Waterloo and Eagle Plains Complete 2009 Fieldwork on Ice River Rare-Earth Project

  Waterloo Resources Ltd. ("Waterloo")(TSX VENTURE: WAT) and Eagle Plains Resources ("Eagle Plains")(TSX VENTURE: EPL) have completed a $225,000 exploration program on the Ice River property located 30 kilometers southeast of Golden, British Columbia. The property is host to precious metals and rare earth element ("REE") mineralization in syenite and carbonatite dyke systems that are numerous and widespread over a 4+ kilometer-long corridor within the Ice River Intrusive Complex.

2009 Project Highlights:

- REE samples returned up to 1.44% total Rare Earth Element Oxides ("TREO"), with eight grab samples returning greater than 0.5% TREO

- A total of 15 rock samples returned greater than 1,000 g/t Nb2O5, with the best grab sample returning 4,653 g/t Nb2O5.

- A 600m x 600m soil geochemical anomaly delineated

2009 Project Outline:

The 2009 work program consisted of line-cutting and ground geophysical work, followed by detailed geological mapping and soil geochemical sampling. Bootleg Exploration Ltd., a wholly owned subsidiary of Eagle Plains, was engaged to carry out the field work, which commenced in August. Two target areas were the focus of exploration activity this year:

1) Waterloo Occurrence: A 5.4 line-kilometer, grid-based induced polarization and magnetic geophysical survey over the Waterloo showing area to further characterize and delineate potential extensions of Pb-Zn-Ag-Cu-Au +/-Nb, REE mineralization eastwards of the known workings.

2) Continued exploration for REEs and Nb, Zr, (Ta, Hf), and (Fe,Ti,P) associated with syenite, carbonatite and ultramafic intrusions of the Ice River Complex. The work program included:

- extension of previous systematic soil, and stream-silt geochemical surveys that have successfully highlighted numerous targets of interest;

- follow-up of new targets of interest with prospecting/mapping and systematic chip sampling aided by hand-held XRF; and,

- ongoing petrographic and isotopic studies in conjunction with the University of New Brunswick.

2009 Results

A total of 129 rock, 419 soil, and 4 stream sediment samples were collected from the Property and analyzed at ACME labs in Vancouver BC.

Results of the geophysical survey in the Waterloo showing area indicate a pronounced anomalous signature of high chargeability, low resistivity and extreme high and low magnetic signatures. Soil geochemical results for Pb, Zn and Cu broadly correlate spatially with increasing chargeability at surface.

Prospecting has expanded the known extent of mineralized zones exposed in the alpine. The best 2009 REE sample (grab) returned 1.44% TREO which includes 0.59% Ce2O3, 0.54% Nd2O3, and 0.020% Gd2O3. Another eight grab samples returned greater than 0.50% TREO. A total of 15 samples returned greater than 1,000 g/t Nb2O5, with the best grab sample returning 4,653 g/t Nb2O5.

Two sets of channel samples were completed on a syenite dyke swarm. Thirteen channel samples were cut across one 10.5 m wide dyke and resulted in an average of 394 g/t Nb2O5 and 0.042% TREO. The best 1 m channel interval for Nb2O5 returned 933 g/t. The best REE channel sample returned 0.134% TREO over 0.75 m. Seven channel samples were cut across a second 6 m dyke located nearby. Average results for the dyke were 202 g/t Nb2O5, and 0.046% TREO. The Heavy Rare Earth Elements (HREE), Eu-Yb, account for an average of 8% of TREO values.

Results for soil geochemical sampling designed to test extensions of the dyke swarms under overburden are very encouraging. A cluster of approximately 40 soil samples along three contour lines are anomalous to very anomalous in REE's (La, Ce, Y) and Ba, with additional spotty anomalies in Nb and Mo. Fourteen of 40 soil samples were over the upper detection limit (greater than 2,000 ppm) for the REE - Cerium (Ce). The anomaly is consistent over a 600 m x 600 m area and represents a prime target for further evaluation.

Property History

The Ice River property was acquired by Eagle Plains by staking in 2003. Limited work was completed in 2005 to assess the property for REEs. Drilling of the Waterloo occurrence was conducted in 2007, at which time increased exploration focus was given to the REE potential. Sampling of mineralized dykes returned up to 3.0% TREO, and 5,600 g/t Nb2O3 (Niobium / "Columbium" oxide). One 2.5 meter chip sample returned 2.4% TREO.

Eagle Plains/Waterloo Option Agreement:

Waterloo may earn a 60% interest in the property by making exploration expenditures of $3,000,000 and completing payments of 750,000 shares (on a post sub-divided basis - see also the Waterloo news release dated September 11, 2008) and $510,000 cash over a five year period. A 1% NSR is reserved for Eagle Plains. Waterloo may increase its interest in the property to 75% by delivering a bankable feasibility study by 2016.

This news release has been reviewed and approved by Tim J. Termuende, P.Geo, hereby designated as a qualified person under National Instrument 43-101.

ON BEHALF OF WATERLOO RESOURCES LTD.

Marcel de Groot, Chief Executive Officer and Director

Neither 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.

Contacts: Waterloo Resources Ltd. Sam Wong [phone] [phone] (FAX)