Waterloo Resources Ltd.: Approval of Amendments to Property Option Agreement

Waterloo Resources Ltd. (TSX VENTURE:WAT) ("Waterloo or the "Company"), confirms
that further to its press release of March 19, 2012, the Company has received
the approval of the TSX Venture Exchange to amend the terms of the option
agreement with Eagle Plains Resources Ltd. ("Eagle Plains") in respect of the
"Ice River" property. 


Forward-Looking Statements

This release contains certain "forward looking statements" and certain
"forward-looking information" as defined under applicable Canadian and U.S.
securities laws. Forward-looking statements can generally be identified by the
use of forward-looking terminology such as "may", "will", "expect", "intend",
"estimate", "anticipate", "believe", "continue", "plans" or similar terminology.
Forward-looking statements include, but are not limited to, statements with
respect to the completion of transactions (including the amended terms) under
the option agreement in respect of the Ice River property between Waterloo
Resources Ltd. and Eagle Plains Resources Ltd. (The "Option Agreement").


Forward-looking statements are based on forecasts of future results, estimates
of amounts not yet determinable and assumptions that, while believed by
management to be reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Certain of the
statements made herein by Waterloo Resources Ltd. are forward-looking and
subject to various risks and uncertainties, both known and unknown, many of
which are beyond the ability of Waterloo Resources Ltd. to control or predict.
Known and unknown factors could cause actual results to differ materially from
those projected in the forward-looking statements. Forward-looking information
is subject to known and unknown risks and uncertainties that may cause Waterloo
Resources Ltd.'s actual results, performance or achievements may be materially
different from those expressed or implied by such forward-looking information,
and are developed based on assumptions about such risks, uncertainties and other
factors set out here in, including but not limited to the inherent risks
involved in the exploration and development of mineral properties, the
uncertainties involved in interpreting drill results and other exploration data,
the potential for delays in exploration or development activities, mine
development and production costs, the projected life of the Company's mines,
future production levels, the geology, grade and continuity of mineral deposits,
the possibility that future exploration, development or mining results will not
be consistent with the Company's expectations, accidents, equipment breakdowns,
title matters, labor disputes or other unanticipated difficulties with or
interruptions in production and operations, fluctuating metal prices,
unanticipated costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future, the inherent uncertainty of production
and cost estimates and the potential for unexpected costs and expenses,
commodity price fluctuations, currency fluctuations, regulatory restrictions,
including environmental regulatory restrictions and liability, competition, loss
of key employees, and other related risks and uncertainties. The Company
undertakes no obligation to update forward-looking information except as
required by applicable law. Such forward-looking information represents
management's best judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future results may vary
materially. Accordingly, readers are advised not to place undue reliance on
forward-looking statements or information.