Brett Receives TSX Approval of IBA and Updates Drilling Activities
News Release 10-10
Brett Resources Inc. (TSX Venture Exchange -- BBR) is pleased to announce that the TSX Venture Exchange has accepted for filing, documentation in connection with the Impact and Benefits Agreement in Principle between the Company and the Fort Frances Chiefs Secretariat (representing the following First Nations: Couchiching, Lac La Croix, Mitaanjigaming, Naicatchewenin, Nigigoonsiminikaaning, Rainy River and Seine River) and Lac des Mille Lacs (the "First Nations Parties"). The agreement, as further detailed in Brett's News Release of March 9, 2010, provides for:
Funding consisting of $400,000 in the first year and $250,000 thereafter to the First Nations Parties for education and training;
Issuance of up to 5,000,000 shares as certain specified milestones are achieved; and
The First Nations Parties will have a pre-emptive right to participate in subsequent public offerings by the Company to maintain their then-existing percentage equity interest.
Patrick Soares, President and CEO of Brett, stated "Once again, I wish to reiterate that we believe that the opportunities created by the Hammond Reef Project will continue to benefit all parties and communities in the area, and we are pleased to have these First Nations partners with us to participate in the future success of the project."
At Hammond Reef, seven (7) drill rigs continue to operate, four (4) are drilling on the A Zone and three (3) are drilling on exploration targets. One of the drills at the A Zone is completing a large diameter (PQ) core hole, to be utilized for further metallurgical work. Assays continue to be received from the on-going 70,000 metre drill program and will be released in batches.
About Brett Resources Inc.
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. Since 2006 Brett's primary focus has been the 100 percent owned Hammond Reef Gold Deposit in Ontario where an inferred resource of 6.70 million ounces of gold, 259.4 million tonnes at a grade of 0.8 grams per tonne utilizing a 0.3 gram per tonne gold cut-off has been outlined.
Patrick Soares,
President & CEO
|
