Breakwater Resources Ltd Press Releases

Breakwater Resources Ltd.'s Second Quarter 2010 Financial And Operating Results

Thu, 05 Aug 2010 17:25:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 08/05/10 -- Breakwater Resources Ltd. (TSX: BWR)(TSX: BWR.WT.A) realized net earnings of $24.6 million or $0.35 per share in the second quarter of 2010 compared with a net loss of $4.5 million or $0.07 per share in the second quarter of 2009.

Breakwater realized net earnings of $49.4 million during the first six months of 2010, which is the highest six-month net earnings Breakwater has realized since mid-2007.

Revenues and Production Higher

Gross sales revenue was 124% higher at $91.8 million primarily due to significantly higher metal prices, more concentrate sold and price protection gains partially offset by a stronger C$. Concentrate produced in the second quarter of 2010 increased 32% to 64,160 tonnes compared with the second quarter of 2009 due to 66%, 21% and 15% increases at Myra Falls, Toqui and Mochito respectively.

Cash

Cash and cash equivalents increased to $76.0 million at June 30, 2010, up by $10.3 million from March 31, 2010.

Net Cash Provided By (Used In) Operating Activities

Net cash provided by operating activities was $21.8 million for the three month period ended June 30, 2010 compared with cash used of $7.1 million in the same period in 2010.

Capital Expenditures

The Company invested $28.8 million in mineral properties and fixed assets in first six months of 2010. At mining operations, $11.0 million, $13.4 million, $2.2 million and $1.9 million were spent at Mochito, Toqui, Myra Falls and Langlois respectively. Corporate capital expenditures were $0.3 million primarily related to joint venture exploration payments.

Operations


Mochito

--  Rehabilitation of the 2100 level, which will improve the movement of men
    and materials, is on time and budget with completion expected in the
    fourth quarter of 2010

Toqui

--  The installation of the wind farm has been completed with all six wind
    turbines commissioned by the first week of July
--  The paste backfill facility, which will allow for paste tailings
    deposition and enhanced ore extraction through greater recovery of
    current and future pillars, is expected to be complete in the third
    quarter of 2010. Currently, the construction program is approximately
    ten weeks behind schedule due to various issues, including those related
    to the movement of materials and the availability of skilled people
    following the February 2010 earthquake in Chile; and inclement weather
    throughout the construction period
--  The installation of a primary ball mill will allow 15% greater
    throughput and is proceeding according to plan with an expected
    completion date in the fourth quarter of 2010

Myra Falls

--  Work continues to improve metallurgical recoveries in the mill with
    favourable preliminary results
--  Development necessary to properly delineate the Marshall deposit is
    advancing well with the first drill station expected to be established
    in the fourth quarter of 2010
--  Tailings disposal facility seismic berm upgrade is on schedule and is
    expected to be completed in the fourth quarter of 2010

Langlois

--  Development plans at Langlois expanded modestly for the balance of 2010
    from advancing two ramps - one from surface to the top of zone 4 and one
    internal to zone 3 - to including selective development of production
    headings.

David M. Petroff, President and Chief Executive Officer, stated that, "Capital expenditure programs, operating costs per tonne milled (on a production basis) and production of zinc, copper and gold are in line with 2010 guidance while production of lead and silver are ahead of 2010 guidance. We are maintaining our guidance for production, capital expenditures and costs for all of our sites with the possible exception of Toqui. At Toqui, the paste plant facility construction delay combined with the fatality in May, which temporarily closed a portion of the Estatuas mine, has resulted in the need to modify the 2010 mine plan. We have revised the Toqui mine plan for 2010, which is not expected to affect 2010 production guidance for Toqui; however, operating costs are likely to be at the top end of/or modestly above the range of US$51 to US$56 per tonne milled guidance previously provided."

Mr. Petroff went on to say, "Early this year, after reviewing the Company's assets, assessing its strengths and weaknesses and identifying risks and opportunities, management developed a strategic plan, which can be summed up as follows: First, the Company's existing operations will be optimized. A range of projects have been undertaken to increase productivity, reduce costs and extend mine lives. Second, resources at each site will be delineated to enable increased annual throughput - where excess mill capacity exists - and extend the life of each mine, thus benefiting from the attractive exploration targets at each of the Company's mines. Third, targets for selective acquisitions will be assessed and pursued to increase shareholder value. Principal ones include poly-metallic ore bodies with the potential to have a ten year mine life or longer. The primary area of focus for the Company is the Americas, Europe and North Africa. In the next two to four years, the goal is to become a leading base metal producer based on the Company's superior leverage to zinc, with profitable, well managed operations, and a consistent record of meeting targets. The Company intends to add one or more additional mines in that time frame and maintain an appropriate cash balance, to underpin its financial strength to weather the risks inherent in the mining industry."

GROSS SALES REVENUE - THREE AND SIX MONTHS ENDED JUNE 30, 2010 AND 2009

A breakdown of gross sales revenue for the three month periods ended June 30, 2010 and 2009 is set forth in the following table.


                                                        Second Quarter 2010
----------------------------------------------------------------------------
                                                                Gross sales
                           Concentrate   Payable       Realized     revenue
                          sold (tonnes)  metal(1)  price(1)(US$)    ($000's)
----------------------------------------------------------------------------
Zinc                            51,583    22,493          2,179      49,018
Copper                           2,820       674          6,935       4,671
Lead                             7,946     4,871          2,060      10,035
Gold(2)                          1,443    12,231          1,183      14,465
Silver                            n.a.   510,203          18.45       9,411
Price protection gain
 (loss)                           n.a.                                1,363
Other(3)                          n.a.                                   48
                        ---------------                         ------------
                                63,792
                        ---------------
Gross sales revenue in US$                                           89,011
Exchange rate                                                        1.0314
                                                                ------------
Gross sales revenue in C$                                            91,809
                                                                ------------


                                                        Second Quarter 2009
----------------------------------------------------------------------------
                                                                Gross sales
                           Concentrate   Payable       Realized     revenue
                           sold(tonnes)  metal(1)  price(1)(US$)    ($000's)
----------------------------------------------------------------------------
Zinc                            36,205    15,801          1,413      22,319
Copper                            n.a.       (70)          n.a.        (247)
Lead                             5,364     3,293          1,383       4,554
Gold(2)                          2,101     8,797            931       8,192
Silver                            n.a.   119,588          12.54       1,500
Price protection gain
 (loss)                           n.a.      n.a.           n.a.      (1,061)
Other(3)                          n.a.                                   41
                        ---------------                         ------------
                                43,670
                        ---------------
Gross sales revenue in US$                                           35,298
Exchange rate                                                        1.1599
                                                                ------------
Gross sales revenue in C$                                            40,942
                                                                ------------

(1) Payable metal and realized prices for zinc, copper and lead are per
tonne and for gold and silver are per ounce.
(2) Gold concentrate sales are principally from Toqui while payable gold is
from all operations except Mochito.
(3) Other gross sales revenue represents revaluations of prior period
concentrate receivables.

PRICE PROTECTION STRATEGY

As at August 5, 2010 the Company's hedge position consisted of:


Puts
 Bought        Quantity  Average Price (US$)                        Maturity
----------------------------------------------------------------------------
Zinc       2,000 tonnes     $2,205 per tonne    August 2010 - September 2010
Copper     2,000 tonnes     $6,283 per tonne   September 2010 - October 2010
Lead       4,200 tonnes     $1,669 per tonne      August 2010 - October 2010
Silver   710,000 ounces        $16 per ounce  September 2010 - December 2010
Gold      17,500 ounces     $1,100 per ounce       July 2010 - December 2010
----------------------------------------------------------------------------

As at August 5, 2010, the Company had locked in pricing for payable zinc of 9,538 tonnes with certain customers for the second half of 2010 at a weighted average price of US$2,228 per tonne.

CONCENTRATE SALES - BREAKDOWN BY MINE


                                          Second Quarter    First Six Months
Concentrate Sold (tonnes)                 2010      2009      2010      2009
----------------------------------------------------------------------------
Zinc:
  Mochito                               18,366    13,860    36,679    27,745
  Toqui                                 13,685    10,985    27,439    27,007
  Myra Falls                            19,532    11,360    39,505    27,943
  Langlois(1)                             n.a.      n.a.       n.a     3,618
                                    ----------------------------------------
                                        51,583    36,205   103,623    86,313
                                    ----------------------------------------
Copper
  Myra Falls                             2,820         -     9,588     9,235
  Langlois(1)                             n.a.      n.a.      n.a.       321
                                    ----------------------------------------
                                         2,820         -     9,588     9,556
                                    ----------------------------------------
Lead
  Mochito                                7,528     4,941    15,951    10,408
  Toqui                                    418       423       884       423
                                    ----------------------------------------
                                         7,946     5,364    16,835    10,831
                                    ----------------------------------------
Gold
  Toqui                                  1,376     2,093     4,451     3,011
  Myra Falls                                67         8        76         9
                                    ----------------------------------------
                                         1,443     2,101     4,527     3,020
                                    ----------------------------------------
All Metals                              63,792    43,670   134,573   109,720
                                    ----------------------------------------
(1) Due to the Company's revenue recognition policy, certain concentrate
produced prior to the temporary suspension of Langlois on November 2, 2008
was not recognized in revenue until the first quarter of 2009.

PRODUCTION RESULTS

The table below summarizes, on a production basis, the Company's metal contained in concentrate, before smelting deductions, for the periods presented.


                                    Second Quarter          First Six Months
Metal in Concentrate         2010     2009      %      2010      2009      %
------------------------------------------          -----------------
Zinc (tonnes)
  Mochito                   9,426    8,697    8.4    17,932    16,402    9.3
  Toqui                     6,589    4,651   41.7    11,312     9,743   16.1
  Myra Falls                9,824    6,126   60.4    19,387    13,312   45.6
                        ------------------          -----------------
                           25,839   19,474   32.7    48,631    39,457   23.3
                        ------------------          -----------------
Copper (tonnes)
  Myra Falls                1,534      846   81.3     2,862     1,667   71.7
                        ------------------          -----------------
                            1,534      846   81.3     2,862     1,667   71.7
                        ------------------          -----------------
Lead (tonnes)
  Mochito                   4,592    3,251   41.2     9,120     6,527   39.7
  Toqui                       193      356  -45.8       387       630  -38.6
                        ------------------          -----------------
                            4,785    3,607   32.6     9,507     7,157   32.8
                        ------------------          -----------------
Gold (ounces)
  Toqui                     6,352    9,685  -34.4    17,330    20,785  -16.6
  Myra Falls                6,281    3,041  106.5    11,714     5,634  107.9
                        ------------------          -----------------
                           12,633   12,726   -0.7    29,044    26,419    9.9
                        ------------------          -----------------
Silver (ounces)
  Mochito                 502,584  422,875   18.8   976,035   852,021   14.6
  Toqui                    34,107   59,745  -42.9    73,423   130,586  -43.8
  Myra Falls              202,504   95,929  111.1   424,015   199,255  112.8
                        ------------------        -------------------
                          739,195  578,549   27.8 1,473,473 1,181,862   24.7
                        ------------------        -------------------

The complete unaudited consolidated interim financial statements for the periods ended June 30, 2010, with the comparative figures for the periods ended June 30, 2009, the related notes, and management's discussion and analysis of the financial and operating results have been filed on www.sedar.com. Additionally, the documents have been made available on our website at

http://www.breakwater.ca/Investors/AnnualandQuarterlyReports/default.aspx.

Contacts:
Breakwater Resources Ltd.
Ann Wilkinson
Vice-President, Investor Relations
(416) 363-4798 Ext. 277

Breakwater Resources Ltd.'s Second Quarter Financial and Operating Results Conference Call

Thu, 08 Jul 2010 16:38:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 07/08/10 -- Breakwater Resources Ltd. (TSX: BWR)(TSX: BWR.WT.A) will hold a conference call on Friday, August 6, 2010, commencing at 10:00 a.m. (ET) to discuss with analysts its financial and operating results for the second quarter ended June 30, 2010. David Petroff, President and Chief Executive Officer will host the call which will also be accessible via a live webcast.

Phone: 1-800-319-4610 (Canada and USA) or +1-604-638-5340 (outside of Canada and USA)

Webcast: http://services.choruscall.com/links/breakwater100806.html

After the broadcast, an archive of the webcast will be available at the above URL.

The Company's news release covering its interim financial and operating results for the period ended June 30, 2010 will be released after regular trading hours on Thursday, August 5, 2010 and will be available on the Company's website at www.breakwater.ca.

The scheduled speakers on the conference call will be David Petroff, President and Chief Executive Officer; Dave Langille, Vice-President, Finance and Chief Financial Officer; and Steve Hayes, Chief Commercial Officer.

Contacts:
Breakwater Resources Ltd.
Ann Wilkinson
Vice President, Investor Relations
416-363-4798 Ext. 277
AWilkinson@breakwater.ca
www.breakwater.ca

Breakwater Resources Ltd. Receives Notice of Effective Date of Consolidation of Shares

Wed, 09 Jun 2010 16:42:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 06/09/10 -- Breakwater Resources Ltd. (TSX: BWR)(TSX: BWR.WT.A) has received notice from the Toronto Stock Exchange that the common shares (symbol: BWR) of the Company will be posted for trading at the opening on Friday, June 11, 2010 on a one new for ten old consolidated basis under the new CUSIP number: 106902 70 3.

No fractional common shares will be issued. A holder of common shares, who otherwise would have been entitled to receive a fractional share as a result of the consolidation, will receive an amount in cash equal to the fractional number of common shares held by such holder multiplied by $0.31, which represents the weighted average price at which the common shares have traded on the Toronto Stock Exchange during the 20 consecutive trading days immediately prior to June 8, 2010, the date of the shareholder meeting. The approximately 703.6 million Common Shares of the Company currently outstanding will be reduced to approximately 70.4 million Common Shares.

As a result of the one new for ten old stock consolidation, each common share purchase warrant (the "Warrants") (symbol: BWR.WT.A) entitles the holder to purchase one-tenth of a common share at an exercise price of $0.12 per share at any time on or before to 5:00 p.m. (Toronto Time) on April 9, 2014. Accordingly, a Warrantholder will be required to exercise ten (10) Warrants in order to purchase one whole common share at a total exercise price of $1.20 per common share. Fractional common shares will not be issued upon exercise of the Warrants.

We anticipate mailing the letters of transmittal to registered holders of common shares on or about June 10, 2010, requesting them to forward their pre-consolidated share certificates to Computershare Investor Services Inc. in Toronto in exchange for new share certificates representing the appropriate number of post-consolidated common shares.

Breakwater is a mining, exploration and development company which produces and sells zinc, copper, lead and gold concentrates to customers around the world. The Company's concentrate production is derived from three mines in Chile, Honduras and Canada. Breakwater's Langlois mine in Quebec, Canada is currently on temporary care and maintenance.

Contacts:
Breakwater Resources Ltd.
Ann Wilkinson
Vice President, Investor Relations
416-363-4798 . 277
AWilkinson@breakwater.ca

Breakwater Resources Ltd. Receives Shareholder Approval to Consolidate Shares Ten Old for One New

Tue, 08 Jun 2010 11:46:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 06/08/10 -- Breakwater Resources Ltd. (TSX: BWR)(TSX: BWR.WT.A) has received the approval of shareholders, at the Annual and Special Meeting of the Company held June 8, 2010, to consolidate the issued and outstanding common shares of Breakwater (each, a "Common Share") on the basis of one post-consolidation Common Share for every 10 pre-consolidation Common Shares issued and outstanding (the "Share Consolidation").

Once complete, the approximately 703.6 million Common Shares of the Company currently outstanding will be reduced to approximately 70.4 million Common Shares. No fractional Common Shares will be issued as a result of the Share Consolidation. If the Share Consolidation results in a shareholder holding a fractional interest of less than a whole Common Share, such fractional interest will be paid in cash in an amount equal to the number of Common Shares held by such holder multiplied by the weighted average price at which the Common Shares have traded on the TSX during the 20 consecutive trading days immediately prior to the date of the Meeting. The exercise price and the number of Common Shares issuable under any outstanding convertible securities of the Company, including outstanding incentive stock options and Common Share purchase warrants, will be proportionately adjusted once the transaction is complete.

The Company's Common Shares will continue to be traded on the TSX under the symbol "BWR" on a post-consolidation basis, under a new CUSIP number 106902703. Further, the Company's warrants will continue to be traded on the TSX under the symbol BWR.WT.A on a post-consolidation basis. The consolidation of the Company's shares remains subject to all necessary regulatory approvals, including that of the TMX.

Contacts:
Breakwater Resources Ltd.
Ann Wilkinson
Vice President, Investor Relations
416-363-4798 . 277
AWilkinson@breakwater.ca

Breakwater Resources Ltd. Annual and Special Meeting of Shareholders

Tue, 01 Jun 2010 17:21:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 06/01/10 -- Breakwater Resources Ltd. (TSX: BWR)(TSX: BWR.WT.A) will hold its annual and special meeting of shareholders at the Hockey Hall of Fame, Brookfield Place, 30 Yonge Street, Toronto, Ontario next Tuesday, June 8, 2010 at 10:00 a.m. (Toronto time). The meeting will also be accessible via a live webcast at https://services.choruscall.com/links/breakwater100608.html.

After the broadcast, an archive of the webcast will be available at the above URL.

Contacts:
Breakwater Resources Ltd.
Ann Wilkinson
Vice President, Investor Relations
416-363-4798 Ext. 277
AWilkinson@breakwater.ca

Update on Breakwater Resources Ltd.'s Toqui Mine in Southern Chile

Tue, 01 Jun 2010 16:57:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 06/01/10 -- Breakwater Resources Ltd. (TSX: BWR)(TSX: BWR.WT.A) has received approval from Chilean regulatory officials to reopen the Estatuas mine following completion of the investigation of the fatal accident that occurred on May 1, 2010. Toqui's remaining mines and mill operated normally throughout the period that Estatuas was not in operation. Management is maintaining the production guidance for Toqui for 2010.

Caution on Forward-Looking Information

This news release contains certain statements which constitute forward-looking information. These forward-looking statements are not descriptive of historical matters and refer to management's expectations or plans. These statements include but are not limited to statements concerning the Company's business objectives and plans; future production costs and volumes; mineral grades, reserve and resource estimates and types; availability of equipment and supplies; expected plant availability; success of process changes; the Company's processing technologies and production of base metal concentrates by the Company's operations.

Inherent in forward-looking statements are risks and uncertainties beyond the Company's ability to predict or control, including risks that may affect the Company's operating or capital plans, including risks generally encountered in the development and operation of mineral properties and processing facilities such as unusual or unexpected geological formations, unanticipated metallurgical difficulties, ground control problems, process upsets and equipment malfunctions; risks associated with labour disturbances and unavailability of skilled labour; fluctuations in the market prices of the Company's principal products, which are cyclical and subject to substantial price fluctuations; risks associated with lack of access to markets; risks associated with mineral reserve and resource estimates, including the risk of errors in assumptions or methodologies; risks posed by fluctuations in exchange rates and interest rates, as well as general economic conditions; risks associated with environmental compliance and permitting, including those created by changes in environmental legislation and regulation; risks associated with the Company's dependence on third parties in the provision of transportation and other critical services; risks associated with aboriginal title claims and other title risks; social and political risks; risks associated with government and non-government actions; and, risks associated with legal proceedings.

Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, the following assumptions: that there is no material deterioration in general business and economic conditions; that there is no fluctuation of interest rates and foreign exchange rates; that the supply and demand for, deliveries of, and the level and volatility of prices of zinc, lead, gold and silver develop as expected; that the Company receives regulatory and governmental approvals for its development projects and other operations on a timely basis; that the Company is able to obtain financing for its development projects on reasonable terms; that there is no unforeseen deterioration in the Company's costs of production or production and productivity levels; that the Company is able to continue to secure adequate transportation for its products; that the Company is able to procure mining equipment and operating supplies in sufficient quantities and on a timely basis; that engineering and construction timetables and capital costs for the Company's development and expansion projects are not incorrectly estimated or affected by unforeseen circumstances; that costs of closure of various operations are accurately estimated; that there are no unanticipated changes to market competition; that the Company's reserve estimates are within reasonable bounds of accuracy (including with respect to size, grade and recoverability) and that the geological, operational and price assumptions on which these are based are reasonable; that environmental and other proceedings or disputes are satisfactorily resolved; and, that the Company maintains its ongoing relations with its employees and with its business partners and joint venturers and representatives of communities in which it operates.

Readers are cautioned that the foregoing list of important factors and assumptions is not exhaustive. Forward-looking statements are not guarantees of future performance. Events or circumstances could cause the Company's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Readers should also carefully consider the matters discussed under "Risk Factors" in the Company's most recent Annual Information Form. Given these uncertainties, investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, whether as a result of new information or future events or otherwise, except as may be required under applicable laws.

Contacts:
Breakwater Resources Ltd.
Ann Wilkinson
Vice-President, Investor Relations
(416) 363-4798 Ext. 277

Accident at Breakwater Resources Ltd.'s Toqui Mine in Southern Chile

Mon, 03 May 2010 12:48:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 05/03/10 -- Breakwater Resources Ltd. (TSX: BWR)(TSX: BWR.WT.A) regrets to announce that an employee has died at a local hospital following an accident at Toqui's Estatuas mine over the weekend. The cause of death is unknown at this time and senior officials are en route to assist in the investigation. Breakwater and Toqui staff are working with local authorities to determine the cause of both the accident and the subsequent death of the employee. The Estatuas mine has been shut pending the outcome of the investigation. Toqui's remaining mines and mill continue to operate normally. Our thoughts and prayers are with the family of our employee and his co-workers.

Contacts:
Breakwater Resources Ltd.
Ann Wilkinson
Vice-President, Investor Relations
(416) 363-4798 Ext. 277

Breakwater Resources Ltd. Announces One for Ten Share Consolidation

Fri, 30 Apr 2010 17:19:00 -0400

TORONTO, ONTARIO -- (MARKET WIRE) -- 04/30/10 -- Breakwater Resources Ltd. ("Breakwater" or the "Company") (TSX: BWR)(TSX: BWR.WT.A) announces a proposed consolidation of the issued and outstanding common shares in the capital of Breakwater (each, a "Common Share") on the basis of one post-consolidation Common Share for every 10 pre-consolidation Common Shares issued and outstanding (the "Share Consolidation"). Breakwater does not anticipate changing its name or trading symbol in connection with the Share Consolidation.

Breakwater will seek approval for the Share Consolidation at its annual and special meeting of shareholders currently scheduled for June 8, 2010 (the "Meeting"). Details of the proposed Share Consolidation are set forth in Breakwater's Management Information Circular which will be mailed to shareholders on or about May 11, 2010 and filed under the Company's profile on SEDAR at http://www.sedar.com.

The approximately 702 million Common Shares of the Company currently outstanding will be reduced to approximately 70.2 million Common Shares if the share consolidation is effected. No fractional Common Shares will be issued as a result of the Share Consolidation. If the Share Consolidation results in a shareholder holding a fractional interest of less than a whole Common Share, such fractional interest will be paid in cash in an amount equal to the number of Common Shares held by such holder multiplied by the weighted average price at which the Common Shares have traded on the TSX during the 20 consecutive trading days immediately prior to the date of the Meeting. The exercise price and the number of Common Shares issuable under any outstanding convertible securities of the Company, including outstanding incentive stock options and Common Share purchase warrants, will be proportionately adjusted if the share consolidation is effected.

We anticipate that the Company's Common Shares will continue to be traded on the TSX under the symbol "BWR" on a post-consolidation basis, under a new CUSIP number yet to be assigned. Further, the Company's warrants will continue to be traded on the TSX under the symbol BWR.WT.A on a post-consolidation basis. The consolidation of the Company's shares is subject to receipt of shareholder approval as well as all necessary regulatory approvals, including that of the TSX.

Forward-Looking Statements

This news release contains forward-looking statements regarding the proposed offering and the use of proceeds. The words "expect", "will", "intend" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by those forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: our financial condition and operations, market metal prices, current global financial conditions, and regulatory approvals. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the date of such statements, are inherently subject to significant business, economic, social, political and competitive uncertainties and contingencies. For additional information with respect to risks, uncertainties and assumptions, please also refer to the "Risk Factors" in Company's most recent Annual Information Form filed on SEDAR at www.sedar.com under the Company's profile. These forward-looking statements are made as of the date of this news release only and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

Contacts:
Breakwater Resources Ltd.
Ann Wilkinson
Vice-President, Investor Relations
(416) 363-4798 Ext. 277

Breakwater Resources Ltd.'s First Quarter 2010 Financial and Operating Results

Thu, 29 Apr 2010 17:01:00 -0400

TORONTO, ONTARIO--(Marketwire - April 29, 2010) - Breakwater Resources Ltd. (TSX:BWR)(TSX:BWR.WT.A) realized net earnings of $24.8 million or $0.04 per share in the first quarter of 2010 compared with a net loss of $6.5 million or $0.01 per share in the first quarter of 2009.

The main items affecting the movement to net earnings were:

$41.6 million (US$50.6 million) or 65% higher gross sales revenue primarily due to significantly higher metal prices and higher concentrate sold partially offset by a stronger C$
12% lower treatment and marketing costs primarily due to a stronger C$ and more favourable smelter terms and freight rates
$5.2 million or 16% higher direct operating costs primarily due to 7% higher concentrate sales and higher costs at Toqui partially offset by the impact of a stronger C$
$2.3 million write-down of mineral properties and fixed assets primarily due to the termination of earn-in option agreements on certain exploration properties
$3.3 million or 115% higher income and mining tax provision primarily due to higher earnings before tax at all operations partially offset by a $2.0 million tax expense in 2009 which did not recur in 2010

David M. Petroff, President and Chief Executive Officer, stated that, "Strong metal prices have put us well along the road to recovery and I'm pleased to report, in addition to first quarter earnings of $25 million, we had over $65 million in cash at the end of March. Recognizing that our exploration programs at each site were conservative, the planned exploration budget is being increased to $6.9 million with $2.5 million to be spent at Mochito, $2.1 million at Toqui and $2.3 million in the Province of Quebec."

Mr. Petroff went on to say, "We also plan to accelerate certain development and drilling at Myra Falls resulting in $5.3 million of additional capital expenditures bringing the total to $15.3 million for Myra Falls and $54.8 million for the Company. Otherwise, the capital programs are progressing well, on time and on budget. From a risk management perspective, zinc price protection will be maintained, either by way of the purchase of put options or some other form of hedging to protect our shareholders."

Finally, Mr. Petroff noted, "Our focus of maintaining profitable low cost base metal operations in Honduras and Chile and maximizing output at Myra Falls while maintaining strict cost controls is succeeding. We have hit our targets for zinc and copper production while exceeding our targets for lead, silver and gold. As well, our operating costs per tonne milled are substantially on plan. At Langlois, the development work is progressing well and we continue to monitor the markets with the intention of making a formal decision to reopen that mine when the time is optimal. "

Gross Sales Revenue

A breakdown of gross sales revenue is set forth in the following table.

	First Quarter 2010					First Quarter 2009
	Concentrate sold (tonnes)	Payable metal⁽¹⁾	Realized price⁽¹⁾(US$)	Gross sales revenue ($000's)		Concentrate sold (tonnes)	Payable metal⁽¹⁾	Realized price⁽¹⁾(US$)	Gross sales revenue ($000's)
Zinc	52,040	21,979	2,197	48,296		50,110	22,174	1,156	25,629
Copper	6,768	1,502	7,163	10,760		9,556	2,032	3,635	7,389
Lead	8,889	5,502	2,248	12,369		5,467	3,471	1,202	4,172
Gold⁽²⁾	3,084	16,547	1,116	18,459		918	9,217	873	8,044
Silver	n.a.	713,947	17.23	12,303		n.a.	546,820	12.22	6,680
Price protection gain	n.a.			240		n.a.			n.a.
Other⁽³⁾	n.a.			(485	)	n.a.			(604	)
	70,781					66,051
Gross sales revenue in US$				101,942					51,310
Exchange rate				1.0370					1.2499
Gross sales revenue in C$				105,711					64,130

(1) Payable metal and realized prices for zinc, copper and lead are per tonne and for gold and silver are per ounce.
(2) Gold concentrate sales are principally from Toqui while payable gold is from all operations except Mochito.
(3) Other gross sales revenue represents revaluations of prior period concentrate receivables.

Concentrate Sales Breakdown by Mine

Concentrate Sold		First Quarter	First Quarter
(tonnes)		2010	2009⁽¹⁾
Zinc:
	Mochito	18,313	13,886
	Toqui	13,754	16,022
	Myra Falls	19,973	16,584
	Langlois	-	3,618
		52,040	50,110
Copper:
	Myra Falls	6,768	9,235
	Langlois	-	321
		6,768	9,556
Lead:
	Mochito	8,423	5,467
	Toqui	466	-
		8,889	5,467
Gold:
	Toqui	3,075	917
	Myra Falls	9	1
		3,084	918
All Metals		70,781	66,051
(1) Due to the Company's revenue recognition policy, certain concentrate produced prior to the temporary suspension of Langlois on November 2, 2008 was not recognized in revenue until the first quarter of 2009.

Treatment and Marketing Costs

Treatment and marketing costs decreased 12% to $20.8 million in the first quarter of 2010 from $23.7 million in the first quarter of 2009 primarily due to lower freight rates, the mix of concentrates sold and more favourable smelter terms despite the tonnes of concentrate sold increasing by 7%. Treatment and marketing costs for the first quarter of 2010 were 20% of gross revenue compared with 37% in 2009. As a percentage of gross sales revenue, the decrease was primarily due to higher metal prices and the factors noted above.

Direct Operating Costs

Direct operating costs were 16% higher in the first quarter of 2010 at $38.6 million compared with $33.3 million in the first quarter of 2009. The increased costs were primarily due to higher concentrate sales and higher costs at Toqui. On a cost per tonne of concentrate sold basis, direct operating costs increased to $545 in the first quarter of 2010 from $505 in 2009 primarily due to the factors noted above.

Write-down of Mineral Properties and Fixed Assets

In the first quarter of 2010, the Company elected not to participate further in the Trieste and Gayot projects and wrote-down $1.6 million. Additionally, $0.7 million was written-off relating to exploration properties which were deemed not commercially viable.

Income and Mining Tax Provision

In the first quarter of 2010, income and mining tax provision increased by $3.3 million compared with the respective 2009 period primarily due to higher earnings before tax at all operations partially offset by a $2.0 million Quebec mining duties tax provision in 2009 which did not recur in 2010.

Working Capital

Working capital at March 31, 2010 was $89.0 million compared with $70.7 million at December 31, 2009, an increase of $18.3 million.

Net Cash Provided By (Used In) Operating Activities

Net cash provided by operating activities was $38.5 million for the period ended March 31, 2010 compared with cash used of $10.0 million in the same period in 2010.

Capital Expenditures

The Company invested $12.2 million in mineral properties and fixed assets in the first quarter of 2010. At mining operations, $3.9 million, $6.7 million, $0.9 million and $0.5 million were spent at Mochito, Toqui, Myra Falls and Langlois respectively. Corporate capital expenditures were $0.2 million.

The complete unaudited consolidated financial statements for the period ended March 31, 2010, with the comparative figures for the period ended March 31, 2009, the related notes, and Management's Discussion and Analysis of the financial and operating results have been filed on www.sedar.com. Additionally, the documents have been made available on our website at
http://www.breakwater.ca/Investors/AnnualandQuarterlyReports/default.aspx.

For more information, please contact

Breakwater Resources Ltd.
Ann Wilkinson
Vice-President, Investor Relations
(416) 363-4798 Ext. 277
www.breakwater.ca

Breakwater Resources Completes Bought Deal Flow-Through Private Placement

Thu, 01 Apr 2010 11:33:00 -0400

TORONTO, ONTARIO--(Marketwire - April 1, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Breakwater Resources Ltd. ("Breakwater") (TSX:BWR)(TSX:BWR.WT.A) announces that it has completed the "bought-deal" private placement financing of "flow-through" shares announced March 17, 2010. The private placement consisted of 11,112,000 flow-through common shares at a price of $0.45 per flow-through share for gross proceeds of approximately $5.0 million.

The private placement was co-led by Cormark Securities Inc. and Dundee Securities Corporation as underwriters. The underwriters received a cash commission equal to 5.0% of the aggregate gross proceeds from the financing.

The net proceeds from the sale of flow-through common shares will be used to fund exploration activities on Breakwater's properties in the province of Quebec.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Forward-Looking Statements

FOR FURTHER INFORMATION PLEASE CONTACT:
        Breakwater Resources Ltd.
        Ann Wilkinson
        Vice-President, Investor Relations
        (416) 363-4798 Ext. 277

Source: Breakwater Resources Ltd.