BREAKWATER RESOURCES LTD.

Breakwater Resources reported the financial and operating results for the three and nine month periods ended September 30, 2009. The Company had earnings of $6.5 million or $0.01 per share in the third quarter of 2009 compared with a net loss of $36.1 million or $0.08 per share in the third quarter of 2008. Included in the $6.5 million net earnings was $1.6 million of price protection losses related to the purchase of put options to protect the minimum price on certain zinc sales while retaining further price increase exposure. The temporary suspension of operations at Langlois in the fourth quarter of 2008 significantly impacted quarter-overquarter results.