrants, exercisable at $1.00 per common share until January 28, 2009. Completion of the transaction is subject to a number of conditions including, amongst other things, completion of due diligence by both parties, execution of a definitive agreement, approval of the respective boards of directors and receipt of all required regulatory and third party approvals and consents. The transaction is expected to close early in the second quarter of 2004. The Myra Falls mine, located on Vancouver Island, produces zinc and copper concentrates containing significant gold and silver as well as a gold-bearing gravity concentrate. The operation consists of a 1.25 million tonne per annum underground mine and processing facility and associated infrastructure including a storage and load out terminal in the community of Campbell River, BC. In 2003 Myra Falls produced 57,400 tonnes of zinc, 10,700 tonnes of copper, 27,300 ounces of gold and 720,900 ounces of silver. Breakwater 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 Bouchard-Hebert mine in Quebec, Canada; the Bougrine mine in Tunisia; the El Mochito mine in Honduras; and the El Toqui mine in Chile. The Company also owns the Langlois mine in Canada, which is currently on a care and maintenance and being prepared for the development program that is to bring the mine back into production. This news release contains forward-looking statements within the meaning of the United States Private Securities Legislation Reform Act of 1995.