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BREAKWATER RESOURCES LTD. ANNOUNCES RESULTS

 BREAKWATER RESOURCES LTD. ANNOUNCES RESULTS
 VANCOUVER, British Columbia, Aug. 19 /PRNewswire/ -- Breakwater


Resources Ltd. (NASDAQ: BWRLF, Toronto, Vancouver: BWR), announced the results for the second quarter of 1992 and the six-month period ended June 30, 1992. Before an extraordinary gain of $22,317,000 arising from the restructuring of the company's Swiss Franc Bonds the company reported a loss of $3,934,000 or $0.04 per share for the six month period. This compares favorably to a loss of $12,397,000 or $0.18 per share for the corresponding period of 1991. While revenues declined from $36,473,000 in 1991 to $28,351,000 in 1992, operating costs declined from $35,301,000 to $22,426,000 resulting in operating income of $1,460,000 in 1992 vs. a loss of $7,467,000 in 1991. After giving effect to the extraordinary gain the net earnings for the first six months of 1992 was $18,383,000 or $0.19 per share. The impact of the debt restructuring, cost control and improved metal prices has contributed to the improvement in 1992.
 BREAKWATER RESOURCES LTD.
 Summarized Results
 June 30,1992 June30, 1991
 Current Assets $ 27,751,000 $ 29,434,000
 Total Assets 102,985,000 132,430,000
 Current Liabilities 42,242,000 31,956,000
 Total Liabilities 49,492,000 94,418,000
 Shareholders' Equity 53,493,000 38,012,000
 Revenue 28,351,000 36,473,000
 Operating Profit 1,460,000 (7,467,000)
 Extraordinary Gain 22,317,000 ---
 Net Increase 18,383,000 (12,397,000)
 Earnings per share $0.19 ($0.18)
 -0- 08/19/92
 /CONTACT: H.R. Shipes, Chairman, CEO or Russell D. Alley, president and COO of Breakwater resources, 602-745-8882/
 (BWRLF BWR.) CO: Breakwater Resources Ltd. ST: British Columbia IN: MNG SU: ERN


BP -- LA035 -- 1521 08/19/92 18:32 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
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