Waseco Resources Inc - News Release
Waseco receives Attawapiskat survey report
|Waseco Resources Inc
|Shares issued 21,913,821
||Oct 18 2002 close $ 0.06
|Wednesday October 23 2002
|Mr. A.C.A. Howe reports
|WASECO RESOURCES INC.: 'THIS OLD DOG IS
|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.