Waterloo to Proceed with 2 for 1 Share Subdivision

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2009) - Waterloo Resources Ltd. (TSX VENTURE: WAT-P.V) ("Waterloo" or the "Company") is pleased to announce that the Company is proceeding to complete the subdivision of its outstanding common shares on the basis of two (2) new shares for every one (1) old share. The subdivision is being effected in anticipation of the Company's "Qualifying Transaction" first announced on September 24, 2008.

The Company has received requisite approvals from the TSX Venture Exchange to complete the subdivision.

The directors of the Company have set a record date of September 1, 2009 for the subdivision. Within five business days following the record date, the Company's registrar and transfer agent will mail, to the shareholders of record, share certificates representing the additional shares they are entitled to as a result of the subdivision.

The following table sets forth the effect that the subdivision will have on the Company's outstanding securities as of the date hereof:

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Before the Subdivision                After the Subdivision
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(Number and type of outstanding      (Number and type of outstanding
security)                             security)
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2,320,000 common shares               4,640,000 common shares
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40,000 incentive stock options        80,000 incentive stock options
exercisable to purchase 40,000        exercisable to purchase 80,000 
common shares at an exercise          common shares at an exercise 
price of $0.20 per share              price of $0.10 per share
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The Company will not be changing its name in conjunction with the subdivision.

ON BEHALF OF WATERLOO RESOURCES LTD.

Christian de Groot, 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

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