WAT Lowell Copper Ltd.

Waterloo Resources Ltd. (TSX VENTURE:WAT) ("Waterloo or the "Company"),
announces that fieldwork has commenced on the Ice River Property, located 30
kilometres South East of Golden, British Columbia.


The 2012 work program is funded by Waterloo and will consist of prospecting,
soil sampling and trenching, following-up on work conducted on the property from
2005 to 2010. Surface sampling completed during 2007 returned encouraging values
including up to 3.0% Total Rare Earth Oxides ("TREO"), and 5600 g/t Niobium /
"Columbium" oxide. One 2.5 meter chip sample (JBIVR048) returned 2.4% TREOs.
Follow-up work completed in 2009 expanded the known extent of mineralized zones
exposed in the alpine. The best 2009 REE sample (grab) returned 1.44% TREO,
which includes 0.59% Ce2O3, 0.54% Nd2O3, and 0.20% Gd2O3. Another eight grab
samples returned greater than 0.50% TREO. A total of 15 samples returned greater
than 1,000 g/t Nb2O5, with the best grab sample returning 4653 g/t Nb2O5.


Rare Earth Elements ("REE") and other elements with high-tech applications,
including Nb and Zr, have long been suspected as potential commodities on the
property; but it was not until results from the 2005 to 2009 mapping and
geochemical surveys that this suite of elements became fully appreciated. Other
potentially economic commodities identified include nepheline syenite and
sodalite; a semi-precious gem.


Previous work at the Ice River property has focused on the economic potential of
strataform/replacement massive sulphides of the Waterloo prospect (note that the
"Waterloo prospect or occurrence" is not in any way connected to Waterloo
Resources Ltd.) (see August 23, 2007 news release). At the Waterloo occurrence,
sulfide horizons are exposed in two historical adits excavated in the early
1900's, with historical samples returning assays up to 3.69% Pb, 16.10% Zn,
1.59% Cu, 27.30% Fe, 99.4 g/T Ag and 1.7 g/T Au (GSC Memoir 55, page 229).


Tim Termuende, P.Geo., is the Qualified Person under National Instrument 43-101
responsible for the scientific and technical information disclosed in this press
release.


Forward-Looking Statements

This release contains certain "forward looking statements" and certain
"forward-looking information" as defined under applicable Canadian and U.S.
securities laws. Forward-looking statements can generally be identified by the
use of forward-looking terminology such as "may", "will", "expect", "intend",
"estimate", "anticipate", "believe", "continue", "plans" or similar terminology.
Forward-looking statements include, but are not limited to, the completion of
the fieldwork program. Forward-looking statements are based on forecasts of
future results, estimates of amounts not yet determinable and assumptions that,
while believed by management to be reasonable, are inherently subject to
significant business, economic and competitive uncertainties and contingencies.
Certain of the statements made herein by Waterloo Resources Ltd. are
forward-looking and subject to various risks and uncertainties, both known and
unknown, many of which are beyond the ability of Waterloo Resources Ltd. to
control or predict. Known and unknown factors could cause actual results to
differ materially from those projected in the forward-looking statements.
Forward-looking information is subject to known and unknown risks and
uncertainties that may cause Waterloo Resources Ltd.'s actual results,
performance or achievements may be materially different from those expressed or
implied by such forward-looking information, and are developed based on
assumptions about such risks, uncertainties and other factors set out here in,
including but not limited to the inherent risks involved in the

exploration and development of mineral properties, the uncertainties involved in
interpreting drill results and other exploration data, the potential for delays
in exploration or development activities, mine development and production costs,
the projected life of the Company's mines, future production levels, the
geology, grade and continuity of mineral deposits, the possibility that future
exploration, development or mining results will not be consistent with the
Company's expectations, accidents, equipment breakdowns, title matters, labor
disputes or other unanticipated difficulties with or interruptions in production
and operations, fluctuating metal prices, unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing needed in the
future, the inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, commodity price fluctuations,
currency fluctuations, regulatory restrictions, including environmental
regulatory restrictions and liability, competition, loss of key employees, and
other related risks and uncertainties. The Company undertakes no obligation to
update forward-looking information except as required by applicable law. Such
forward-looking information represents management's best judgment based on
information currently available. No forward-looking statement can be guaranteed
and actual future results may vary materially. Accordingly, readers are advised
not to place undue reliance on forward-looking statements or information.

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