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Waseco Resources Inc.: AREVA Completes $2 Million Earn-In

^{Published on 2009-11-02 08:35:35 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Nov. 2, 2009) - Waseco Resources Inc. (TSX VENTURE:WRI)(FRANKFURT:WSE) is pleased to announce that it has received notice from AREVA and its wholly owned subsidiary UraMin that it has met its $2,000,000 earn-in requirement entitling it be become a joint venture partner in the exploration and development of Waseco's 330 square kilometer uranium prospects in the Quebec Labrador Trough.

AREVA has been exploring for uranium in the Province of Quebec for many years and currently holds claim blocks immediately adjacent to Waseco's Du Portage property,(formerly Block I & II) which was the primary area of exploration focus in 2009, as well as adjacent to Waseco's Block III, approximately 100 km to the northwest.

During the 2009 summer campaign, AREVA deployed 45 people and a drill to explore in detail 1/3 of the Du Portage Property. It also carried out prospecting and stripping in the northern 1/3 of the Property as well as a re-interpretation of some of the historical work carried out by Eldorado following the discovery of the Bravo uranium showing and 8 anomalous boulder fields.

A total of 1,320m were drilled in 6 holes, to establish the precise orientation and inclination of the fractures and structures. These holes were drilled to depths ranging from 150m to 250m. Each hole was carefully logged and scintillometer and spectrometer readings were taken where justified.
Extensive down-the hole geophysics were also carried out, including radiometric, resistivity and deviation measurements. The interpretation of the results will be completed in the coming months to provide information regarded as valuable in understanding the uranium circulation within the various rock formations.

Surface work was comprised of two programs: detailed work around the area selected for drilling in order to be able to correlate surface observations with drilling results, and follow up reconnaissance work on other key areas of the Du Portage property. To the north of the drilling sector, a number of shallow pits were made to better understand the contact between the gabbros and the sediments. This work also provided confirmation of the EM and spectrometric anomalies. A number of new uranium anomalies were observed in a number of different lithologies. All of this information will be of value in formulating the follow up work programs.

AREVA Quebec President, Nicolas Fehrenbach stated that: "The work completed over the past 2 years on the Du Portage Property has increased our regional understanding of the uranium circulation within the various rock formations. This information will be of great assistance in identifying the possible areas of uranium concentration. We look forward to further developing our working relationship with Waseco."

Loic Garnier, Geo. and Exploration Director of AREVA Quebec, Inc. is the Qualified Person under NI 43-101 who has reviewed and approved the technical contents of this release. A.C.A (Peter) Howe, P.Eng. and Qualified Person under NI 43-101, has reviewed the technical contents of this release on behalf of the Company.

Waseco Resources Inc. is an exploration company focused primarily on uranium exploration in the Quebec Labrador Trough where it is working with the AREVA group. AREVA has the right to a 50% interest in uranium and associated metals found on the properties by having spent $2 Million and has the right to earn a further 20% interest by advancing it to Final Feasibility. Waseco is profitable, debt free and trading on the TSX Venture and the Frankfurt Stock Exchanges. There are currently approximately 30.3 million shares issued and outstanding.

About AREVA

All over the world, AREVA provides its customers with solutions for carbon-free power generation and electricity transmission. With its knowledge and expertise in these fields, the group has a leading role to play in meeting the world's energy needs.

Ranked first in the global nuclear power industry, AREVA's unique integrated offering covers every stage of the fuel cycle, reactor design and construction, and related services.

In addition, the group is developing a portfolio of operations in renewable energies. AREVA is also a world leader in electricity transmission and distribution and offers its customers a complete range of solutions for greater grid stability and energy efficiency.

Sustainable development is a core component of the group's industrial strategy. Its 75,000 employees work every day to make AREVA a responsible industrial player that is helping to supply ever cleaner, safer and more economical energy to the greatest number of people.

For further information on AREVA, please visit the company web site at [ www.areva.com ].

"Neither the 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