Brett halted all day...
Brett has been halted since yesterday. It holds the adjacent property to Sparton...
Brett Resources* (BBR : TSX-V : $2.09), Net Change: 0.11, % Change: 5.56%, Volume: 230,530
Let the HALTED speculation begin. Shares of Brett Resources were halted mid-day Wednesday after jumping over 5% on close to the stock's average daily volume. Speculation began circulating of possible drill results coming out or an offer for the company has been made. Of course, it could be neither of these two events. Brett's principal asset, the 100%-owned Hammond Reef project, is an advanced gold project located in north-western Ontario. Last week, Brett announced it has signed a formal impact and benefits agreement (IBA) with eight First Nations of Treaty #3. Based on the terms of the IBA, the First Nations will endorse and support Brett in the exploration and development of Brett’s 100%-owned Hammond reef Au project in northwestern Ontario. Brett will issue to the First Nations, over a period of pre-determined milestones (from signing of the IBA to commercial production), five million shares, or about 4% of Brett’s current fully diluted shares outstanding. As per the terms of the IBA, the First Nations parties will have a pre-emptive right to participate in subsequent public offerings by Brett to maintain their then-existing percentage equity interest in Brett. Canaccord Adams Senior Mining Analyst Wendell Zerb believes this agreement is a solid step to ensure support by the First Nations as the project advances, ideally to a production decision. A 70,000-metre drill program is underway at Hammond Reef as part of plans to complete feasibility studies by mid-2011. A resource update is planned for mid-2010. Hammond Reef currently hosts inferred resources of 6.7 million oz Au at 0.80 g/t Au at a 0.3 g/t Au cut-off.
Extract from: Canaccord Wealth Management - Morning Coffee - Thursday March 18, 2010