Areva Reports on Waseco's Labrador Trough Uranium Prospects

Waseco Resources Inc. (TSX VENTURE:WRI)(FRANKFURT:WSE) has received an extensive
report on the 2009 exploration program carried out by AREVA (Quebec) Inc. on the
Du Portage Property (formerly Block I and II) composed of 304 claims, covering
14,288 hectares, in the Quebec Labrador Trough.


The area studied is in the central portion of the Labrador Trough, a region that
has been intensely explored these last years for mineral resources, following
the discovery of numerous uranium showings in the 1970's. The property hosts 8
known mineral showings, 5 of which contain uranium mineralisation. In addition,
the property hosts numerous radiometric and geochemical uranium indications,
including values that sometimes exceed several 10's of parts per million ("ppm")
U. Most of these remain under-explored. Several fields of radioactive boulder
trains have also been found, the sources of which have yet to be identified.


AREVA undertook a geological reconnaissance study, and focused on the eastern
portion of the property, with a view to identify the exploration markers which
should assist in the discovery of economic mineralisation. 


The 2009 field program, included prospecting, detailed mapping, and a series of
6 drill holes, with a total of 1,320 meters completed. Down hole radiometric
surveys were completed in all drill holes. Hole number WS09-5001 returned the
most interesting results, indicating anomalous uranium mineralization within the
host purple siltstone formation. Radiometric readings from this hole measuring
470 counts per second ("cps"), 659 cps and 761.4 cps were found at depths of
16.10m, 25.6m and 53m, respectively. These radiactive readings correspond to
uranium assays of 157 ppm U over 0.2m, 331 ppm U over 0.2m, and 109 ppm U over
0.3m, respectively.


Sulfides and magnetite were noted in the anomalous intervals. The uranium
mineralisation was generally associated with fractures or shear zones filled
with argillaceous material and sulfides. Trace amounts of uranium were
registered in all of the other completed holes. (note: one hole was abandoned
due to depth of overburden, and one hole was re-started in order to facilitate
the installation of plastic casing and in order to improve the down hole
radiometric logging survey).


The uranium potential of the property was further confirmed by the discovery at
surface of a number of new radioactive glacial boulder trains which are
spatially linked to the uranium anomalies identified by anomalous airborne
spectrometer readings. Thick overburden inhibited the precise identification of
the source of these boulder trains. This will require further investigation,
including possible drilling. The 2009 drill program provided valuable new
information regarding the lithological, geophysical and geochemical
characteristics of the sedimentary and intrusive formations hosting anomalous
uranium values, and level of deformation related to anomalous uranium, copper,
cobalt and other commercial elements. The field work also further identified the
geochemical relationships between various metals and defined a number of
different types of uranium mineralisation.


Certain EM anomalies discovered by VTEM readings, particularly in the southern
section of the property where major faults intersect, could reflect deep
intrusive structures. It is possible that their existence could have generated
hydrothermal systems. Follow up work is required.


The report concludes that the property continues to have uranium potential and
recommends that further work be carried out. The focus would be on prioritising
the geochemical drainage and traps for uranium in order to better define the
favourable "blind zones" on surface; prioritising the known mineralised zones in
order to identify the most favourable drill targets; drilling certain "blind
targets" where favourable geochemical traps are interpreted at depth; drilling
the mineralised zones at surface which have a potential in grade and size in
order to determine their lateral and depth continuity; and pursuing detail
prospecting and ground truthing of helicopter identified uranium targets.


All geochemical analyses for the program were carried out by Activation
Laboratories Inc. of Ancaster, Ontario, using Induced Coupled Plasma (ICP)
analytical techniques.


The Report, entitled Projet Du Portage 2009 Rapport des travaux de
reconnaissance geologique was authored by Dr. Gennady Ivanov, P. Geo.. The
technical content of this release was reviewed and approved by A.C.A. Howe,
P.Eng., who is a Qualified Person under National Instrument 43-101. 


Waseco Resources Inc. is an exploration company focused on uranium exploration
in the Quebec Labrador Trough and gold exploration in Kalimantan. The Company is
profitable, debt free and trading on the TSX Venture Exchange and the Frankfurt
Stock Exchange. There are currently approximately 30.3 million shares issued and
outstanding.


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