Reno Creek Project Funded For Balance Of 2011 

VANCOUVER, BC - BayswaterUranium Corp. reported that Pacific Road Resources Funds has now fully funded theReno Creek Project in Campbell County, Wyoming for the balance of 2011. The Company plans to carryout a more extensive drilling program during 2011, in addition tocompleting the environmental baseline studies and preparation of permitapplications. The drilling program, which is now permitted, willinclude a combination of confirmation and extension drilling inselected portions of the project-including areas of new mineralization encountered in the 2010 program, plus coring of the host sandstones inresource areas for metallurgical and engineering testing to support theapplications for permits to the NRC and WDEQ. During 2011, the Companywill develop plans to commence drilling and environmental baselineactivities in its Pine Tree trend, which are planned to start early in2012. Bayswater and Pacific Road Resources Funds have agreed to a budget of approximately $7.0million for the 2011 project.

Upon completion of data collection, compilation and analysis forbaseline studies, the Company intends to assemble and submit itsapplications to the NRC and the WDEQ. The Company has studied both theevolving permitting processes and the experiences of Ur-Energy, UraniumOne, Uranerz, and Powertech over the past four years, including adetailed review of all of the Requests for Additional Information (RAI)issued by the NRC and WDEQ and the Environmental Impact Statements foreach project. Now that licenses and permits are being granted by theagencies, it is possible to use this information together with theCompany's own detailed discussions with the NRC and WDEQ to assure thatits application documents contain required information. The Companyanticipates that this effort could streamline agency review andsubstantially reduce the time required for receipt of permits.Bayswater's previously announced schedule anticipated that it will bein a position to commence a feasibility study in early 2013 withconstruction development to follow once completed and be in productionby 2015. The Company now believes that all phases of the Project,including the permitting time-line, may be significantly shortened. The company's address is Suite 1100, 1111 Melville Street, Vancouver, BC V6E 3V6, 604-687-2153, fax: 604-669-8336.