RE: WOW!! NEWS
financing is key here, yup
WASECO RE-ESTABLISHES TEWAHGOLD PROJECT
September 13, 2010- Toronto, Ontario. Waseco Resources Inc. (“WRI”-TSX-V) 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.”
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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.