Positive PFS for Reno Creek Uranium Project

VANCOUVER - Bayswater Uranium Corporation reported that AUC LLC, an associate that holds and operates the Reno Creek In Situ Recovery ("ISR") Uranium Project located in the Powder River Basin of Wyoming (the "Reno Creek Project"), has received a positive technical and economic study (the "Preliminary Feasibility Study" or "PFS") for the Reno Creek Project. The independent PFS was prepared by TREC, Inc., of Casper, WY, pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and incorporated. Measured and Indicated resources estimated by Behre Dolbear in AUC's November 30, 2012 technical report. This PFS is based on resources only; the database from which resources have been estimated as stated is insufficient to calculate reserves as defined by NI 43-101 standards. The PFS demonstrates robust results for the technical and economic viability of the Reno Creek Project.

The Reno Creek Project consists of approximately 21,000 acres located in the Powder River Basin of northeastern Wyoming, an established ISR uranium mining district. Current ISR activities in or near the Powder River Basin include the operating Uranium One Willow Creek facility, the operating Cameco Smith Ranch-Highland facilities, Cameco's North Butte project which is permitted for commercial ISR operation and is in construction, and the Uranerz Energy Corporation, Nichols Ranch Project, which is currently constructing a satellite plant in the Pumpkin Buttes area.

The Reno Creek Project is composed of four Resource Units. The Reno Creek Resource Unit combines two contiguous sub-units, North Reno Creek and Southwest Reno Creek, and will be operated as a single integrated unit, i.e. the Reno Creek Resource Unit