Waseco Resources Inc - News Release

Corporate Update

Waseco Resources Inc "YWS" TSX-V
December 16, 2003 News Release

December 16, 2003, Toronto, Ont.   Waseco Resources Inc. has been informed by the TSX Venture Exchange that is to be designated a Tier 2 Issuer, effective January 2nd , 2004. Also, effective January 2nd, Waseco’s new trading symbol will be WRI.

All of the management stock options which were exercisable at $0.10 per share and were due to expire on December 11, 2003, have been exercised, which adds $55,500.00 to the corporate treasury. This participation reflects the confidence of management in the future performance of the company. Following the issuance, there will be 25,741,321 shares issued and outstanding.

The Company also wishes to report that it has recently received a number of what it considers to be bona-fide inquiries for funding the Tewah Project, where the company holds a 60% interest in an advanced alluvial gold project hosting a 3 million ounce resource. While these discussions are at very preliminary stages, the renewed level of interest is noteworthy.

The Company also wishes to announce that it intends to raise up to one hundred and fifty thousand dollars (CDN$150,000) by way of non-brokered private placements of flow-through shares at $0.15 per share. These shares will be available only to Ontario residents and will be subject to applicable resale restrictions. The funds obtained will be dedicated to exploration of the Company’s Attawapiskat Diamond Project in the James Bay Lowlands of North-eastern Ontario. A number of airborne geophysical targets were identified during last year’s campaign. The Waseco Property is immediately adjacent to the northern boundary of the De Beers’ Victor Property.

By Order of the Board

Richard Williams

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