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Message: Delay to proposed Qualifying Transaction with Waterloo Resources Ltd.
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Delay to proposed Qualifying Transaction with Waterloo Resources Ltd.

posted on Feb 03, 2009 01:36AM
February 2, 2009
Waterloo Provides Update on Qualifying Transaction
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2009) - Waterloo Resources Ltd. (TSX VENTURE:WAT.P) ("Waterloo"), a Vancouver based Capital Pool Company listed on the TSX Venture Exchange (the "Exchange"), is providing an update on the status of its "Qualifying Transaction" further to its news release dated December 23, 2008.

Due to prevailing market conditions, Waterloo has decided to continue to postpone the timing of its filings with the Exchange in connection with the Option Agreement dated effective September 8, 2008 between Waterloo and Eagle Plains Resources Ltd. (TSX VENTURE:EPL) pursuant to which Waterloo has a right to earn up to a 75% interest in the Ice River Property located 45 km east of Golden in British Columbia, Canada. Please refer to Waterloo's news release dated September 24, 2008 for further details of the proposed Qualifying Transaction and concurrent private placement.

Waterloo will provide a further update on the status and timing of the Qualifying Transaction before the end of February, 2009.

Trading in Waterloo's common shares on the Exchange will remain halted pending completion of the Qualifying Transaction or further updates as to the status of the Qualifying Transaction.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

ON BEHALF OF WATERLOO RESOURCES

Marcel de Groot, President, Chief Executive Officer and Director
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