Waterloo Announces Amendments to Property Option Agreement

Waterloo Resources Ltd. (TSX VENTURE:WAT) ("Waterloo" or the "Company")
announces that the Company has agreed with Eagle Plains Resources Ltd. ("Eagle
Plains") to amend the terms of the option agreement in respect of the "Ice
River" property. The amended terms of the Option Agreement remain subject to the
approval of the TSX Venture Exchange.


The proposed amendments will provide that: (i) the Company will issue an
additional 100,000 common shares to Eagle Plains on or before March 31, 2012;
(ii) the Company will expend an additional $85,000 in work commitments on the
Ice River property before December 31, 2012; and (iii) the remainder of the work
commitment expenditures as provided for in the Option Agreement will be
rescheduled to additional years.


The Company plans to expend the new $85,000 work commitment on geochemical
survey and mapping programs.


The Ice River property is host to precious metals and rare earth element
mineralization in syenite and carbonatite dyke systems that are numerous and
widespread over a four kilometer long corridor within the Ice River Intrusive
Complex, located 40 kilometers southeast of Golden, British Columbia, Canada.


Work carried out on the property was successful in locating massive to
semi-massive strataform sulfide mineralization and associated stockwork zones,
hosted in variably altered limestone wall-rock of the Ice River Intrusive
Complex.


Rare Earth Elements (REEs) and other elements with high-tech applications have
long been suspected as potential commodities on the property; but it was not
until results from mapping and geochemical surveys, that the potential suite of
elements became fully appreciated. Other potential commodities identified
include extensive nepheline syenite as an industrial mineral source, and
presence of the ornamental mineral sodalite.


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, statements with
respect to the completion of transactions under the option agreement in respect
of the Ice River property between Waterloo Resources Ltd. and Eagle Plains
Resources Ltd. (The "Option Agreement"), the results of any exploration work
carried out on the Ice River property and the approval of the TSX Venture
Exchange in respect of the proposed amendments to the Option Agreement
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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