Mr. George Leary
BAYSWATER AFFILIATE AUC LLC SIGNS MONITOR WELL & BOUNDARY AGREEMENT FOR RENO CREEK URANIUM PROJECT, WYOMING
Bayswater Uranium Corp. affiliate AUC LLC has signed a boundary agreement with Uranerz Energy Corp. covering their respective North Reno Creek properties in the Reno Creek area of the Powder River basin in Wyoming.
The agreement provides a framework for both companies to mine up to their respective mineral property boundaries to minimize loss of resource, and provides each company the right to install and operate monitor wells on the other company's property during the in situ recovery (ISR) mining, restoration and reclamation activities.
Bayswater and Pacific Road Resources Funds (PRRF) are developing the Reno Creek uranium project through Reno Creek Holdings Inc. (RCHI), which owns 100 per cent of the project through RCHI's wholly owned subsidiary AUC. Bayswater currently has a 13.47-per-cent 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. Upon conversion of PRRF's investment, Bayswater will own a 100-per-cent interest in RCHI, which holds the Reno Creek property.
The company's exploration activities are conducted under the supervision of George M. Leary, MSc, PEng (British Columbia), president of the company, and Victor Tanaka, BSc, PGeo (British Columbia), executive vice-president and chief operating officer of the company. Both are qualified persons under National Instrument 43-101. Mr. Leary is the qualified person responsible for the technical information in this news release.
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