Waseco Resources Inc - News Release

Waseco announces results on James Bay Diamond Project

Waseco Resources Inc YWS
Shares issued 19,793,829 Jun 26 2002 close $ 0.08
Thursday June 27 2002 News Release
Mr. Peter Howe reports
Waseco Resources Inc. is pleased to announce preliminary results of an airborne magnetic survey of its claims in the Attawapiskat Region of the James Bay Lowlands, in northern Ontario.
These claims are adjacent to De Beers’ claims covering the Victor Diamond pipe and surround De Beers’ Uniform pipe. The claims tie onto the boundary of the KWG/Spider claims on which they previously reported two diamondiferous pipes within a diatreme dyke system.
The Waseco survey results indicate a circular feature which Geophysical Consultant, Don MacFadyen reports "is similar to De Beer’s Uniform Pipe and within a dyke striking towards the Uniform Pipe, two kilometers away. Three other pipe-like features have been identified as well as two dyke-like features running parallel to the KWG/Spider system."
Mr. MacFadyen has recommended taking samples for geochemical analysis to confirm the presence of kimberlite indicator minerals in each of the magnetic targets prior to initiating a diamond drill programme.
Waseco can earn a 40% interest in the property by spending $250,000 in year one and an additional $1.5 million in the subsequent 2 years. The property is subject to a 2% NSR, with Waseco having a right of first refusal to acquire a 1% NSR.
Waseco is an exploration company with gold projects in Canada and Indonesia, including the advanced Tewah alluvial gold project. Waseco presently has 21,913,821 common shares issued and outstanding.
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