WASECO RESOURCES INC.
Suite 502, 55 University Ave., TORONTO, ONTARIO M5J 2H7
PHONE: ( 416)-364-3123                                 FAX:  (416) 594-9003
E-Mail: blackwell@tcn.net

  

 News Release                                                                                      “WRI”-TSX-V
                                                                                                               “WSE”-F
                                                                                               

Waseco Updates Uranium Program  

Nov. 16th, 2006-Toronto, Canada.  In response to numerous inquiries from investors and prospective investors, management is very pleased to elaborate on the scope of the exploration programs recently completed on its uranium prospects in the Quebec Labrador Trough. 

In January 2005, the Company acquired five blocks, consisting of 210 claims, covering approximately 105 sq km. The area had been the subject of exploration during the 1960’s to 1980’s by various companies, including Denison Mines, Eldorado Nuclear, Imperial Oil, Conwest, Soquem and Uranerz.  Work stopped abruptly with the sharp decline in the price of uranium in the early 1980’s. 

In the summer of 2005, the Company commissioned an airborne geophysical program consisting of radiometrics and magnetic surveys as well as a ground gravity survey over the entire 5 Block area.  This work generated 27 uranium anomalies, many of which are within a shear zone that appears to extend for 15 km, from Block I to Block II.  The Company subsequently staked the area between Blocks I and II. It also retained Dr. Roger Lainé, an uranium expert, to initiate a regional compilation report, incorporating the extensive lake bed sampling, which included uranium analysis, carried out by the Province of Quebec. 

The Company elected to bring in a partner to fund the program and provide additional technical expertise.  In April 2006,  it selected UraMin Inc., a well funded company with advanced uranium projects in Namibia, the Central African Republic, and South Africa, and exploration projects in several areas, including the Athabasca Basin of Saskatchewan.  UraMin intends to be a major uranium producer in the near term. 

Following a further review of all of the data, UraMin recommended the additional staking of 252 claims (120 sq km) south of Block III.  Over the summer and fall, an 875 line km follow-up airborne geophysical program (magnetics and radiometrics) was carried out by MPX Geosurveys over the newly acquired claims. Concurrently, a ground geochemical survey was completed over a portion of Block I and the entire Block III extension. A scintillometer survey was also completed over the same areas. The field programs were carried out by Aurora Geosciences, using 6 person crew, which included 3 geologists.  A total of 978 non-biased, soil, rock and till samples were taken and have been sent to  ALS Chemex Laboratories for analysis by 4 acid near-total digestion with ICP-MS finish.  

The preliminary results of these programs were reviewed last week.  Based upon the information generated, a further 91 claims have been recently staked to incorporate large areas interpreted as hosting uranium mineralisation. The total land package now covers more than 320 sq km. The final reports, including both assays and interpretations, are still pending at this time. These will be made available in due course. 

The partners have retained the services of a consulting geological firm to complete the regional compilation and digitise the results, creating, for the first time, a comprehensive regional data base.  The new information once obtained, will be incorporated into this data system to assist in planning future programs 

The full import of these programs will be established over time, however, as previously stated, UraMin and Waseco management are extremely encouraged by the results to date. Significant uranium targets have already been identified for follow-up field programs.  The selection of drill targets and the scope of the next program will be formulated over the coming months, based upon the interpretation of the data compiled. Most significantly, a model is emerging as to the sources of the uranium mineralisation, its displacement and re-precipitation.  We believe that areas of key interest now lie within Waseco claims. Certain reference maps have been placed on the Company’s web site at www.wasecoreasources.com.  Additional information will be posted in due course.  

On Behalf of the Board

For further information, please contact: 

Richard Williams, President-  tel: (416) 364-3123 – e-mail: blackwell@tcn.net