Waseco Resources Inc.
TSX VENTURE : WRI
FRANKFURT : WSE

November 07, 2006 10:16 ET

UraMin and Waseco Identify New Uranium Targets and Expand Uranium Property Holdings

TORONTO, ONTARIO--(CCNMatthews - Nov. 7, 2006) - Waseco Resources Inc.(TSX VENTURE:WRI) (FWB:WSE) (WRI-V) is pleased to report that a further 91 claims, totalling 4,350 hectares, have been added to its Uranium properties in the Quebec Labrador Trough. The total land package of claims, listed and pending, now extends over 32,000 hectares (320 square kilometres).

The decision to further expand the area being explored was made following a presentation of the preliminary results of the airborne radiometric and magnetic surveys carried out by MPX Geophysics Ltd over the properties annexed to Blocks I, II and III, acquired earlier in the year. These surveys were designed to complement the airborne data gathered last year, which identified 27 uranium anomalies.

The airborne survey results will now be studied in conjunction with the geochemical survey carried out by Aurora Geosciences Ltd. and the compilation of previous work. Assay results from the geochemical program are still pending. The final reports from MPX and Aurora are expected to be delivered within the coming weeks.

These programs are being funded by UraMin Inc., which has the right to earn a 50% interest in the uranium related prospects by funding $1.6 million in exploration and paying $300,000 in aggregate (of which $150,000 had been paid). "The results of the geophysics programs to date have been most satisfactory", stated UraMin New Business Manager, Keith Kenyon. "From what we are seeing, this has all of the ear-marks of a very serious exploration play. We are very pleased with both the exceptional quality of the work and with the cooperation that we have been receiving on every level."

Waseco Resources is an exploration company listed on the TSX Venture and Frankfurt Exchanges. There are 29,201,155 common shares issued and outstanding.

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