Waseco Resources Inc.

Waseco Resources Inc.

June 22, 2009 10:40 ET

Waseco to Drill Extensive Uranium Discovery

TORONTO, ONTARIO--(Marketwire - June 22, 2009) - Waseco Resources Inc. (TSX VENTURE:WRI)(FRANKFURT:WSE) is pleased to announce that an initial diamond drilling program will start on June 29th, 2009, on its Du Portage uranium claims in the Quebec Labrador Trough, Canada. The drilling is part of the $1.1 Million 2009 exploration program being funded by the AREVA group.

Significant surficial uranium was first reported by Waseco in 2007, following a high resolution geophysical survey. Uranium zones extending up to 4 km, with widths of 500m to 1km, were reported, with the smallest of the six (6) zones being approximately 800m by 400m in size. Several of the areas have potential for iron formation hosted gold and copper, as well as uranium.

Results of the 2007 geophysical survey and interpretation prepared by MPX Geophysics Inc. are summarized as follows:

- A total of six (6) large zones of uranium enrichment;

-- Note: in this study, a "zone" is defined as having an extension approaching or exceeding a kilometre in measurement;

- A total of eight (8) discrete uranium anomalies;

-- Note: in this study, a "discrete anomaly" is defined as a circular or elliptical shaped anomaly of limited diameter, and of high amplitude (typically 2.5 eU to 5.5 eU) that is distinct from/or hosted in a uranium zone.

- A total of seven (7) moderate conductivity electromagnetic anomalies;

- A total of eighteen (18) discrete magnetic targets that conform to a strike limited prismatic or vertical cylinder model;

- Identification of possible iron formation and gabbro dyke systems.

The Report concludes that:

"It is apparent that the study area is complex and has potential for hosting several types of economic mineralization. The potential exists for uranium, (and) gold at a minimum... As a result of the wide range of potential mineral deposits, the possibility of an IOCG multi-commodity type metalogenic system must be given serious consideration."

Management is very pleased with the results of the study and with the quality of the Report. It cautions readers that the areas referred to are surficial, as these radiometric readings generally penetrate 1.5 metres in depth. Further ground truthing is required to quantify and qualify the Uranium potential.

In 2008, a field program was carried out using AREVA's base camp on the adjascent Minowean uranium project. Helicopter assisted reconnaissance, propecting, mapping, grab and soil sampling were carried out. Twenty of the samples assayed for uranium at levels greater than 500cps (scintellometer). These samples were sent to Activation Laboratories for analysis by Neutron Activation/Mass Spectrometry (INAA/MS).

- 5 samples returned uranium values greater than 1000ppm (equals 0.1%- the maximum reading from multi-element analysis);

- 4 returned uranium values of between 500ppm and 1000ppm (equals 0.05% and 0.1%); and

- 11 samples returned uranium values of between 100ppm and 500ppm (equals 0.01-0.05%) (see April 28, 2009 News Release )

In March of 2009, a further follow-up electromagnetic (VTEM) survey was completed, including very close line spacings over a 13 square kilometer area where the uranium targets are interpreted as being most prospective. Geotech Ltd. and geophysicists at AREVA France are just completing their review and interpretation for the selection of the initial drill targets. The diamond drill and related equipment have been airlifted to the base camp.

Loic Garnier, Geo. and Exploration Director of AREVA Quebec, Inc. is the Qualified Person under NI 43-101 who has reviewed and approved the technical contents of this release. A.C.A (Peter) Howe, P.Eng. and Qualified Person under NI 43-101, has reviewed the technical contents of this release on behalf of the Company.

Waseco Resources Inc. is an exploration company focused primarily on uranium exploration in the Quebec Labrador Trough where it is working with the AREVA group. The Company is profitable, debt free and trading on the TSX Venture Exchange and the Frankfurt Stock Exchange. There are currently approximately 30.8 million shares issued and outstanding


All over the world, AREVA provides its customers with solutions for carbon-free power generation and electricity transmission. With its knowledge and expertise in these fields, the group has a leading role to play in meeting the world's energy needs. Ranked first in the global nuclear power industry, AREVA's unique integrated offering covers every stage of the fuel cycle, reactor design and construction, and related services. In addition, the group is developing a portfolio of operations in renewable energies. AREVA is also a world leader in electricity transmission and distribution and offers its customers a complete range of solutions for greater grid stability and energy efficiency. Sustainable development is a core component of the group's industrial strategy. Its 75,000 employees work every day to make AREVA a responsible industrial player that is helping to supply ever cleaner, safer and more economical energy to the greatest number of people.

For further information on AREVA, please visit the company web site at www.areva.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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