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Breakwater Exercises Its 20% Property Conversion Option on Caribou and Restigouche Properties Pursuant to the Terms of the Convertible Debenture Issued By Blue Note Mining Inc.

August 29, 2008

TORONTO, ONTARIO–(Marketwire – Aug. 29, 2008) – Breakwater Resources Ltd. (TSX:BWR) Effective today, Breakwater exercised its right pursuant to the terms of the Unsecured Subordinated Convertible Debenture issued by Blue Note Mining Inc. (formerly, Blue Note Metals Inc.) (“Blue Note”) dated August 1, 2006 (the “Debenture”) to convert the Debenture in exchange for a twenty percent (20%) interest in the mineral properties and mine facilities which comprise the Caribou and Restigouche mines in New Brunswick (the “Properties”) now owned by Blue Note’s subsidiary, Blue Note Caribou Mines Inc.

On the Company surrendering the Debenture and providing Blue Note and Blue Note Caribou Mines Inc. with notice of the conversion, in accordance with the terms of the Debenture and an agreement dated June 29, 2007 between Blue Note, Blue Note Caribou Mines Inc. and the Company, a contract was constituted between the Company and Blue Note Caribou Mines Inc. whereby the Company and Blue Note Caribou Mines Inc. shall enter into a joint venture agreement with respect to the Properties.

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 four mines. Two of Breakwater’s mines are located in Canada, one is located in Chile and one is located in Honduras.

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