November 9, 2000. Breakwater Resources Ltd. (TSE-BWR)

Breakwater Resources Ltd. announces that it has completed its previously-announced acquisition of all of the outstanding shares of Jascan Resources Inc. by way of an arrangement under the provisions of the Business Corporations Act (Ontario). In connection with the acquisition, former shareholders of Jascan were issued in the aggregate approximately 9,490,000 common shares of Breakwater and will receive in the aggregate approximately $13,690,000.

Shareholders of Jascan who elected to receive common shares of Breakwater or the combination of common shares of Breakwater and cash and who are entitled to receive more than 100 common shares of Breakwater will receive the consideration elected in connection with the arrangement. Shareholders of Jascan who elected to receive all cash will receive cash for approximately 45.6% of their common shares of Jascan, with their remaining common shares of Jascan which entitle them to receive more than 100 common shares being exchanged for common shares of Breakwater.

By completing the arrangement, Breakwater has effectively acquired ownership and control of 29,181,161 common shares of Jascan, being all of the then outstanding common shares of Jascan. The arrangement resulted in Jascan being amalgamated with a wholly-owned subsidiary of Breakwater to form Watercan Inc., the single common share of which is now owned and controlled by Breakwater. The registered and principal office of Breakwater is located at Suite 2000, 95 Wellington Street West, Toronto, Ontario M5J 2N7.

Breakwater Resources Ltd. is a mineral resource company engaged in the acquisition, exploration, development and mining of base metal and precious metal deposits in the Americas and North Africa. Breakwater has six producing zinc mines: the Nanisivik mine on Baffin Island in Canada; the Bougrine mine in Tunisia; the El Mochito mine in Honduras; the El Toqui mine in Chile and the Bouchard-Hebert and Langlois mines in Quebec in Canada. In 1999 Breakwater’s mines produced 383 million pounds of zinc, 24 million pounds of lead, 2.1 million ounces of silver and 4,900 ounces of gold. Breakwater also owns the Caribou mine in New Brunswick, Canada that is currently being held on a care and maintenance basis pending higher zinc prices. The Company’s annual contained metal production capacity is estimated to be 550 million pounds of zinc, 18 million pounds of copper, 27 million pounds of lead, 30,000 ounces of gold and 2.5 million ounces of silver.

This press release includes certain forward-looking statements. All statements, other than statements of historical fact included herein, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

For further information, please contact:

E. Ann Wilkinson

Corporate Secretary

and Investor Relations Officer

(416) 363-4798 Ext. 277