February 22, 2000... Breakwater Resources Ltd. (TSE-BWR) wishes to announce that it has established credit facilities through a syndicate of banks including Standard Bank London Limited, Société Générale (New York) and The Bank of Nova Scotia.

The facilities include:

1. A US$35.0 million revolving credit facility; and

2. A US$7.5 million non-revolving term loan repayable quarterly at US$0.5 million commencing April 1, 2000 bearing interest at 8.4% per annum.

These facilities will be used to repay all of the Company’s existing debt with the excess of US$21.0 million available for future use, including acquisition opportunities, subject to a borrowing base calculation.

For further information please contact:

René R. Galipeau

Executive Vice President and Chief Financial Officer

416-363-4798 Ext. 260

E. Ann Wilkinson

Corporate Secretary and Investor Relations Officer

(416) 363-4798 Ext. 277