Waseco Resources Inc.

August 29, 2005 10:02 ET

Waseco Resources Inc.: Uranium Private Placement Closes

TORONTO, ONTARIO--(CCNMatthews - Aug. 29, 2005) - Waseco Resources Inc. (TSX VENTURE:WRI) is pleased to report that the $100,000 private placement, previously announced on August 15th, 2005, has been fully subscribed for and is now closed, subject to final regulatory approvals.

The final phase of the field geophysical programs on the 5 uranium prospects, covering some 105 square kilometres in the Quebec Labrador Trough, is in process. The interpretation of the results of these multi-facetted geophysical programs, being carried out by McPhar Geosurveys Ltd., by air and on the ground, should be completed in the next few weeks.

Three of the properties have been optioned to Uranium Mining Corporation plc, a company listed on the AIM Exchange in London. Waseco retains a 100% ownership in the remaining two prospects. Each of the properties hosts a number of known uranium occurrences.

Waseco Resources Inc. currently has 27,061,321 common shares issued and outstanding and will be issuing a further 833,334 common shares pursuant to the private placement. For further information about Waseco, please visit the Company's web site at www.wasecoresources.com.

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