Waseco Resources Inc - News Release
Waseco to drill Attawapiskat Diamond
|Waseco Resources Inc||"YRI" TSX-V|
|January 15, 2004||News Release|
|Toronto Ontario- January 15, 2004. Waseco
Resources Inc. is pleased to announce that it intends
to carry out a follow up exploration programme on
its 2,440 acre claim block in the Attawapiskat Region
of the James Bay Lowlands in north-eastern Ontario.
|The property adjoins the northern boundary
of the De Beers Canada claims that host the Victor
Diamond Deposit, presently being advanced towards
production. The claims immediately adjacent to the
west of the Waseco claims host the KWG and Spider
Resources diamond discoveries (the MacFayden kimberlites)
which will also be also be further explored this winter.
|Other exploration programs for diamonds
are in progress in the area, including programs under
the direction of Charles Fipke, through the James
Bay Joint Venture and the Dumont Joint Venture, as
announced by Metalex Ventures Ltd.
|During the 2003 exploration campaign,
the company identified a series of prospective targets
by airborne geophysical survey. The scope of the current
program will be to do ground follow-up on these plus
the possible extensions of the MacFayden kimberlites.
|The Company has completed a $69,000 flow-through
private placement at $0.15 per share, resulting in
the issuance of 460,000 shares. These shares are subject
to a one (1) year hold. The funds raised will form
part of the budget for the above noted program which
is scheduled to be completed by March 1, 2004.
|Waseco is a junior exploration company
with an advanced gold project in Indonesia, where
a feasibility study indicates a gold resource of 750,000
ounces and production costs of U.S. $93.00 per ounce
gold equivalent, with zircon as a by-product. In addition,
the property hosts a multi-million ounce gold resource
on the river terraces, which are reported to be economic
at current gold prices.
|For further information, please contact:|