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:

Richard Williams
Phone: (416) 364-3123

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