CAMPBELL RIVER, British Columbia Toronto-based BREAKWATER RESOURCES is acquiring all the outstanding shares of Boliden Westmin (Canada) from BOLIDEN of Sweden. The deal includes the Myra Falls zinc/copper/gold mine, interests in several Canadian exploration projects and certain marketable securities but not the Premier gold property and some other assets and liabilities. The cost to Breakwater is 67 million Swedish krona ($12.27 million dollars).
The Myra Falls mine and mill have been in operation since 1966, and Boliden purchased them in 1988. The underground mining rate is 1.25 million tonnes/year. Concentrator output in 2003 was 57,900 tonnes of zinc, 10,700 tonnes of copper, 27,300 oz of gold, and 720,000 oz of silver. Reserves are about 8.0 million tonnes grading 6.99% Zn, 1.28% Cu and 10.54% Pb.
The acquisition of the Myra Falls operations adds considerably to Breakwater's base metal reserves. Get all the details at www.breakwater.ca.