Brascade Resources Inc. Announces Shareholders' Approval of Amalgamation.

TORONTO -- Brascade Resources Inc. (TSX:BCA.PR.B) announced today that its common and preferred shareholders approved the amalgamation of Brascade and 4250231 Canada Limited, a wholly owned subsidiary of Brascan Corporation, at a special meeting held this morning. Over 99% of the shareholders who voted on the resolution approved the transaction. It is expected that the amalgamation will be effective September 13, 2004, following which the amalgamated corporation will be named "Brascade Corporation". Following the amalgamation, all of the common shares of the amalgamated company will be held by Brascan.

Brascade's existing Cumulative Redeemable Preferred Shares Series B will be converted into Class 1 Senior Preferred Shares, Series B of the amalgamated corporation on a one-for-one one basis. Series B Preferred shareholders of Brascade do not need to take any action to receive their senior preferred shares of the amalgamated corporation. Their existing preferred shares will, following the amalgamation, represent the senior preferred shares of the amalgamated corporation, until replaced against transfer.

The Senior Preferred Shares, Series B of the amalgamated corporation will trade under the stock symbol BCA.PR.B, the same stock symbol as Brascade's existing Series B preferred shares.

This news release contains forward-looking statements concerning the company's business and operations. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.