Waseco Resources Inc - News Release

Waseco receives Attawapiskat survey report

Waseco Resources Inc YWS
Shares issued 21,913,821 Oct 18 2002 close $ 0.06
Wednesday October 23 2002 News Release
Mr. A.C.A. Howe reports
Waseco Resources has received the high-sensitivity magnetic airborne survey report from Terraquest Ltd. on its Attawapiskat diamond project in the James Bay lowlands, in Northern Ontario.
Waseco's diamond prospect is immediately adjacent to De Beers' claims covering the Victor diamond pipe and surrounds the claims covering De Beers' Uniform pipe. The claims also tie onto the boundary of the KWG/Spider claims on which they previously reported two diamondiferous pipes within the diatreme dike system. The survey was performed with three magnetometers at 43-metre mean terrain clearance, 50-metre line interval, 1.5-kilometre tie line interval and data sample points at six metres along the flight line.
The report, prepared by Charles Barrie, MSc, concludes that, "Six targets have been selected as having excellent potential for kimberlite based on their magnetic relief, shape and displacement of otherwise uniform magnetic stratigraphy." The report concludes that, "All targets are considered to possess excellent potential for kimberlites based on their magnetic characteristics and their similarity with known deposits in the immediate vicinity, and as such warrant detailed followup on the ground."
The board of directors has approved a $250,000 follow-up program designed to be carried out over the winter season consisting of ground geophysics leading up to an initial drilling program. Management intends to finance this program by way of a flow-through equity financing. Waseco can earn a 40-per-cent interest in the property by spending $250,000 in year one and an additional $1.5-million in the subsequent two-year period. The property is subject to a 2-per-cent net smelter return, with Waseco having a right of first refusal to acquire 1-per-cent thereof.
A.C.A. Howe, PEng, has been appointed chairman and chief executive officer; Richard Williams, LLB, has been appointed president and chief operating officer; and James Richardson, CA, secretary-treasurer. The board also granted, subject to regulatory acceptance, 200,000 options to each of the six directors at a price of 10 cents per share, exercisable on or before Oct. 21, 2005. The company presently has 21,913,821 common shares issued and outstanding. The company invite you to visit its Web site at www.wasecoresources.com.
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