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Reno Creek Project, WY Funding for Balance of 2011 Approved Program and Budget Provided by Pacific Road Resources Funds
Mar. 5, 2011 (Filing Services Canada) -- Bayswater Uranium Corp. (BYU - TSX Venture, BYSWF - OT...
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\nReno Creek Project, WY Funding for Balance of 2011 Approved Program and Budget Provided by Pacific Road Resources Funds\n\n Mar. 5, 2011 (Filing Services Canada) -- Bayswater Uranium Corp. (BYU - TSX Venture, BYSWF - OTCBB_Pink_Sheets), reports that Pacific Road Resources Funds (\"PRRF\") has now fully funded the Reno Creek Project for the balance of 2011.  The Company plans to carry out a more extensive drilling program during 2011, in addition to completing the environmental baseline studies and preparation of permit applications.  The drilling program, which is now permitted, will include a combination of confirmation and extension drilling in selected portions of the project-including areas of new mineralization encountered in the 2010 program, plus coring of the host sandstones in resource areas for metallurgical and engineering testing to support the applications for permits to the NRC and WDEQ.  During 2011, the Company will develop plans to commence drilling and environmental baseline activities in its Pine Tree trend, which are planned to start early in 2012.  Bayswater and Pacific Road Resources Funds, our investment partner in Reno Creek, have agreed to a budget of approximately $7.0 million for the 2011 project.Upon completion of data collection, compilation and analysis for baseline studies, the Company intends to assemble and submit its applications to the NRC and the WDEQ.  The Company has studied both the evolving permitting processes and the experiences of Ur-Energy, Uranium One, Uranerz, and Powertech over the past four years, including a detailed review of all of the Requests for Additional Information (RAI) issued by the NRC and WDEQ and the Environmental Impact Statements for each project.  Now that licenses and permits are being granted by the agencies, it is possible to use this information together with the Company's own detailed discussions with the NRC and WDEQ to assure that its application documents contain required information.  The Company anticipates that this effort could streamline agency review and substantially reduce the time required for receipt of permits. Bayswater's previously announced schedule anticipated that it will be in a position to commence a feasibility study in early 2013 with construction development to foll...