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Gold/Mining/Energy : Waseco Resources Inc.

WSCO 1.300

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Dec 24 4:00 PM EST

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To: Dave Tan who wrote (57)	4/7/1998 12:05:00 AM
From: CIMA	Read Replies (1) of 60

*PRESS RELEASE* Summary as follows: Waseco has completed a $200,000 private placement of one million units. Each unit consists of one common share at 20 cents and a warrant. Each warrant entitles the holder to acquire an additional common share at 25 cents during the first year or at 30 cents during the second year. A portion of the proceeds will be used to complete a due diligence review and engineering study on modifications to a dredge. The selection process has been narrowed down to a unit located in Malaysia or another in Thailand. The company has already received and is reviewing a 3 year "lease/option to purchase" from one of the existing dredge owners and a purchase financing proposal from the other. Both alternatives are quite attractive. A portion of the proceeds will be applied to further exploration work on the Company's highly prospective hard rock Tikukur prospect in order to confirm the large tonnage, open pit potential, of the deposit. Follow-up deep backhoe trenching and then a first phase shallow drill program on a 50m grid spacing will concentrate on the previously reported higher grade main zone ( 800m x 600m ). This zone lies within an extensive 2km x 4km low grade envelope. Negotiations are underway with several financial institutions and substantial private investors on production financing and associated working capital needs.

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