Reuters reported that Breakwater Resources Q1 earnings rose 24% helped by an income tax recovery related to a mine in British Columbia and the Canadian copper and zinc producer set its 2011 capital budget at CAD 101.1 million. Quarterly earnings were CAD 30.8 million or 39 Canadian cents a share, compared with CAD 24.9 million or 36 Canadian cents a share a year ago.

Breakwater which has mines in Chile, Honduras and Canada said that its earnings included an income tax recovery of CAD 19 million or 24 Canadian cents a share related to its Myra Falls operations. Gross sales fell 30% to CAD 76.2 million.

(Sourced from Reuters)