TORONTO, November 29, 2004 /CNW/ BREAKWATER RESOURCES LTD. (TSX – BWR)

(“Breakwater”) announced today that Mr. Colin K. Benner will be stepping down as the

President and Chief Executive Officer of the Company effective December 23, 2004.

The Board of Directors of Breakwater has formed a committee to carry out a search for a new

Chief Executive Officer. In the interim period, Mr. Garth A. C. MacRae, the current Chairman

of Breakwater, has been appointed President and Chief Executive Officer. Mr. MacRae noted

that Mr. Benner has served Breakwater well over the past ten years and has assembled a firstclass

management team covering all facets of the operations.

Ned Goodman, President and Chief Executive Officer of Dundee Bancorp Inc., the largest

shareholder of Breakwater, has been reappointed to the Board and named Chairman of the Board

of Breakwater.

Mr. Benner has accepted a position with a Vancouver based resource company.

For further information please contact:

Garth A. C. MacRae

President and Chief Executive Officer

(416) 363-4798 Ext. 231