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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TSXV:BYU | TSX Venture | Common Stock |
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Bayswater Uranium Corporation (TSX VENTURE:BYU)(PINKSHEETS:BYSWF) is pleased to
report that AUC LLC ("AUC"), an affiliate that holds the Reno Creek properties
and operator of the Reno Creek Uranium Project, has drilled an additional 70
holes to complete its 350 hole 2011 delineation drilling program at the Reno
Creek project located in Campbell County, Wyoming. In addition, AUC plans to
submit permit applications in the 2nd quarter of 2012 to the U.S. Nuclear
Regulatory Commission ("NRC") for a Source Materials License and to the Wyoming
Department of Environmental Quality ("WDEQ") for a Permit to Mine uranium at the
Reno Creek site now that it has completed baseline environmental work as
previously reported.
The recently completed 70 holes, that formed a portion of the 2011 drilling
program, were principally designed as step-out holes to test along the strike of
identified mineralization in at least three separate roll front systems in the
southwest Reno Creek area. Highlights of this drilling phase are as follows:
-- Drilling defined significant uranium intercepts utilizing cutoff grades
of greater than or equal to 0.03% eU3O8 and grade-thickness values of
greater than or equal to 0.20. Drill holes intercepts that meet or
exceed the cutoff, as stated, are summarized in the table below.
-- Nearly 80% of the drill holes encountered mineralization exceeding the
listed grade/GT cutoffs.
-- The best hole intersected 38.5 feet grading 0.068% eU3O8 for a
grade/thickness ("GT") interval of 2.63, including an intercept of 18
feet grading 0.09% eU3O8 for a GT of 1.62.
AUC's 2011 drilling campaign included 350 holes for a total of 141,000 feet of
drilling in the southwest Reno Creek area, including 7 core holes and 2
re-entries of historical holes.
SUMMARY OF INTERCEPTS GRADING greater than or equal to 0.03% eU3O8 WITH GT
greater than or equal to 0.20
2011 DRILLING PROGRAM
Drilling in Southwest Reno Creek Area
----------------------------------------------------------------------------
Depth to Intercept
Intercept Intercept GT
Hole Top Thickness Grade (feet
ID (Feet) (Feet) (%eU3O8) %eU3O8)
----------------------------------------------------------------------------
RC0283 321.0 20.0 0.043 0.860
----------------------------------------------------------------------------
RC0284 234.5 18.0 0.090 1.620
----------------------------------------------------------------------------
RC0284 320.5 6.0 0.047 0.282
----------------------------------------------------------------------------
RC0284 346.0 8.5 0.064 0.544
----------------------------------------------------------------------------
RC0285 236.5 11.0 0.035 0.385
----------------------------------------------------------------------------
RC0286 328.5 5.5 0.042 0.231
----------------------------------------------------------------------------
RC0287 210.0 23.5 0.034 0.799
----------------------------------------------------------------------------
RC0288 204.5 15.5 0.034 0.527
----------------------------------------------------------------------------
RC0295 232.5 7.0 0.034 0.238
----------------------------------------------------------------------------
RC0296 258.5 7.5 0.037 0.278
----------------------------------------------------------------------------
RC0297 270.0 10.5 0.042 0.441
----------------------------------------------------------------------------
RC0298 267.0 16.0 0.039 0.624
----------------------------------------------------------------------------
RC0298 310.5 16.5 0.044 0.726
----------------------------------------------------------------------------
RC0302 263.5 9.0 0.068 0.612
----------------------------------------------------------------------------
RC0302 280.0 17.0 0.066 1.122
----------------------------------------------------------------------------
RC0303 267.5 16.5 0.042 0.693
----------------------------------------------------------------------------
RC0303 304.5 9.5 0.050 0.475
----------------------------------------------------------------------------
RC0304 282.5 21.0 0.083 1.743
----------------------------------------------------------------------------
RC0309 288.5 5.0 0.058 0.290
----------------------------------------------------------------------------
RC0309 296.0 15.0 0.047 0.705
----------------------------------------------------------------------------
RC0309 319.5 4.5 0.049 0.221
----------------------------------------------------------------------------
RC0310 281.0 6.5 0.033 0.215
----------------------------------------------------------------------------
RC0310 296.5 10.0 0.042 0.420
----------------------------------------------------------------------------
RC0310 313.0 13.5 0.039 0.527
----------------------------------------------------------------------------
RC0311 299.0 7.5 0.036 0.270
----------------------------------------------------------------------------
RC0311 317.0 8.0 0.036 0.288
----------------------------------------------------------------------------
RC0313 335.5 6.0 0.041 0.246
----------------------------------------------------------------------------
RC0314 327.5 9.5 0.035 0.333
----------------------------------------------------------------------------
RC0314 349.0 9.0 0.039 0.351
----------------------------------------------------------------------------
RC0315 343.5 9.0 0.099 0.891
----------------------------------------------------------------------------
RC0316 240.0 4.5 0.032 0.144
----------------------------------------------------------------------------
RC0316 319.5 14.0 0.049 0.686
----------------------------------------------------------------------------
RC0316 338.0 9.5 0.060 0.570
----------------------------------------------------------------------------
RC0318 310.0 10.5 0.030 0.315
----------------------------------------------------------------------------
RC0318 324.5 13.0 0.041 0.533
----------------------------------------------------------------------------
RC0319 206.5 10.5 0.057 0.599
----------------------------------------------------------------------------
RC0321 270.0 5.5 0.045 0.248
----------------------------------------------------------------------------
RC0323 318.5 11.5 0.035 0.403
----------------------------------------------------------------------------
RC0324 263.5 10.0 0.056 0.560
----------------------------------------------------------------------------
RC0324 301.5 8.0 0.042 0.336
----------------------------------------------------------------------------
RC0325 298.5 14.0 0.093 1.302
----------------------------------------------------------------------------
RC0325 316.0 22.5 0.042 0.945
----------------------------------------------------------------------------
RC0326 261.0 10.0 0.034 0.340
----------------------------------------------------------------------------
RC0326 295.0 9.5 0.036 0.342
----------------------------------------------------------------------------
RC0328 307.5 13.0 0.030 0.390
----------------------------------------------------------------------------
RC0329 309.0 9.5 0.067 0.637
----------------------------------------------------------------------------
RC0330 342.5 12.0 0.094 1.128
----------------------------------------------------------------------------
RC0331 345.5 7.5 0.042 0.315
----------------------------------------------------------------------------
RC0332 346.0 12.0 0.044 0.528
----------------------------------------------------------------------------
RC0333 320.5 7.0 0.031 0.217
----------------------------------------------------------------------------
RC0334 257.5 21.0 0.031 0.651
----------------------------------------------------------------------------
RC0335 335.0 6.0 0.043 0.258
----------------------------------------------------------------------------
RC0336 309.5 8.5 0.160 1.360
----------------------------------------------------------------------------
RC0339 330.0 10.0 0.072 0.720
----------------------------------------------------------------------------
RC0340 253.5 9.5 0.030 0.285
----------------------------------------------------------------------------
RC0340 318.5 11.0 0.032 0.352
----------------------------------------------------------------------------
RC0341 265.0 9.0 0.049 0.441
----------------------------------------------------------------------------
RC0341 308.0 10.0 0.093 0.930
----------------------------------------------------------------------------
RC0341 319.0 5.5 0.077 0.424
----------------------------------------------------------------------------
RC0342 245.5 27.0 0.035 0.945
----------------------------------------------------------------------------
RC0344 344.0 9.5 0.046 0.437
----------------------------------------------------------------------------
RC0345 328.0 6.5 0.085 0.553
----------------------------------------------------------------------------
RC0346 320.0 9.5 0.030 0.285
----------------------------------------------------------------------------
With completion of environmental baseline studies, AUC is finalizing
applications for a Source Materials License to the NRC and a Permit to Mine to
the WDEQ. In order to optimize the quality and effectiveness of the
applications, AUC elected to initiate a collaborative, publicly open procedure
with the NRC during November 15-17, 2011, called a Pre-Submission Audit. NRC
staff traveled to the Reno Creek Project site and toured the proposed project
development area. NRC staff then reviewed the draft application, including both
the Technical Report and Environmental Report, in detail, to determine the
application's general level of completeness. NRC staff found the documents very
thorough and identified specific sections of the document whose enhancements
could significantly reduce future Requests for Additional Information during the
technical review phase. NRC's comments are now being incorporated into the final
applications. Key findings of environmental baseline work are as follows:
-- The mineralized Production Zone sandstone horizon is physically confined
above and below by a low permeability shale or mudstone across the
entire project area. Detailed core testing of these mudstone aquitards
has revealed very low permeability ranging from 0.0005 to 0.0009
millidarcies.
-- The four multi-well pump tests completed, document that the hydrologic
conditions such as permeability and transmissivity are within the normal
operating ranges exhibited at existing commercial ISR production
facilities in Wyoming and neighbouring states as well as for projects
under on-going permitting or recently permitted for production in
Wyoming.
-- No hydrologic communication has been detected between the mineralized
production sandstone and the underlying and overlying aquifers in the
area of pump testing. This finding also confirms that there is no
evidence of hydrologic leakage or communication through historical drill
holes.
AUC's plans for 2012 include drilling of up to 550 exploration and delineation
holes on various Reno Creek area properties, continuing its permitting
activities with the NRC and the WDEQ, preparation of an updated NI 43-101
Resource Report, and preparation of a NI 43-101 compliant Prefeasibility
Study/Preliminary Economic Analysis. In addition during 2012, the Company
intends to commence engineering and design of the Production Units and Central
Process Plant. AUC's total budget during 2012 is approximately $8.0 million (US)
that has been fully funded by Pacific Road Resources Funds. The 2012 drilling
campaign will commence in March, 2012.
Bayswater and Pacific Road Resources Funds ("PRRF") are developing the Reno
Creek Uranium Project through Reno Creek Holdings Inc. ("RCHI"), which owns 100%
of the Project through RCHI's wholly owned subsidiary AUC. Bayswater currently
has a 13.47% interest in RCHI. PRRF is entitled to convert its investment in
RCHI into common shares of Bayswater at any time up to six months following the
later of completion of a feasibility study or receipt of all requisite mining
permits, but in any event PRRF shall convert its investment not later than April
7, 2015, provided certain conditions are met. Upon conversion of PRRF's
investment, Bayswater will own a 100% interest in RCHI which holds the Reno
Creek property.
The Company's exploration activities are conducted under the supervision of
George M. Leary, M.Sc., P. Eng. (B.C.), President of the Company, and Victor
Tanaka, B.Sc., P.Geo. (B.C.), Executive VP and Chief Operating Officer of the
Company. Both are Qualified Persons under NI 43-101. George Leary is the
qualified person responsible for the technical information in this news release.
About Bayswater Uranium Corporation - The Super Junior Uranium Company (TM)
Bayswater Uranium Corporation is an international uranium exploration and
development company. The Company owns several advanced uranium properties in the
United States with significant NI 43-101 compliant and historical resources that
may be amenable to ISR and/or conventional mining. Bayswater's focus is to
develop the Reno Creek Project in Wyoming to production in the shortest time
frame possible. The Company's Elkhorn/Alzada Project, located approximately 100
miles northeast of Reno Creek, is being advanced as a complementary or stand
alone project for future potential production. As well, Bayswater is the only
uranium company to have strategic landholdings in each of Canada's most
important producing and exploration regions - the Athabasca Basin, the Central
Mineral Belt, and the Thelon Basin. Bayswater combines a balanced portfolio of
advanced and exploration projects with the uranium expertise of its technical
and managerial teams. To capitalize on the strong growth of the nuclear
industry, the Company will continue to pursue acquisition opportunities of
advanced-stage uranium projects with production potential. Bayswater's vision is
to build a major international uranium company. Shares of the Company are listed
on the TSX Venture Exchange under the symbol "BYU". For further information
visit www.bayswateruranium.com.
About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited
The Pacific Road Resources Funds are private equity funds investing in the
global mining industry. They provide expansion and buyout capital for mining
projects, mining related infrastructure and mining services businesses located
throughout resource-rich regions of the world. The Pacific Road Resources Funds
are managed and advised by Pacific Road Capital Management Pty Ltd ("PRCM"). The
PRCM team, located in Sydney, Australia, San Francisco and New York, USA, is
comprised of experienced mining investment professionals that have extensive
knowledge and experience in the mining and infrastructure sectors, including
considerable operating, project development, transactional and investment
banking experience. For further information on the Pacific Road Resources Funds
and PRCM, please go to their website at www.pacroad.com.au.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary, President
Statements in this news release other than purely historical information,
including statements relating to the Company's future plans and objectives or
expected results, constitute forward-looking statements. Forward-looking
statements are based on numerous assumptions and are subject to all of the risks
and uncertainties inherent in the Company's business, including risks inherent
in mineral exploration, development and mining. There can be no assurance that
such forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on such statements. The
Company does not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
securities laws.
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