Waseco Resources Inc - News Release

Waseco commissions airborne program; retains Terraquest

Waseco Resources Inc YWS
Shares issued 19,793,829 Jun 11 2002 close $ 0.06
Thursday June 13 2002 News Release
Mr. Peter Howe reports
Waseco Resources has commissioned an airborne geophysical survey over its prospective diamond property (2,440 acres) in the Attawapiskat region of the James Bay lowlands in Northern Ontario.
The company has retained the services of, and is working in close co-operation with, Terraquest Ltd., an industry leader in the field of airborne geophysical diamond exploration. The geophysical program is presently being flown. Three high-resolution cesium vapour magnetometers and horizontal gradiometer with precise real-time GPS location, will determine the location of magnetic anomalies along and between the flight lines.
Waseco acquired an option to earn up to a 40-per-cent interest in the property together with a right of first refusal to purchase an additional 9-per-cent interest from the Condor Diamond Corp. earlier this year. The property adjoins the northern boundary of De Beers Canada Mining Inc. claims, which host the Victor diamond deposit, an advanced diamond project, presently at the prefeasibility stage. In addition, the De Beers's Uniform kimberlite is located on a small claim block in the centre of Waseco's claim block. Two other companies, KWG Resources and Spider Resources, have diamond discoveries on claims located to the west and adjoining the Waseco claims.
The company has closed a $100,000 non-brokered private placement at five cents per share, which was fully subscribed. The shares being issued subject to regulatory approval and shall have a 12-month hold, expiring June 12, 2003.
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