Breakwater Resources Ltd.’s Second Quarter 2010 Financial And Operating Results

Breakwater Resources Ltd. (TSX:BWR and BWR.WT.A) realized net earnings of $24.6 million or $0.35 per share in the second quarter of 2010 compared with a net loss of $4.5 million or $0.07 per share in the second quarter of 2009.

The press release is quoted as saying:

Gross sales revenue was 124% higher at $91.8 million primarily due to significantly higher metal prices, more concentrate sold and price protection gains partially offset by a stronger C$. Concentrate produced in the second quarter of 2010 increased 32% to 64,160 tonnes compared with the second quarter of 2009 due to 66%, 21% and 15% increases at Myra Falls, Toqui and Mochito respectively. Cash and cash equivalents increased to $76.0 million at June 30, 2010, up by $10.3 million from March 31, 2010. Net cash provided by operating activities was $21.8 million for the three month period ended June 30, 2010 compared with cash used of $7.1 million in the same period in 2010.

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