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Bayswater Receives Drilling Permit & Commences Drilling of Monitoring Wells at Reno Creek Project, Wyoming

^{Published on 2010-08-24 04:25:47 - Market Wire}
 

VANCOUVER, British Columbia--([ BUSINESS WIRE ])--Bayswater Uranium Corporation (TSX-V: [ BYU ]), (OTC: [ BYSWF ]) reports that the Company has received approval of its Drilling Notification permit from the Wyoming Department of Environmental Quality and its Monitoring Well Permits from the Wyoming State Engineera™s Office. The Company has commenced drilling and installing up to 44 baseline monitoring wells in the area of its proposed Uranium In Situ Recovery mine and plant at the Reno Creek project. The monitoring well network is part of the environmental baseline and is required to support the Companya™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).

Hydrologic and Water Quality Studies

The monitoring wells are designed to provide information on the hydrology and water quality of the production zone aquifer plus characterize the hydrology and water quality of the overlying confining unit, the underlying confining unit, and the overlying and underlying aquifers. The program includes selected coring of the overlying and underlying confining units.

Seven clusters of monitoring wells are being installed across the Reno Creek project. At each cluster, a temporary stratigraphic hole will be drilled to the Badger/Baker Coal zone, which ranges from 600 to 700 feet deep. The stratigraphic hole will be logged to characterize the stratigraphy, and decisions made regarding the installation of the monitoring wells. Monitoring wells will then be completed in the Production Zone, the overlying aquifer, the underlying aquifer, and in the shallow aquifer if a saturated sandstone is detected. In addition, the Company will install Production Zone monitoring/observation wells at varying distances from the cluster for use in the pump tests scheduled later this year.

Water quality samples will be taken from all of the monitoring wells in the clusters on a quarterly basis in order to characterize the four aquifers. Following the installation of the monitoring wells, the Company will commence its first quarter of surface and ground water quality sampling.

Other Baseline Activities

In addition, the Company continues to implement other elements of its baseline environmental monitoring program, including:

• Identifying and measuring properties of surface water sources over the course of a year.
• Measurement of meteorological and air quality parameters over the course of a year. This includes installation of an on-site meteorological station and six air quality monitors.
• Background radiological conditions. Field surveys include background gamma, soil and vegetation sampling and analysis of radium, uranium and other radionuclides.
• Cultural resources and archaeology.
• Other miscellaneous baseline studies.

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. 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 with construction development to follow once completed and be in production by 2015.

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 Companya™s focus will be on putting Reno Creek into production in the shortest time frame possible. The Companya™s Elkhorn/Alzada Project, located approximately 100 miles northeast of Reno Creek, is planned as a pipeline project for US production. 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 a[ BYU ]a. For further information visit [ www.bayswateruranium.com ].

On behalf of the Board of:

Statements in this news release other than purely historical information, including statements relating to the Companya™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 Companya™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 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.