🕐14.06.12 - 17:27 Uhr
BAYSWATER: NEW URANIUM DISCOVERY DELINEATED AT RENO CREEK
BAYSWATER URANIUM CORPORATION
1111 Melville Street, Suite 1100
Vancouver, B.C.
V6E 3V6
Tel: (604) 687-2153
www.bayswateruranium.com
NEWS RELEASE
Bayswater Affiliate AUC LLC Delineates New Uranium Discovery at Reno Creek
Uranium Project, Wyoming
Significant Mineralized Extension to Known Resources in the Southwest
Portion of the Reno Creek Deposit Confirmed by Drilling 230 Holes
Vancouver, BC, June 14, 2012 - Bayswater Uranium Corporation (TSX-V:
BYU), (OTC:
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 outlined by drilling a new uranium
discovery at its Reno Creek Project located in Campbell County, Wyoming.
The discovery area is located in the southwest portion of the Reno Creek
deposit within Section 31.
Drilling of an additional 195 holes has been
completed this year, for a total of approximately 230 holes drilled in the
discovery area thus far, that has resulted in delineating a major portion of
the new discovery.
Approximately 70% of the drill holes reported in the discovery area show
grade-thickness (GT) in excess of 0.2, with an average grade of 0.051% U3O8
over an average thickness of 12.7 feet, resulting in an average GT of 0.64.
Nearly 40% of the holes reported GT >0.5.
Section 31 had been drilled very
sparsely by Rocky Mountain Energy during the 1970s and 1980s, without
discovering any significant mineralization.
Drill holes showing intercepts
grading >0.02%U3O8 and GTs of >0.50 are listed below.
SUMMARY OF INTERCEPTS GRADING ?0.02% eU3O8 WITH GTs ?0.50
Section 31, T43N R74W
Southwest Reno Creek Portion of Reno Creek Project
Hole ID
Intercept Depth (feet)
Thickness (feet)
Grade (%U3O8)
Intercept GT (feet%U3O8)
RC0350
318.5
23.0
0.031
0.713
RC0351
323.0
18.5
0.050
0.925
RC0360
248.0
27.0
0.060
1.620
RC0362
293.0
24.0
0.050
1.200
RC0364
306.5
22.0
0.034
0.748
RC0364
334.5
15.0
0.036
0.540
RC0368
271.5
8.5
0.082
0.697
RC0368
308.5
9.0
0.059
0.531
RC0369
263.5
16.0
0.057
0.912
RC0371
295.0
12.0
0.050
0.600
RC0372
303.0
10.5
0.113
1.187
RC0372
282.5
15.5
0.037
0.574
RC0377
285.0
10.0
0.073
0.730
RC0385
264.5
17.0
0.047
0.799
RC0385
284.0
15.5
0.049
0.760
RC0397
244.5
17.0
0.040
0.680
RC0401
324.0
22.5
0.053
1.193
RC0402
328.0
22.5
0.035
0.788
RC0403
333.0
18.5
0.059
1.092
RC0404
327.0
13.0
0.076
0.988
RC0405
317.5
22.0
0.065
1.430
RC0413
316.5
20.0
0.040
0.800
RC0415
277.5
11.0
0.050
0.550
RC0417
245.0
28.0
0.062
1.736
RC0419
285.0
38.0
0.072
2.736
RC0420
298.0
35.5
0.079
2.805
RC0421
246.5
17.5
0.029
0.508
RC0423
329.5
14.0
0.060
0.840
RC0425
337.5
13.5
0.049
0.662
RC0427
333.5
27.5
0.231
6.353
RC0428
325.0
19.0
0.100
1.900
RC0433
310.5
10.0
0.070
0.700
RC0433
337.5
18.0
0.036
0.648
RC0443
294.5
13.5
0.072
0.972
RC0454
292.0
11.0
0.051
0.561
RC0460
262.0
52.5
0.080
4.200
RC0462
282.0
16.5
0.080
1.320
RC0462
306.0
12.0
0.060
0.720
RC0463
312.5
11.0
0.093
1.023
RC0464
317.0
24.5
0.055
1.348
RC0465
344.0
20.0
0.080
1.600
RC0465
333.5
9.0
0.063
0.567
RC0466
328.0
28.5
0.056
1.596
RC0466
312.5
7.5
0.088
0.660
RC0470
322.0
12.5
0.047
0.588
RC0481
331.0
11.0
0.159
1.749
RC0504
221.0
17.0
0.049
0.833
RC0505
309.5
24.0
0.061
1.464
RC0508
317.0
17.0
0.064
1.088
RC0509
262.0
19.0
0.028
0.532
RC0510
259.0
13.0
0.046
0.598
RC0514
285.5
25.5
0.053
1.352
RC0518
264.5
12.0
0.063
0.756
RC0519
270.0
13.5
0.171
2.309
RC0537
329.5
13.5
0.037
0.500
RC0541
345.0
13.5
0.049
0.662
RC0542
337.5
16.5
0.057
0.941
RC0547
365.0
14.5
0.041
0.595
RC0548
377.0
9.0
0.145
1.305
RC0549
362.5
15.5
0.042
0.651
RC0551
375.5
9.0
0.126
1.134
RC0556
389.5
9.0
0.079
0.711
RC0561
308.0
16.0
0.045
0.720
RC0577
317.0
13.0
0.042
0.546
RC0583
252.0
14.5
0.049
0.711
RC0594
278.0
6.5
0.103
0.670
RC0601
256.0
12.0
0.047
0.564
RC0613
277.5
33.0
0.046
1.518
RC0629
217.5
18.0
0.031
0.558
RC0633
264.0
18.0
0.068
1.224
RC0636
245.5
12.0
0.046
0.552
AUCs plans for the second half of 2012 include the completion of an updated
and revised NI 43-101 Resource Estimate for North Reno Creek and Southwest
Reno Creek resource areas that comprise the known Reno Creek deposit.
In
addition the Resource Estimate will incorporate portions of the historical
resource from AUCs Pine Tree Trend that are now compliant with NI 43-101
standards as a result of significant new data recently acquired as
previously announced.
The Pine Tree Trend contains AUCs Moore Unit, which lies approximately 7
miles northwest of the Reno Creek Project, and the Pine Tree Unit, which
lies approximately 5 miles southwest of the Reno Creek Project.
The Pine
Tree Trend contains a historical resource of 8.4 million pounds U3O8 grading
0.083% U3O8 based on a 1980 report by Pathfinder Mines Corporation and by
Rocky Mountain Energy in a report dated April, 1986.
Historical resource
estimates are not compliant with NI 43-101 standards, are not treated as
mineral resources, have not been verified by the Companys Qualified Person,
are provided for information purposes only and, as such, should not be
relied upon.
The NI 43-101 Resource Estimate is being prepared by Behre
Dolbear Group, Inc.
Following completion of the Resource Estimate, AUC
intends to issue a Pre-Feasibility Study, which is being prepared by TREC,
Inc.
AUC intends to continue its drilling program and the permitting activities
with the NRC and the WDEQ.
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 RCHIs 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 PRRFs investment, Bayswater will own a 100%
interest in RCHI which holds the Reno Creek property.
The Companys 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
Bayswater Uranium Corporation is a 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.
The Companys focus is
to develop the Reno Creek Project in Wyoming to production in the shortest
time frame possible.
Also, Bayswater owns other uranium interests in
Wyoming, Nevada and Canada, and is the only uranium company to have
strategic landholdings with drill targets in each of Canadas most important
producing and exploration regions: the Athabasca Basin, the Central Mineral
Belt, and the Thelon Basin.
Bayswaters vision is to build a producing
uranium company with a portfolio of development projects.
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
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
Statements in this news release other than purely historical information,
including statements relating to the Companys 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 Companys 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.
Neither the 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 news release.