Bayswater Provides Update on Transaction Regarding Reno Creek Project

Bayswater Uranium Corporation reports Strathmore has received an unsolicited competing offer from a foreign based corporation for the Pine-Tree Reno Creek properties, Wyoming.

Per Competing Offer, the Competing Bidder would acquire a 100% interest in the Property in consideration of the payment of US$17.5 million cash, US$2.5 million in common shares of the Competing Bidder, to be paid on closing, and a 5% gross production royalty, which can be repurchased in whole or in part by the Competing Bidder at any time for US$2 million (US$1 million cash and US$1 million in common shares) per 1% royalty reduction. The Competing Bidder also indicated it was willing to acquire the interest held by American Uranium Corporation on the same terms as the agreement entered into with Bayswater. The Competing Offer is subject to satisfactory due diligence, shareholder approval, and financing by the Competing Bidder, with a closing to occur by March 30, 2010.

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