🕐12.12.12 - 23:27 Uhr
BAYSWATER - NEW TECHNICAL REPORT COMPLETED 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 Associate AUC LLC Completes New NI 43-101 Technical Report on
Uranium Resources at Reno Creek Project, Wyoming
Measured and Indicated Resources Doubled to 21.9 Million Pounds of Uranium
Vancouver, BC, December 12, 2012 Bayswater Uranium Corporation (TSX-V:
BYU), (OTC: BYSWF) (Bayswater or the Company) is pleased to
report that AUC LLC (AUC), an associate that holds the Reno Creek
properties and operator of the Reno Creek In Situ Recovery Uranium Project
(the Reno Creek Project), has completed an independent National
Instrument 43-101 (NI 43-101) Technical Report (Technical Report)
for the Reno Creek Project in the Powder River Basin of Wyoming.
The
Technical Report estimates current in place Measured and Indicated
resources of 20.9 million tons at an average grade of 0.052% containing 21.9
million pounds of uranium (U3O8) and an Inferred resource of 1.6
million tons at an average grade of 0.050%, containing 1.6 million pounds of
U3O8.
The uranium resources are found in five Resource Units: North Reno Creek,
Southwest Reno Creek, Moore, Bing, and Pine Tree.
The Technical Report
Measured and Indicated resource estimates for the Resource Units are
included in the table below.
The uranium resources are estimated using a
grade times thickness (GT) cutoff of 0.3.
The findings of the Technical Report represent an approximate doubling of
the Measured and Indicated resources for the Reno Creek Project compared to
previous reports by Charles D.
Snow, in September, 2009 and reporting by
Bayswater.
The principal factors for this increase were i) the
re-estimation of some Inferred resources in the Snow reports to Indicated
resources and the addition of substantial newly discovered resources, mainly
in the Southwest Reno Creek Resource Unit, as a consequence of AUC drilling
905 holes since 2010; and ii) the new estimation of resources previously
reported by Bayswater as historical, as a consequence of AUCs acquisition
of additional logs, data, and reports since 2010 for the Moore, Bing, and
Pine Tree Resource Units, including resources now classified as Measured,
Indicated, and Inferred.
The Reno Creek Project is located approximately 40 miles south of Gillette,
Wyoming.
The resources are found in the same geologic horizons as, and are
within 45 miles of, two operating ISR uranium facilities and three licensed
ISR uranium facilities currently under construction.
The Project includes approximately 21,000 acres of unpatented mining claims,
state of Wyoming mineral leases, and fee mineral leases.
AUC also holds
eight surface access and use agreements with local landowners.
There are no
BLM surface or other Federal lands in the Reno Creek Project.
Reno Creek Project C Summary of Measured and Indicated Resources1
Resource Unit
Tons2
(millions)
Thickness
(feet)
Grade
(% U3O8)
Pounds U3O82
(millions)
North Reno Creek
Measured
2.69
18.9
0.055
2.96
Indicated
5.44
15.2
0.047
5.13
Total
8.13
16.4
0.050
8.09
Southwest Reno Creek
Measured
2.86
17.5
0.058
3.32
Indicated
3.58
14.1
0.050
3.55
Total
6.44
15.6
0.053
6.87
Moore
Measured
1.27
13.9
0.061
1.56
Indicated
3.21
11.5
0.046
2.97
Total
4.48
12.2
0.051
4.53
Bing
Measured
0.20
19.3
0.052
0.21
Indicated
0.84
15.2
0.043
0.72
Total
1.04
16.0
0.045
0.93
Pine Tree
Measured
0.15
10.8
0.105
0.32
Indicated
0.66
10.0
0.086
1.13
Total
0.81
10.2
0.089
1.45
Total Reno Creek Project
Measured
7.18
17.3
0.058
8.38
Indicated
13.7
13.4
0.050
13.5
Total Measured & Indicated
20.9
14.8
0.052
21.9
1Cutoff 0.30 grade thickness per intercept
2Columns may not add due to rounding
In addition, the Technical Report estimates Inferred resources, shown in the
table below.
Text Box: Reno Creek Project C Summary of Inferred Resources1
Resource Unit
Tons2
(millions)
Thickness
(feet)
Grade
(%U3O8)
Pounds U3O82
(millions)
North Reno Creek
Inferred
0.85
14.4
0.050
0.85
Southwest Reno Creek
Inferred
0.41
11.0
0.040
0.32
Moore
Inferred
0.25
7.9
0.062
0.31
Bing
Inferred
0.02
12.3
0.050
0.02
Pine Tree
Inferred
0.03
4.7
0.110
0.06
Reno Creek Project
Inferred Total
1.56
12.1
0.050
1.55
1Cutoff 0.30 grade thickness per intercept
2Columns may not add due to rounding
The uranium resources estimated in the Technical Report incorporated
electric log and lithology data for approximately 5470 holes including
results of 905 exploration holes drilled by AUC since 2010.
The Technical
Report also includes assay data from 36 core holes, incorporating hundreds
of individual intercepts comparing radiometric and chemical measurements of
uranium.
The average ratio of chemical assay to radiometric measurement of
uranium from the testing (disequilibrium) is approximately 1.25.
These estimates meet the measured, indicated, and inferred
mineral resource classifications as defined by NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) Definitions Standards
incorporated by reference therein.
The Technical Report, titled Technical Report on Resources of the Reno
Creek Uranium Project, Campbell County, Wyoming, USA, dated November 30,
2012, was authored by Robert D.
Maxwell (CPG, AIPG) and Betty Gibbs (MMSA)
of Behre Dolbear & Company (USA), Inc., who are independent persons in
accordance with the definition in NI 43-101.
Mr.
Maxwell and Ms.
Gibbs are
Qualified Persons under NI 43-101 and are responsible for the resource
estimate in the Technical Report, and have reviewed and verified the
technical disclosure provided in this news release.
The Technical Report
prepared for AUC is being filed by Bayswater and will be available on the
SEDAR website at www.sedar.com.
AUC is currently preparing a Pre-Feasibility Study (PFS) for the Reno Creek
Uranium Project in accordance with the specifications set forth in NI 43-101
and the CIM Definition Standards.
AUC anticipates that the PFS will be
available in the first quarter of 2013.
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.
On conversion, PRRFs investment in RCHI will be converted into common
shares of Bayswater 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 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.
About Bayswater Uranium Corporation
Bayswater Uranium Corporation is a uranium exploration and development
company.
The Companys focus is to advance the Reno Creek Project in
Wyoming to production in the shortest time frame possible.
Bayswater also
owns other uranium interests in Wyoming and Canada.
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.