BAYSWATER URANIUM CORPORATION
510 Burrard Street, Suite 510
Vancouver, B.C. V6C 3A8
Tel: (604) 687-2153
www.bayswateruranium.com
NEWS RELEASE
Bayswater Commences Baseline Environmental Studies at Reno Creek Project, Wyoming
Vancouver, BC, June 3, 2010 - Bayswater Uranium Corporation (TSX-V: BYU), (OTC: BYSWF) reports that the Company has commenced baseline environmental studies at its Reno Creek in-situ recovery (ISR) Uranium Project in the Powder River Basin, Wyoming. The environmental baseline studies are required support for the Company?s application to obtain a Source and Byproduct Material License from the US Nuclear Regulatory Commission (NRC) and a Permit to Mine from the Wyoming Department of Environmental Quality (WDEQ). In addition, Bayswater has completed successful initial meetings with both the WDEQ and the NRC to present its planned environmental baseline study program.
Environmental Baseline Studies
Contracts have been signed for all of the major activities scheduled to be undertaken in the environmental baseline study program as outlined below:
- Survey and mapping of wildlife and habitat conditions. This work commenced in mid-April of 2010.
- Survey and mapping of vegetation, soils, and wetlands. This work will commence in the second quarter of 2010.
- Installation of baseline monitoring wells. Drilling is anticipated to be completed by the end of August, 2010. The Company anticipates drilling approximately 35-40 monitoring wells in the area of NI 43-101 compliant resources within the Reno Creek and Reno Creek Southwest deposits. The program will include selected coring of mineralized portions of the production zone to provide additional environmental baseline, metallurgical and wellfield design data. In addition, coring is planned for selected parts of the overlying and underlying confining units.
- Testing of the hydrological behavior of the production zone aquifer and its upper and lower confining units as well as testing of aquifers immediately above and below the confining units. The Company anticipates conducting approximately four pump tests to provide information on the hydraulic characteristics of the production zone and of the confining units for both wellfield design and environmental baseline purposes. Testing is scheduled to be completed by November, 2010.
- Measuring water quality in all three aquifers over the course of a year to establish baseline conditions. Water quality measurements are anticipated to be commenced during the 3rd quarter of 2010.
- Identifying and measuring properties of surface water sources over the course of a year. Measurements of surface water quality are scheduled to start in the 3rd quarter of 2010.
- Measurement of meteorological and air quality parameters over the course of a year. Such measurements will be scheduled to begin during the 3rd quarter of 2010.
- Background radiological conditions. Field surveys are scheduled to begin during the 3rd quarter of 2010.
- Cultural resources and archaeology. Field surveys are scheduled to begin during the 3rd quarter of 2010.
- Other miscellaneous baseline studies. These will be commenced during the fourth quarter of 2010.
Upon completion of data collection, compilation and analysis for baseline studies, the Company intends to assemble and submit its applications to the NRC and the WDEQ by the end of 2011. In accordance with the project schedule as previously announced, Bayswater anticipates that it will be in a position to commence a Feasibility Study by 2013 and be in production by 2015.
Successful Historical Licensing Experience at Reno Creek
Rocky Mountain Energy (RME), a previous owner of the Reno Creek Project, secured a Source Material License in 1979 to operate a pilot plant, including a bicarbonate injection/production ISR five spot well pattern. Following the completion of the pilot operation, RME completed restoration activities by 1983 according to existing regulatory standards. The site was then decommissioned and the license terminated in 1986. This history demonstrated the technical feasibility of both production and restoration at the site.
Subsequent to RME?s ownership, in 1992 Energy Fuels/International Uranium applied for a Source Material License from the NRC for commercial scale operation of ISR at the Reno Creek Project. The process was quite advanced, including the receipt of a draft license from the NRC in 1999. During this period and extending to 2003, uranium prices dropped to as low as seven dollars per lb at which time International Uranium terminated licensing proceedings and ultimately dropped the project.
The historical record and the interactions between the NRC and the WDEQ on the regulatory side and International Uranium on the operating side are well documented and provide valuable additional documentation and guidance to the Company?s licensing process.
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 Company?s focus will be on putting Reno Creek into production in the shortest time frame possible. As well, Bayswater is the only uranium company to have major 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 current market conditions and strong growth of the nuclear industry, the Company will continue to pursue acquisition opportunities of advanced-stage uranium projects with mid-term 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.
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 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. Neither 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 release.