Waterloo Granted Extension of Deadline for Completion of Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA, Jul 30 (MARKET WIRE) --
Waterloo Resources Ltd. (TSX VENTURE: WAT.P) ("Waterloo"), a Vancouver
based Capital Pool Company listed on the TSX Venture Exchange (the
"Exchange"), is pleased to announce that, in accordance with the extended
temporary relief measures announced by the TSX Venture Exchange on March
6, 2009, Waterloo has applied for and received a six-month extension for
the completion of its Qualifying Transaction. The new deadline for the
completion of Waterloo's Qualifying Transaction is February 12, 2010.

Please refer to Waterloo's news releases dated September 24, 2008 and
July 23, 2009 for further details of the proposed Qualifying Transaction
and concurrent private placement. 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 LTD.

Sam Wong, Chief Financial Officer

Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.

Contacts:
Waterloo Resources Ltd.
Sam Wong
(604) 628-1161
(604) 688-0094 (FAX)

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