Waterloo Provides Update on Qualifying Transaction

Waterloo Resources Ltd. (TSX VENTURE:WAT.P) ("Waterloo"), a Vancouver based
Capital Pool Company listed on the TSX Venture Exchange (the "Exchange"), is
providing an update on the status of its "Qualifying Transaction" further to its
news release dated December 23, 2008.


Due to prevailing market conditions, Waterloo has decided to continue to
postpone the timing of its filings with the Exchange in connection with the
Option Agreement dated effective September 8, 2008 between Waterloo and Eagle
Plains Resources Ltd. (TSX VENTURE:EPL) pursuant to which Waterloo has a right
to earn up to a 75% interest in the Ice River Property located 45 km east of
Golden in British Columbia, Canada. Please refer to Waterloo's news release
dated September 24, 2008 for further details of the proposed Qualifying
Transaction and concurrent private placement.


Waterloo will provide a further update on the status and timing of the
Qualifying Transaction before the end of February, 2009.


Trading in Waterloo's common shares on the Exchange will remain halted pending
completion of the Qualifying Transaction or further updates as to the status of
the Qualifying Transaction.


The TSX Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the contents of
this press release.


ON BEHALF OF WATERLOO RESOURCES

Marcel de Groot, President, Chief Executive Officer and Director