Waterloo Completes Its Qualifying Transaction and Related Financing; Shares to Resume Trading on the TSX-V

Waterloo Resources Ltd. (TSX VENTURE:WAT.P) ("Waterloo" or the "Company") is
pleased to announce that it has completed and received final acceptance from the
TSX Venture Exchange (the "Exchange") in respect of the Company's qualifying
transaction originally announced on September 24, 2008 and described in detail
in the Company's Filing Statement dated August 14, 2009 (available under the
Company's profile at www.sedar.com). Pursuant to the qualifying transaction, the
Company has entered into an agreement (the "Option Agreement") with Eagle Plains
Resources Ltd. (TSX VENTURE:EPL) ("Eagle Plains") whereby Waterloo has a right
to earn up to a 60% interest in the Ice River Property located 45 km east of
Golden in British Columbia, Canada for $510,000 cash, 750,000 post-split common
shares and $3 million in exploration expenditures all over a five year period
ending on September 27, 2014. The Company has the right to earn an additional
15% in the property by paying all expenditures to prepare a bankable feasibility
study by September 27, 2017.


In addition, the Company has closed a non-brokered private placement pursuant to
which it raised $520,000.


Closing of Private Placement

At the closing of the private placement, the Company issued 3,200,000 units at a
price of $0.10 per unit and 2,000,000 "flow-through" units at a price of $0.10
per unit, for aggregate gross proceeds of $520,000. Each unit consists of one
non-flow-through common share of Waterloo and one warrant. Each flow-through
unit consists of one flow-through common share and one warrant. Warrants
comprising both the units and flow-through units are transferable (subject to
applicable securities laws) and entitle the holder thereof to purchase one
non-flow-through common share of Waterloo at a price of $0.155 per share until
September 14, 2014.


All securities issued or issuable under the private placement are subject to a
four-month hold period expiring on January 15, 2010 pursuant to applicable
Canadian securities laws and the policies of the Exchange.


The Resulting Issuer and Resumption of Trading

Following the Exchange's acceptance of the Option Agreement and the completion
of the non-brokered private placement, Waterloo has 9,940,000 issued and
outstanding common shares (including the first 100,000 shares issuable to Eagle
Plains under the Option Agreement) and 5,200,000 warrants outstanding that
entitle the holders to purchase an equal number of common shares. A total of
80,000 stock options are also outstanding.


As indicated in the bulletin issued by the Exchange today, Waterloo will resume
trading on the Exchange at market open on Friday, September 18, 2009. The
Company will be classified as a Tier 2 "junior natural resource mining" company
with the trading symbol "WAT".


ON BEHALF OF WATERLOO RESOURCES LTD.

Marcel de Groot, Chief Executive Officer and Director