VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 02, 2008) - Waverley Biotech Inc. ("Waverley" or the "Company") (TSX VENTURE: WVE.P) is pleased to announce that it has entered into an Option agreement to acquire the Otter Gold Property located in the Spences Bridge Gold Belt near Princeton, British Columbia. The acquisition of the Otter Gold Property will constitute the Company's Qualifying Transaction (the "QT") under the rules of the TSX Venture Exchange (the "Exchange") for Capital Pool Companies. In connection with the QT, Waverley will conduct three non-brokered private placements to raise gross proceeds of $362,500 to fund the phase one exploration program on the property and for working capital requirements. Waverley intends to appoint Dr. Alastair Sinclair to the board and to engage Mr. Jacques Houle P.Eng as the Company's technical consultant and independent Qualified Person. Waverley also intends to change its name to Fox Resources Ltd., subject to shareholder approval at its upcoming Annual General Meeting.
