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Re: News Release - Tuesday, October 16, 2007
Brett Adds Prospective Showings to Hammond Reef Property
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Brett Resources Inc. (TSX Venture Exchange -- BBR) is pleased to
announce that it has executed a letter of intent to acquire a 100%
interest in the Sande and Stewart Property. The Property comprises 10
claims (160 ha), contiguous with the south central boundary of the
Hammond Reef claim block, and is to be incorporated into the
option/joint venture agreements with Kinross. The option terms include
payments totaling $210,000 over three years and the issuance of 130,000
shares over the same period to earn a 100% interest, with $30,000 and
30,000 shares to be issued upon regulatory approval. The vendors will
retain a 2% NSR royalty, half of which may be purchased by Brett for $1
million in total.
The property covers more than 10 gold showings, several of which have
been explored by trenching and channel sampling carried out by and for
the vendors. One showing was drill tested, with inconclusive results.
The first table below lists some results obtained from historic channel
and drill sampling. The sample intervals may not reflect true width
and the table comprises historical results which predate NI 43-101.
Therefore, these results can only be relied upon to the extent that
Brett's Qualified Person has verified gold values by re-sampling some,
but not all of the locations as shown in the second table below.
SHOWINGS
Name Width Au g/t
Creek Zone 6.9 m. 12.25
Breccia in drill hole #1 2.5 m. 16.20
V Trench 6.6 m. 4.11
Twin Pine 3.0 m. 4.36
3.0 m. 3.99
3.0 m. 2.11
3.5 m. 1.19
Ted Trench 1.2 m. 11.51
Joe Johnson 2.0 m. 3.46
2.2 m. 2.39
2.5 m. 1.63
Trap Bay #1 2.5 m. 1.41
Trap Bay #2 1.5 m. 0.98
1.0 m. 1.63
1.5 m. 0.60
Brett Showing Au g/t Description
Sample #
352408 Trap Bay 2 0.67 Verification of sample of TS-02-04
(1.89 g/t Au)
353209 Trench near 85.20 Sample of quartz vein from which high
visible gold gold value was reported
showing
352410 Twin Pine 13.05 Verification sample in area of 0.99 g/t
Au and 9.60 g/t Au
352411 Ted's Trench 20.06 Verification of sample S-44 (4.77 g/t Au)
352412 V Trench 10.75 Verification of samples S-40 & S-34
(8.73 and 9.85 g/t Au)
352413 Creek Zone 52.4 Verification of samples T-94-81
(5.70 g/t Au)
The style of the mineralization is very similar to that of the nearby
Hammond Reef A and 41 Zones, consisting of sericitized granitoids and
gneisses with pyrite, quartz veins and iron carbonate alteration.
Brett is earning a 60% interest in the adjacent Hammond Reef property
from Kinross Gold Corp. by spending US $5 million on exploration over
four years, and issuing one million shares to Kinross over the same
period (see News Release of March 1, 2006 for a more complete
description of the agreement).
The Hammond Reef deposit, which is open both laterally and to depth,
comprises two roughly tabular zones along a northeasterly strike length
of 2.5 kilometres, with a 700 metre gap between them. They are
approximately 1000 and 800 metres long respectively and are designated
the A and 41 Zones. Mineralization occurs as fracture controlled quartz
vein stockworks with minor fine pyrite in variably altered, foliated
Archaen granitoids and mafic dikes within and adjacent to the northeast
trending structure known as the Hammond Reef Schist Zone.
Sample preparation and analysis were conducted by ALS Chemex
Laboratories with sample preparation in Thunder Bay, Ont. and analyses
of pulps in North Vancouver, BC, ISO/IEC guideline 17025 accredited
facilities. Project Manager and Qualified Person responsible for the
verification sampling above is Denis Villeneuve, P.Geol., Project
Manager at Hammond Reef.
The Qualified Person responsible for this news release under the terms
of National Instrument 43-101 is Thomas Hasek, P.Eng.
About Brett Resources
Brett Resources Inc. is a Canadian minerals exploration company whose
primary mandate is the discovery, acquisition, and development of
precious metals systems, with particular expertise in Canada and Latin
America. Opportunities in the acquisition of tin and tungsten resources
in North America and gold in Ontario have provided diversification to
its asset portfolio.
ON BEHALF OF THE BOARD OF DIRECTORS OF
BRETT RESOURCES INC.
"Thomas Hasek"
Thomas Hasek, President & CEO
Cautionary Statements on Forward-Looking Information.
The statements made in this News Release may contain certain
forward-looking statements. Actual events or results may differ from
the Company's expectations. Certain risk factors may also affect the
actual results achieved by the Company. The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
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Copyright (c) 2007 BRETT RESOURCES INC. (BBR) All rights reserved.
For more information visit our website at
http://www.brettresources.com/ or send mailto:info@brettresources.com
Message sent on Tue Oct 16, 2007 at 1:52:44 PM Pacific Time
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