BAYSWATER URANIUM CORPORATION 1111 Melville Street, Suite 1100 Vancouver, B.C.

V6E 3V6 Tel: (604) 687-2153 www.bayswateruranium.com
NEWS RELEASE
Reno Creek Uranium Project, Wyoming Funding for 2012 Approved Program and Budget Provided by Pacific Road Resources Funds
Vancouver, BC, February 1, 2012 - Bayswater Uranium Corporation (TSX-V: BYU), (OTC: BYSWF) reports that pursuant to the investment agreement and shareholders agreement dated April 7, 2010 (the "Agreements") involving Pacific Road Resources Funds ("PRRF") as amended January 5, 2011 and January 31, 2012 (see news releases April 7, 2010, January 18, 2011 and March 5, 2011), the Company was obliged to fund the special purpose entity ("RC Holdings"), which owns 100% of the Reno Creek Uranium Property through RC Holdings wholly owned subsidiary AUC LLC ("AUC"), with US$8,000,000 by way of quarterly advances as set forth in the 2012 budget for the Reno Creek property (the "Budget").

To date, such funding has not occurred.

As a result, PRRF has funded the Budget in an amount of US$8,000,000, and the interest held by Bayswater in RC Holdings has been reduced from 17.27% to 13.41%, and the maximum interest the Company may now earn in RC Holdings has been reduced from 31.14 to 13.41%.


Pursuant to the Agreements as amended, PRRF continues to be entitled to convert its investment in RC Holdings into common shares of the Company 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 not later than within five years of closing, which occurred on April 7, 2010, provided certain conditions are met.

On conversion, PRRFs investment in RC Holdings will be converted into common shares of the Company pursuant to prescribed formulas as previously described in the Companys news release dated March 3, 2010.

Upon such conversion, Bayswater will own a 100% interest in RC Holdings which holds the Reno Creek property.


Copies of the Agreements are available under the Companys profile on SEDAR at www.sedar.com.


AUC, an affiliate that holds the Reno Creek Property and operator of the Reno Creek Project, has continued to make significant advances in the permitting process for the project.

The environmental baseline has been completed.

At AUCs request, the Nuclear Regulatory Commission (NRC) held a pre-submission audit of AUCs draft license application and completed a field trip on the Reno Creek site in mid-November, 2011.

NRCs audit revealed that AUCs draft application was very thorough.

The audit provided specific information regarding issues that are often subject to Requests for Additional Information (RAI).

The information will allow AUC to address the issues in detail in the application and reduce the number and severity of RAIs during the technical review, thus lessening the amount of time the permit review will require.
AUCs plans for 2012 include completion of the application for a Source Materials License Application from NRC and an application for a Permit to Mine from the Wyoming Department of Environmental Quality Land Quality Division.

AUC will continue to pursue a Wyoming Underground Injection Control Permit for four Class I Non-Hazardous Injection Wells for waste disposal.

In addition, the company intends to drill up to 550 exploration and delineation holes on various Reno Creek area properties.

Engineering and design of the Production Units and Central Process Plant will be started this year.

AUC then plans to prepare both an updated NI 43-101 compliant Resource Estimate and economic evaluation by the end of 2012.


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.

With the acquisition of the Reno Creek Property, WY, the Companys focus is to develop Reno Creek to production in the shortest time frame possible.

The Companys 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 Canadas 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 current market conditions and strong growth of the nuclear industry, the Company will continue to pursue acquisition opportunities of advanced-stage uranium projects with production potential.

Bayswaters 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
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.