Business
Bayswater to Acquire Reno Creek Uranium Project, Wyoming
Bayswater to Acquire Reno Creek Uranium Project, Wyoming
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\nBayswater to Acquire Reno Creek Uranium Project, Wyoming\n\n\n Aug. 24, 2009 (Filing Services Canada) -- Bayswater Uranium Corp. (BAY - TSX Venture, BYSWF - OTCBB_Pink_Sheets), is pleased to announce that it has signed letters of intent with Strathmore Resources (US) Ltd., a wholly owned subsidiary of Strathmore Minerals Corp (TSX-V: STM), and American Uranium Corp (OTC: ACUC) to acquire the Reno Creek Uranium Project (\"the Project\") and its holding company, AUC LLC. Reno Creek is an advanced, near-surface 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 and 4.73 million pounds of U3O8 at an average grade of 0.063% U3O8 inferred. In addition, Reno Creek contains approximately 8.41 million pounds of U3O8 in historical resources grading approximately 0.083% U3O8. The Project also has excellent potential to significantly increase resources through low-risk exploration. An extensive database, deep well injection permit and a disposal well are being acquired in conjunction with the resources. The Reno Creek Project encompasses approximately 17,500 acres of claims and leases, including 563 unpatented mining claims, four Wyoming State mineral leases, four fee (private) mineral leases, and five surface access agreements. As the deposits at Reno Creek are considered to be highly amenable to In-Situ Recovery (ISR) production, and are located in close proximity to major infrastructure, power, and other operating ISR facilities, the Project economics appear to be very robust. The near-ideal geological characteristics of the uranium deposits which make the resources conducive to low-cost, minimal-impact ISR mining, combined with the benefits of nearby infrastructure within a highly favorable political jurisdiction for uranium mining, are among the chief reasons that the Reno Creek Project is one of the best undeveloped major uranium properties in the western United States as stated independently by Tom Pool, a leading US uranium industry mining engineer. These factors allow for a fairly predictable 5 year development schedule to production, a timeline the Company will aggressively pursue.The...