Bayswater amends terms of agreement to acquire Reno Creek project

Bayswater Uranium Corporation reports that it has signed an amended LLC option agreement dated December 8, 2009 with Strathmore Resources (US).

Reno Creek is an advanced, near–surface, in-situ recovery (ISR) amenable uranium project at the permitting/feasibility stage located in the Powder River Basin in northeastern Wyoming, a well established uranium development region. The Project comprises NI 43-101 compliant resources of 10.96 million pounds of U3O8 at an average grade of 0.066% U3O8 measured and indicated in 8.27 million tons and 4.73 million pounds of U3O8 at an average grade of 0.063% U3O8 inferred in 3.80 million tons in the Reno Creek and Southwest Reno Creek deposits. In addition, the Project contains approximately 8.41 million pounds of U3O8 in historical resources grading approximately 0.083% U3O8. This historical resource estimate is not compliant with NI 43-101 and should not be relied upon.

George Leary, President of Bayswater says:

“This amended deal is more favourable for Bayswater as it allows us to acquire Reno Creek over a period of time and gives us the option of purchasing the Project outright or forming a joint venture.”  “We also believe acquiring this flagship Project in stages will be less dilutive as we develop the Project and the market better recognizes this excellent asset and our Company’s growth plans.”

For complete details of this press release, click this link.

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