Mr. Victor Tanaka reports

RENO CREEK PROJECT RECEIVES PERMIT TO MINE FROM STATE OF WYOMING

The Wyoming Department of Environmental Quality (WDEQ) land quality division has issued AUC LLC (AUC) a permit to mine for Bayswater Uranium Corp.'s Reno Creek uranium ISR (in situ recovery) project in Campbell county, Wyoming. The permit to mine is the second major permit received by AUC for the Reno Creek project. The permit to mine approves AUC's plans to mine and process uranium using the in situ recovery process, with a licensed facility capacity of up to two million pounds per year of triuranium octoxide yellowcake product. The permit to mine affirms that the mining and processing operations, groundwater restoration, and final reclamation can be accomplished with no significant environmental consequences.

AUC also reports that on July 21, 2015, AUC exercised its option to purchase the site of the proposed Central processing plant (CPP). The final purchase price payment of $51,000 (U.S.) will be made in February, 2016. The site consists of 40 acres of grassland, located approximately one-fourth mile from Wyoming Highway 387. Power, natural gas and all-weather roads abut the CPP site. The property contains an industrial building that can be used as part of the CPP. The property also contains an existing private water well.

The WDEQ water quality division advises that the U.S. Environmental Protection Agency has not finalized AUC's Class III aquifer exemption for the well fields at Reno Creek. WDEQ advised AUC that the "EPA has indicated that the requested aquifer exemption will not become final until the existing private well is properly plugged and abandoned." The identified private well on the CPP site is located approximately 650 feet upgradient from the proposed aquifer exemption boundary. In light of the advice from WDEQ WQD, AUC has started the plugging and abandonment process. On completion WDEQ and EPA will be notified that the requirement has been satisfied.

The Nuclear Regulatory Commission is currently reviewing AUC's application, and is in the process of preparing a source materials licence and a draft supplemental environmental impact statement, which will be published for public comment.

About AUC

AUC is a U.S. uranium company in the process of developing the Reno Creek uranium ISR facility near Wright, Wyo. AUC has a strong staff with many years of experience in the discovery, development and operation of ISR uranium facilities. Pacific Road Resources Funds (PRRF) has an 89.6-per-cent ownership interest in Reno Creek Holdings Inc., the holding company of AUC. Bayswater Uranium Corp. has a 10.4-per-cent ownership interest in RCHI.

About Pacific Road Resources Funds

Pacific Road Resources Funds (PRRF) is managed and advised by Pacific Road Capital Management Pty. Ltd. (PRCM). PRRF comprises private equity funds investing in the global mining industry. It provides expansion and buyout capital for mining projects, mining-related infrastructure and mining services businesses located throughout resource-rich regions of the world. The PRCM team, located in Sydney, Australia, San Francisco, United States, and Vancouver, Canada, comprises experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience.

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