WAT.P Whatcom Capital II Corp

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" first
announced on September 24, 2008.


Due to prevailing market conditions, Waterloo has decided 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.
("Eagle Plains") (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. Waterloo has entered into an amending agreement
with Eagle Plains whereby the regulatory approval deadline for the transaction
has been extended from December 31, 2008 to May 31, 2009 to provide Waterloo
with additional time to evaluate market conditions and to confirm the structure
of its proposed concurrent financing. In addition, pursuant to the terms of the
amending agreement, Waterloo's expenditure requirements will remain the same,
however a portion of the funding for the second year work program will now be
delayed until year four. Cash payments to Eagle Plains will remain unchanged,
however an additional 50,000 shares will be issued to Eagle Plains on the third
anniversary of the Effective Date (as defined in the Option Agreement).


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 March, 2009 and 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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