Waseco Resources Inc. - News Release


Waseco Resources Inc. "WRI" TSX-V
July 10, 2006 News Release

July 10th, 2006 . Waseco Resources Inc. is pleased to report that it has entered into a Letter of Intent with UraMin Inc. to explore Waseco’s Quebec Labrador Trough uranium properties.

These properties have been the subject of a multi-facetted geophysical campaign that was successful in identifying a number of uranium anomalies as well as possible kimberlitic, gold and base metal targets. By combining the historic geological and geochemical information with the newly acquired geophysical information, the company decided to stake additional contiguous claims. For further information, you are invited to visit the company’s web site at www.wasecoresources.com where the January 2006 McPhar Geosurveys Report is posted.

Under the terms of the Letter of Intent, Waseco will receive a Cdn$150,000 payment, of which Cdn$50,000 has been received, and a minimum of Cdn$800,000 in exploration expenditures will be completed during the initial year of a two year option. Should UraMin elect to proceed to the earn-in stage, they will pay a further Cdn$150,000 by the first Anniversary of the Agreement and fund a further Cdn$800,000 in exploration expenditures in year two. By paying the above noted Cdn$300,000 and funding Cdn$1.6 million in exploration, UraMin will earn a 50% interest in the uranium and associated minerals on the property and a joint venture would be formed. By subsequently funding the work leading up to a feasibility study, the joint venture partner can earn a further 20% interest in the uranium assets. Waseco retains title to the properties until the expenditures are completed and benefits from all tax incentives and rebates. The transaction is subject to Exchange approval. There is also a 5km area of interest provision by which additional claims staked or acquired within the said area becomes a joint holding of the parties. Exploration is expected to resume immediately.

Waseco Chairman, A.C.A. Howe stated that “We are pleased to be associated with UraMin, a well funded partner with extensive uranium expertise.”

A success fee of 100,000 shares will be paid to a member of the Waseco Board, subject to regulatory and disinterested shareholder approvals.

UraMin Inc. was admitted to the AIM market of the London Stock exchange under the Symbol UMN, raising U.S.$60 Million. The company was established to acquire and develop mineral uranium properties. UraMin is currently focusing on the development of its advanced exploration projects at Trekkopje in Namibia and Bakouma in the Central African Republic . The company also has exploration projects in South Africa and Athabaska , Canada .

Waseco is a Canadian exploration company with interest in uranium, gold and diamond properties. The company’s shares are listed for trading on the TXS Venture Exchange (WRI) and the Frankfurt Stock Exchange (WSE). There are currently 28,934,155 common shares issued and outstanding.


Richard Williams

For further information on Waseco: Please visit the WASECO web site at www.wasecoresources.com or contact Richard Williams, President, at tel: (416) 364-3123 e-mail: blackwell@tcn.net.

For further information on UraMin: Please visit the URAMIN web site at www.uramin.com or contact Ian Stalker, Chief Executive Officer, +27 (0)11 783-5056.

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