Waseco Resources Inc - News Release
Waseco commissions airborne program; retains Terraquest
|Waseco Resources Inc
|Shares issued 19,793,829
||Jun 11 2002 close $ 0.06
|Thursday June 13 2002
|Mr. Peter Howe reports
|WASECO RESOURCES INC.: PHASE 1 AIRBORNE
|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
|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.
|(c) Copyright 2002 Canjex Publishing Ltd.