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Breakwater Resources Ltd

Publié le 11 septembre 2007

Amendment to the Coulon JV Agreement with Breakwater Resources

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Mots clés associés :   Canada |

 

AMENDMENT TO THE COULON JV AGREEMENT WITH BREAKWATER RESOURCES

 

September 11, 2007

 

Virginia Mines Inc. (?Virginia?) is pleased to announce the signing of an amendment to the Coulon JV Project Agreement pursuant to which Virginia optioned to Breakwater Resources Ltd. (?Breakwater?) the Fontanges Sud and Coulon Pitaval properties, located to the south and to the north of the Coulon JV property respectively.  With this amendment, the Fontanges Sud and Coulon Pitaval properties are now merged with the Coulon JV property, thus bringing the surface area of the new property to over 1600 km2.

 

Following the recent staking of 1,981 new claims and the addition of the Fontanges Sud and Coulon Pitaval properties, the new Coulon JV property (the ?Coulon JV?) now consists of more than 3,250 claims and covers the Coulon volcanic belt over more than 90 km.

 

According to this new agreement, Breakwater has the option to acquire a 50% interest in the Coulon JV property in exchange for CA$7.5M (formerly $6.5M) in exploration expenditures over a 9-year period (formerly 8 years) and payments totalling $180,000 over a 4-year period.  Virginia will remain the operator until the completion of a pre-feasibility study.

 

Please note that the Coulon JV property is now the host to 6 polymetallic massive sulphide lenses that returned up to 15.39% Zn, 3.12% Pb, 117 g/t Ag and 0.46% Cu over 10.5m (zone 16-17), up to 12.65% Zn, 1.36% Cu, 1.54% Pb and 125 g/t Ag over 4.7m (zone 08), up to 8.39% Zn, 0.95% Cu and 47.83 g/t Ag over 10.5m (lens 44), up to 7.54% Zn, 1.69% Cu, 0.37% Pb and 43.64 g/t Ag over 20.6m (lens 9-25), up to 2.22% Zn, 2.8% Cu and 22.06 g/t Ag over 9.65m (lens 43) and up to 7.22% Cu, 12.95% Zn, 200 g/t Ag and 1.24% Pb in selected grab samples on the newly discovered Spirit zone.  A third drill was just mobilized on the property to accelerate exploration work.  With this third drill, the level of exploration activity now represents monthly expenses of over $1M on the Coulon JV project.

 

Virginia is very pleased to be associated with Breakwater to develop, in partnership, one of Quebec most promising areas.

 

About Virginia

 

Virginia is among the most active mining exploration companies in Quebec with a working capital of $48,042,904 as of May 31, 2007 and 26,443,198 shares issued and outstanding as of August 31, 2007.  Virginia trades on the Toronto Stock Exchange (TSX) under the ticker symbol VGQ.  Virginia concentrates its activities on its numerous properties that are spread over the vast unexplored regions of northern Quebec.

 

If you wish to be removed from Virginia's press release notification list, please reply to this e-mail with UNSUBSCRIBE in the subject line!

 

FOR MORE INFORMATION, PLEASE CONTACT: Amelie Laliberte, Investor Relations, Paul Archer, V-P Exploration and Qualified Person, or Andre Gaumond, President.

 

200-116 St-Pierre                                        www.virginia.qc.ca                                       Tel. 800-476-1853

Quebec, QC G1K 4A7                               mines@virginia.qc.ca                                     Tel. 418-694-9832

Canada                                                                                                                      Fax. 418-694-9120

 

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Virginia's periodic reports including the annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. Virginia undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events

.

Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Breakwater Resources Ltd

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Breakwater Res. est une société de production minière de zinc et de plomb basée au Canada.

Breakwater Res. est productrice de zinc, de plomb, d'argent, de cuivre et d'or au Canada, au Chili, au Honduras et en Tunisie, en développement de projets d'argent, de cuivre, d'or, de plomb et de zinc au Canada, et détient divers projets d'exploration au Canada et au Honduras.

Ses principaux projets en production sont MYRA FALLS MINE (H-W, LYNX, ET AL) et BOUCHARD-HEBERT (MOBRUN MINE) au Canada, MOCHITO MINE au Honduras, BOUGRINE MINE en Tunisie et TOQUI au Chili, ses principaux projets en développement sont RESTIGOUCHE et LANGLOIS au Canada et ses principaux projets en exploration sont ABITIBI GOLD, LAC GAYOT- VIRGINIA, TRIESTE PROPERTY, NANISIVIK MINE, CANNON MINE et CARIBOU MINE au Canada.

Breakwater Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 600,3 millions CA$ (609,7 millions US$, 433,6 millions €).

La valeur de son action a atteint son plus bas niveau récent le 21 novembre 2008 à 0,06 CA$, et son plus haut niveau récent le 10 décembre 2010 à 7,01 CA$.

Breakwater Res. possède 85 877 000 actions en circulation.

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