Brett Resources BBR -V Bohrergebnisse 40m@3,14g

- Holes BR-62, 64 and 68 are all located along the northeast extension of the A Zone, between the western shore of Mitta Lake and a swamp, in an area where prior operators never drilled. These results, combined with earlier holes drilled by Brett, as shown on the A Zone map, clearly indicate the potential to increase the A Zone in this area. Additionally, holes BR-60 and BR-64 are located at the edge of the roughly 100 m by 250 m swamp, which has yet to be drilled.

- Drill hole BR-69 was drilled at the far southwest margin of the A Zone near the shore of Marmion Lake. The main zone at depth returned 52.5 m of 1.05 g/t Au, and the aggregate of down hole intercepts, including all hanging wall intervals, totals 120 m at 1.08 g/t Au, indicating that the A Zone is still open to the southwest.

Brett has completed 50 drill holes in the A Zone this year, the results for ten of which are pending. In the mid 1980's, Falconbridge drilled 34 holes in the A Zone; most of these holes were shallow and revealed mineralized thicknesses of 30 to 60 metres. Brett's recent holes have intersected mineralized intercepts often exceeding 100 metres in width, to a maximum 267 metres, with grades better than 1.0 g/t Au. The down dip portion of the A zone has delivered results which indicate greater thickness and better grade than the prior up dip drilling. The A Zone dips to the SE at 25 to 40 degrees, with local steepening or flattening, and the additional drilling by Brett still indicates a favorable geometry for open pit mining. Drilling continues in the A Zone, while an aggressive program of exploration trenching elsewhere on the property is in progress.

--------------------------------------------------
                From         To     Length         Au
Hole                m          m          m        g/t    Section
--------------------------------------------------

--------------------------------------------------
BR-56            87.0      100.5       13.5       1.06      1450E
               111.0      126.0       15.0       1.06
               145.5      171.0       25.5       0.74
               240.0      253.5       13.5       1.05
--------------------------------------------------

--------------------------------------------------
BR-57            96.9      112.5       16.5       1.02      1350E
               124.5        132        7.5       1.77
               174.0      298.5      124.5       1.08
incl.          174.0      240.0       66.0       1.15
incl.          255.0      298.5       43.5       1.25
--------------------------------------------------

--------------------------------------------------
BR-61            10.5         21       10.5       1.32      1250E
                30.0       36.0        6.0       1.01
                55.5       61.5        6.0       1.34
               186.0      288.0      102.0       0.81
--------------------------------------------------

--------------------------------------------------
BR-62              84        102         18       0.79      1700E
                 138      154.5       16.5       1.80
               183.0      303.0      120.0       1.59
incl.          249.0      289.5       40.5       3.14
--------------------------------------------------

--------------------------------------------------
BR-63            25.5         33        7.5       1.29      1200E
                88.5       96.0        7.5       1.54
               133.5      163.5       30.0       0.80
               213.0      277.5       64.5       1.25
incl.          222.0      249.0       27.0       1.90
--------------------------------------------------

--------------------------------------------------
BR-64            91.5      270.0      178.5       1.08      1650E
with            91.5      150.0       58.5       0.83
and            156.0      270.0      114.0       1.26
incl.          189.0      220.5       31.5       2.22
--------------------------------------------------

--------------------------------------------------
BR-67           147.0      160.5       13.5       0.64      1150E
               169.5      265.0       96.0       0.76
               303.0      322.5       19.5       0.61
--------------------------------------------------

--------------------------------------------------
BR-68           141.0      316.5      175.5       0.98      1800E
incl.          190.5      256.5       66.0       1.47
--------------------------------------------------

--------------------------------------------------
BR-69            60.0       73.5       13.5       1.34      1050E
                94.5      112.5       18.0       2.01
               120.0      150.0       30.0       0.56
               196.5      249.0       52.5       1.05
--------------------------------------------------


Brett is earning a 60% interest in the Hammond Reef property from Kinross Gold Corp. by spending US $5 million on exploration over four years, and issuing one million shares to Kinross over the same period (see News Release of March 1, 2006 for a more complete description of the agreement).

The Hammond Reef deposit, which is open both laterally and to depth, comprises two roughly tabular zones along a northeasterly strike length of 2.5 kilometres, with a 700 metre gap between them. They are approximately 1000 and 800 metres long respectively and are designated the A and 41 Zones. Mineralization occurs as fracture controlled quartz vein stockworks with minor fine pyrite in variably altered, foliated Archaen granitoids and mafic dikes within and adjacent to the northeast trending structure known as the Hammond Reef Schist Zone.

The Company utilizes industry best practices in quality control and quality assurance with insertions of standards, blanks, and duplicates, in addition to the quality assurance and quality control practiced by the assay laboratory. Sample preparation and analysis are conducted principally by ALS Chemex Laboratories with sample preparation in Thunder Bay, Ont. and analyses of pulps in North Vancouver, BC ISO/IEC guideline 17025 accredited facilities. Project Manager responsible for the conduct of work and data acquisition at Hammond Reef is Denis Villeneuve, P.Geol.

The Qualified Person responsible for this news release under the terms of National Instrument 43-101 is Thomas Hasek, P.Eng.

About Brett Resources

Brett Resources Inc. is a Canadian minerals exploration company whose primary mandate is the discovery, acquisition, and development of precious metals systems, with particular expertise in Canada and Latin America. Opportunities in the acquisition of tin and tungsten resources in North America and gold in Ontario have provided diversification to its asset portfolio.

- Holes BR-62, 64 and 68 are all located along the northeast extension of the A Zone, between the western shore of Mitta Lake and a swamp, in an area where prior operators never drilled. These results, combined with earlier holes drilled by Brett, as shown on the A Zone map, clearly indicate the potential to increase the A Zone in this area. Additionally, holes BR-60 and BR-64 are located at the edge of the roughly 100 m by 250 m swamp, which has yet to be drilled.

- Drill hole BR-69 was drilled at the far southwest margin of the A Zone near the shore of Marmion Lake. The main zone at depth returned 52.5 m of 1.05 g/t Au, and the aggregate of down hole intercepts, including all hanging wall intervals, totals 120 m at 1.08 g/t Au, indicating that the A Zone is still open to the southwest.

Brett has completed 50 drill holes in the A Zone this year, the results for ten of which are pending. In the mid 1980's, Falconbridge drilled 34 holes in the A Zone; most of these holes were shallow and revealed mineralized thicknesses of 30 to 60 metres. Brett's recent holes have intersected mineralized intercepts often exceeding 100 metres in width, to a maximum 267 metres, with grades better than 1.0 g/t Au. The down dip portion of the A zone has delivered results which indicate greater thickness and better grade than the prior up dip drilling. The A Zone dips to the SE at 25 to 40 degrees, with local steepening or flattening, and the additional drilling by Brett still indicates a favorable geometry for open pit mining. Drilling continues in the A Zone, while an aggressive program of exploration trenching elsewhere on the property is in progress.

0.50           188.5       0.95         5.78
--------------------------------------------
0.40           227.0       0.87         6.34
--------------------------------------------
0.30           259.4       0.80         6.70

VANCOUVER, BRITISH COLUMBIA, Oct 05, 2009 (MARKETWIRE via COMTEX News Network) --

Brett Resources Inc. (TSX VENTURE: BBR) is pleased to announce that drilling has started on its Hammond Reef Gold Property in north-western Ontario.

Highlights of the drill program are outlined below:

- Approximately 70,000 metres of drilling is scheduled for completion by the fall of 2010.

--------------------------------------------

Over the first six years, on average, Hammond Reef will produce 463,000 ounces of gold per year at a head grade of 0.91 g/t Au, with direct cash costs of $360 per ounce (net of silver credits). Over a projected 14-year mine life the current deposit would produce an average of 369,000 ounces of gold per year at an average direct cash cost of $414 per ounce (net of silver credits), generating earnings before interest, taxes and capital recovery (EBITDA) of $1,958 million and earnings before interest and taxes (EBIT) of $1,186 million. For the first six years of production, the pre-tax operating cash flow is $1,229 million (EBITDA) and $656 million (EBIT). The Study shows a pre-tax Internal Rate of Return of 18.5% (15.2% after tax) and a Payback Period of 4.2 years (4.6 years after tax). Results of the Study are highly encouraging and Brett is continuing infill and exploration drilling as well as metallurgical, environmental and engineering studies to advance the Hammond Reef Gold Project to feasibility and production.

Patrick Soares, President and CEO of Brett, commented: "These robust economic results, the recent signing of the MOU with eight First Nations, very strong community support and promising nearby exploration targets encourage Brett to press on with exploration and engineering activities and advance the Hammond Reef Project to and through feasibility as quickly as possible."

Study Summary


--------------------------------------------------
--
Estimated Pit Contained Gold                             5,515,000 ounces
--------------------------------------------------
Estimated Net Recoverable Gold (based on 93% recovery)   5,129,000 ounces
--------------------------------------------------
Mill production rate
--------------------------------------------------
 Daily                                                     50,000 tonnes
--------------------------------------------------
 Annual (million)                                           17.5  tonnes
--------------------------------------------------
Life of Mine                                                     14 years
--------------------------------------------------
Overall Strip Ratio                                                  1.43
--------------------------------------------------
Capital Expenditure
--------------------------------------------------
 Initial                                                         $ 614 M
--------------------------------------------------
 Sustaining                                                      $ 158 M
--------------------------------------------------
 Total                                                           $ 772 M
--------------------------------------------------
 Total per ounce produced                                        $   151
--------------------------------------------------
--------------------------------------------------
                                            Years 1 to 6    Life of Mine
--------------------------------------------------
Gold Production (ounces per year)                 463,000         369,000
--------------------------------------------------
Average feed grade to mill (grams per tonne)         0.91            0.70
--------------------------------------------------
Cash cost per ounce
--------------------------------------------------
 Before royalties                                  $ 360           $ 414
--------------------------------------------------
 After royalties                                   $ 382           $ 442
--------------------------------------------------

Economic results for the Base case and Base Case +20% are as follows:


--------------------------------------------------
----
                                                  Base Case  Base Case +20%
                                              ($825/oz gold) ($990/oz gold)
--------------------------------------------------
Net Present Value at 5% Discount Rate
--------------------------------------------------
 Pre tax                                         $   588 M       $ 1,110 M
--------------------------------------------------
 After tax                                       $   413 M       $   811 M
--------------------------------------------------
--------------------------------------------------
Net Cashflow (NPV at 0% Discount Rate)
--------------------------------------------------
 Pre tax                                         $ 1,186 M       $ 2,014 M
--------------------------------------------------
 After tax                                       $   900 M       $ 1,534 M
--------------------------------------------------
--------------------------------------------------
Internal Rate of Return (IRR) pre tax                  18.5%           27.7%
--------------------------------------------------
Internal Rate of Return (IRR) after tax)               15.2%           22.9%
--------------------------------------------------
Revenue                                           $ 4,272 M       $ 5,117 M
--------------------------------------------------
Operating earnings pre tax,interest and
capital recovery (EBITDA)                        $ 1,958 M       $ 2,786 M
--------------------------------------------------
Operating earnings pre tax, interest and
after capital recovery (EBIT)                    $ 1,186 M       $ 2,014 M
--------------------------------------------------
Payback pre tax (years)                                 4.2             3.1
--------------------------------------------------
Payback after tax (years)                               4.6             3.5
--------------------------------------------------

All dollar amounts presented in this press release are expressed in US dollars. An exchange rate of 1.11 Canadian to US dollars was used with respect to Canadian expenditures.

Life of mine capital expenditures are estimated at $772 M (which includes an initial capital expenditure of $614 M), giving the Project an overall capital expenditure per recoverable ounce of $151.

This Study will be the foundation for further growth as Brett continues with infill drilling to raise the resource classification and explores for new resources on nearby targets. Brett's current 70,000 metre drill program includes exploration drilling of new gold zones identified by this summer's exploration.

The Study is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the Preliminary Assessment will be realized.

Location

The Hammond Reef Project is located in the Sawbill Bay-Marmion Reservoir area of the Thunder Bay Mining District, approximately 170 kilometres west of Thunder Bay, Ontario, Canada, and roughly 23 kilometres northeast of the town of Atikokan, Ontario. The property can be accessed both by water and by gravel road and there is a power line approximately 10 kilometres to the west, and a 230MW power generating station 14 kilometres to the southwest of the property. Atikokan has a population of about 3,000 people and is serviced by provincial highway and rail. The local economy is based on forestry, a thermal generating station, government services, retail services, tourism and light manufacturing, and has a history of mining. The region benefits from a strong contractor and supplier base to the mining industry and an experienced mining workforce. Other resources are available from Thunder Bay, which has a population of over 100,000 and is home to an international airport with daily scheduled jet service, rail service and port facilities.

Mineral Resources

Based on the results of the Study, the economic cut-off at a gold price of $825 per ounce is 0.27 g/t gold. Therefore, the Study was based on a new base case NI 43-101 compliant Inferred Mineral Resource of 259.8 million tonnes at 0.80 g/t gold totaling 6.7 million ounces of gold at a 0.30 g/t Au cut-off. The mineral resource at various cut-offs is as follows:


--------------------------------------------
Cut-off      Tonnes        Grade     Gold Oz
Au g/t     (000,000)    Gold g/t    (000,000)
--------------------------------------------
1.00          60.2         1.46        2.83
--------------------------------------------
0.90          77.1         1.35        3.34
--------------------------------------------
0.80          98.4         1.24        3.93
--------------------------------------------
0.70         124.6         1.14        4.56
--------------------------------------------
0.60         155.0         1.04        5.19
--------------------------------------------
0.50         188.5         0.95        5.78
--------------------------------------------
0.40         227.0         0.87        6.34
--------------------------------------------
0.30         259.4         0.80        6.70
--------------------------------------------
0.20         281.9         0.76        6.89
--------------------------------------------

Capital Investment Program

The initial capital investment program amounts to $614 M and is summarized below:


--------------------------------------------------
-----
Mining
- Equipment                                                $70.8 M
- Pre-production                                           $34.2 M $105.0 M
Infrastructure (including roads, buildings, communications)          $46.0 M
Mineral Processing Plant                                            $300.9 M
Tailings                                                             $33.5 M
Indirects                                                            $72.8 M
--------------------------------------------------
Subtotal                                                            $558.2 M
Contingency                                                          $55.8 M
--------------------------------------------------
Total (millions)                                                    $614.0 M
--------------------------------------------------

The investment program is scheduled over a three year period. Sustaining capital is estimated at $158 M and is primarily for additional mining equipment, infrastructure and a dike to extend the pit into Marmion Reservoir. Closure cost provisions amount to $35 M.

Mining

The preliminary mining plan was developed using the Inferred Mineral Resources audited by Scott Wilson RPA. An open pit optimization was performed using Whittle software, which is based on the Lerchs-Grossmann algorithm. The pit optimization resulted in an estimated mining resource conversion rate of 82 percent relative to the Inferred Mineral Resource at a cut-off of 0.3 g/t gold. The annual mining excavation plan shown below was based on stockpiling lower grade material during the initial 6 years for processing in the later years of the mine life.


--------------------------------------------------
-----
           Processed      Mine to            Cumulative     Total
       ----------------      Mill     Waste   Stockpile     Moved     Strip
Year    kTonnes Au (g/t)   kTonnes   kTonnes     kTonnes   kTonnes     Ratio
--------------------------------------------------
-1          -        -         -      9,045          50     9,095         -
--------------------------------------------------
 1     14,875     0.85    14,825     18,248       6,004    39,127      1.23
--------------------------------------------------
 2     17,500     0.86    17,500     31,784      15,797    59,077      1.82
--------------------------------------------------
 3     17,500     0.80    17,500     30,016      29,878    61,598      1.72
--------------------------------------------------
 4     17,500     0.94    17,500     29,700      37,848    55,170      1.70
--------------------------------------------------
 5     17,500     0.99    17,500     27,333      48,220    55,205      1.56
--------------------------------------------------
 6     17,500     1.01    17,500     32,354      56,034    57,668      1.85
--------------------------------------------------
 7     17,500     0.49     7,772     42,228      46,306    59,728      2.41
--------------------------------------------------
 8     17,500     0.63    17,222     40,778      46,028    58,278      2.33
--------------------------------------------------
 9     17,500     0.61    17,500     36,040      46,028    53,540      2.06
--------------------------------------------------
10     17,500     0.72    17,500     20,406      46,028    37,906      1.17
--------------------------------------------------
11     17,500     0.72    17,500     22,318      46,028    39,818      1.28
--------------------------------------------------
12     17,500     0.51     7,537      7,760      36,065    25,260      0.44
--------------------------------------------------
13     17,500     0.39         -          -      18,565    17,500         -
--------------------------------------------------
14     17,500     0.39         -          -       1,065    17,500         -
--------------------------------------------------
15      1,065     0.39         -          -           -     1,065         -
--------------------------------------------------
Total  243,440     0.70   187,356    348,008               647,531(i)   1.43
--------------------------------------------------
(i) Includes 56.034 million tonnes re-handled from the stockpile to the mill

The deposit will be mined by conventional open pit mining methods using an initial fleet of thirteen 218-tonne haul trucks, two hydraulic shovels, one loader, three drills and various ancillary equipment.

The mine production daily rate, including waste, is estimated at 158,000 tonnes per day for the first nine years, decreasing thereafter. The waste-to-ore ratio is estimated at 1.43 to 1. The pit design includes a maximum inter-ramp pit slope of 49 degrees and a maximum highwall height of 345 m.

The initial pit design is limited by a 20 m standoff from Marmion Reservoir to the southwest. In year 5, a 1,200 m long dike may be constructed to allow the open pit to extend into the reservoir area for maximum extraction of the resource, extending the life of the mine from 12 to 14 years and optimizing the Project economics. The A-zone mineralized system remains open to the southwest as no drilling has taken place within the reservoir or on the land mass beyond where positive surface exploration results have been realized.

Mining costs have been estimated at an average of $1.40 per tonne moved. Fuel price assumption is based on $70 per barrel. The average annual fuel consumption is estimated at 31.2 million litres.

Mineral Processing

The plant design is based on tests recently completed at SGS Lakefield, Ontario which confirmed the viability of a flotation-cyanidation process. Coarse primary grind (180 micron) feeds bulk sulphide flotation to pre-concentrate the gold to a stream of less than 10% by weight of the plant feed. The concentrate is subjected to fine regrinding to nominal 80% passing 10 micron and cyanidation to achieve an overall gold recovery of 93%.

Confirmatory, variability and optimization metallurgical testwork continues.

In order to minimize the environmental impact of the Project, the use of thickened tailings disposal technology has been selected. In addition, placement of the tailings in the former Steep Rock iron ore open pits is being investigated. All Acid Base Accounting (ABA) and Net Acid Generation (NAG) analyses indicated that the process tailings are likely to be non-acid generating. The sulphide sulphur content of the deposit is low, and there appears to be adequate carbonate to neutralize any potential acid generation.

The mineral processing costs, including tailings operations and power, are estimated at $4.45/tonne milled using a power cost of $0.054 (CDN$0.06) per kilowatt hour.

Operating Costs

Total direct operating costs, including $0.73/tonne for general and administration costs, are estimated at $8.90 per tonne milled or an average of $414 per ounce before royalties. At a base case gold price of $825 per ounce this operating cost is equivalent to an average cut-off of 0.27 g/t gold.

The summary per year is outlined below, based on an average gold recovery of 93%:


--------------------------------------------------
        Tonnes     Average   Payable Gold    Cost/ounce   Cost/ounce
        Milled       Grade     Production     Excluding    Including
Year     (000's)    (g/t Au)     (000's oz)    Royalties    Royalties
--------------------------------------------------
 1      14,875        0.85            376           346          368
--------------------------------------------------
 2      17,500        0.86            447           380          402
--------------------------------------------------
 3      17,500        0.80            420           431          453
--------------------------------------------------
 4      17,500        0.94            492           341          363
--------------------------------------------------
 5      17,500        0.99            515           335          357
--------------------------------------------------  6      17,500        1.01            527           341          362
--------------------------------------------------
 7      17,500        0.49            258           661          683
--------------------------------------------------
 8      17,500        0.63            327           510          531
--------------------------------------------------
 9      17,500        0.61            320           500          521
--------------------------------------------------
10      17,500        0.72            378           387          409
--------------------------------------------------
11      17,500        0.72            376           405          426
--------------------------------------------------
12      17,500        0.51            268           464          486
--------------------------------------------------
13      17,500        0.39            202           473          495
--------------------------------------------------
14      17,500        0.39            202           473          495
--------------------------------------------------
Total   243,440        0.70          5,119          $414         $442
--------------------------------------------------
Economic Results
Under the Base Case scenario at a gold price at $825 per ounce, the unleveraged pre-tax Internal Rate of Return (IRR) is estimated at 18.5%, the Net Present Value (NPV) at a 5% discount rate is $588.4 million and the undiscounted cashflow is $1,186 million. The Base Case after tax IRR is 15.2%, the NPV at 5% is $413.2 million and the net cashflow (undiscounted) is $900.1 million.

The table below outlines sensitivities under various pre-tax price scenarios:


--------------------------------------------------
Gold Price($)(i)                           NPV at                NPV at
per ounce            IRR (%)     5% discount (M $)     0% discount (M $)
--------------------------------------------------

--------------------------------------------------
1073                   31.8               1,370.1               2,427.5
--------------------------------------------------
1155                   35.6               1,630.7               2,841.3
--------------------------------------------------

The table below outlines sensitivities under various after-tax price scenarios:


--------------------------------------------------
Gold Price($)(i)                           NPV at                NPV at
per ounce            IRR (%)     5% discount (M $)     0% discount (M $)
--------------------------------------------------

990                   22.9                 811.3               1,533.8
--------------------------------------------------
1073                   26.3               1,010.4               1,850.6
--------------------------------------------------
1155                   29.6               1,209.5               2,167.4
--------------------------------------------------
(i) Gold prices are varied by increments of +/- 10% from the Base Case
   of $825
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Funding for the construction of the Sawbill North Road has come from the Seine River First Nation and Brett Resources. The Minister for Northern Development Mines and Forests has indicated that now, with all required approvals in place, the Ministry of Natural Resources will fund up to $150,000 of the construction costs. Total construction costs will be in the order of $350,000.

Brett Resources is currently conducting a 70,000 metre drill program on the Hammond Reef project north of the town of Atikokan. Once this road is complete, time to travel to Hammond Reef from the town of Atikokan will be reduced to about 45 minutes. Brett has set up core logging facilities and a business office in the town of Atikokan and will continue to pursue, where possible, a local hire policy. As the Hammond Reef Project continues to grow and develop, both the residents of Atikokan and members of the local First Nation communities will benefit from job and contracting opportunities that are created.

About Brett Resources Inc.

Brett Resources Inc. is a Canadian minerals exploration company whose primary mandate is the discovery, acquisition, and development of precious metals systems, with particular expertise in Canada and Latin America. Since 2006 Brett's primary focus has been the 100 percent owned Hammond Reef Gold Deposit in Ontario where a C.I.M. Inferred Resource of 6.70 million ounces of gold, 259.4 million tonnes at a grade of 0.8 grams per tonne utilizing a 0.3 gram per tonne gold cut-off has been outlined. The Company will continue to advance this flagship Project.

Patrick Soares, President & CEO

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.