Waseco Resources Inc.

Waseco Resources Inc.

September 13, 2010 09:39 ET

Waseco Re-Establishes Tewah Gold Project

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2010) - Waseco Resources Inc. (TSX VENTURE:WRI)(FRANKFURT:WSE) is pleased to report that it has returned to Indonesia, to pursue part of the Tewah Alluvial Gold Project in Central Kalimantan.

The Company first acquired an interest in the project in the mid-1980's, following a senior mining company having commissioned a study of the gold recoveries from the river terraces. Waseco's focus was on the actual river, where the gravels are also gold bearing. An independent Feasibility Study was commissioned in order to establish a gold resource within the river gravels and on the river terraces, to determine the viability of mining. While the results of the Study were very positive, production financing was not available due to then current market conditions.

With the recent significant increases in the prices of gold and zircon sands, which can be recovered at the same time, management believes that the economics of the project should be more robust than ever. Plans are being formulated to re-establish title to a significant portion of the original holdings and to carry out the requisite permitting and studies to determine the viability of modern gold operations. 

Company President, Richard Williams remarked: "We established the presence of gold in the Kalahayan River and along its banks in the 1980's and determined that the cost of recovering the gold would place this project in the lowest quartile of world gold operations. Management has been monitoring this area ever since. Changes in the mining laws and in the investment climate appear to have made this an opportune time to return to Indonesia. To date, the local reception has been very positive and this should be a very exciting chapter in the Company's history."

The technical content of this release was reviewed and approved by A.C.A. Howe, P.Eng., who is a Qualified Person under National Instrument 43-101.

Waseco Resources Inc. is an exploration company focused on uranium exploration in the Quebec Labrador Trough and gold exploration in Kalimantan. The Company is debt free and trading on the TSX Venture Exchange and the Frankfurt Stock Exchange. There are currently approximately 30.3 million shares issued and outstanding.

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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