Waseco Re-Establishes Tewah Gold Project

Waseco Resources Inc. (TSX VENTURE:WRI)(FRANKFURT:WSE) is pleased to report that
it has returned to Indonesia, to pursue part of the Tewah Alluvial Gold Project
in Central Kalimantan.


The Company first acquired an interest in the project in the mid-1980's,
following a senior mining company having commissioned a study of the gold
recoveries from the river terraces. Waseco's focus was on the actual river,
where the gravels are also gold bearing. An independent Feasibility Study was
commissioned in order to establish a gold resource within the river gravels and
on the river terraces, to determine the viability of mining. While the results
of the Study were very positive, production financing was not available due to
then current market conditions.


With the recent significant increases in the prices of gold and zircon sands,
which can be recovered at the same time, management believes that the economics
of the project should be more robust than ever. Plans are being formulated to
re-establish title to a significant portion of the original holdings and to
carry out the requisite permitting and studies to determine the viability of
modern gold operations. 


Company President, Richard Williams remarked: "We established the presence of
gold in the Kalahayan River and along its banks in the 1980's and determined
that the cost of recovering the gold would place this project in the lowest
quartile of world gold operations. Management has been monitoring this area ever
since. Changes in the mining laws and in the investment climate appear to have
made this an opportune time to return to Indonesia. To date, the local reception
has been very positive and this should be a very exciting chapter in the
Company's history." 


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
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.