Bayswater has a large portfolio of development and exploration uranium properties located in the world's key uranium production districts particularly Canada and the United States.

In April 2010 Bayswater acquired the Reno Creek uranium property, an advanced, near–surface uranium project at the permitting/feasibility stage located in the Powder River Basin in northeastern Wyoming (about 100 miles southwest of the Company's Elkhorn and Alzada properties). Reno Creek contains NI 43-101 estimated compliant resource of 10.96 million lbs U3O8 at an average grade of 0.066% U3O8 measured and indicated in 8.27 million tons and 4.73 million lbs U3O8 at an average grade of 0.063% U3O8 inferred in 3.80 million tons based on reports dated January 30, 2009 by Charles D. Snow (P.G.) as filed on Sedar (Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability); and a further historical resource estimate of 8.41 million pounds U3O8 grading 0.083% U3O8 (not NI 43-101 compliant, is not being treated as mineral resources and not to be relied upon based on a 1980 report by Pathfinder Resources Ltd and a report dated April, 1986 by Rocky Mountain Energy). The Reno Creek deposits are considered to be highly amenable to In-Situ Recovery (ISR), and are located in close proximity to major infrastructure within a highly favourable jurisdiction for uranium mining. The Company plans to bring the project into production in five years.

Bayswater has several other advanced stage development properties in the United States. This includes the Elkhorn property in Wyoming, which has been the focus of recent drilling and subsequent on-going compilation of an extensive drill hole database that has only recently become available; and the Alzada project in Montana, where the Company is nearing completion of compilation of a large drill hole database in preparation for permitting and a drill plan.

The Company plans to develop Elkhorn and Alzada in tandem because of their close proximity to each other and the potential economic synergy of combined mining operations. Together the two projects comprise an estimated 7.7 million pounds of U3O8 in 3.2 million tons grading 0.17% eU3O8 in historical resources (non NI 43-101 compliant and not to be relied upon based on a report by James R. Guilinger dated June 6, 2007 as amended October 17, 2007 filed on Sedar and on Federal Resources 1973 historical report in the Marriott Library Special Collection Archives at the University of Utah). The Company anticipates that this number will significantly increase once its data compilation at Elkhorn is complete as additional historical resources are present on its mineral lands that were not previously known to be documented. The Elkhorn and Alzada projects are considered to have a combined potential for 20 – 30 million pounds U3O8 that may be amenable to a combination of ISR and surface mining. (This stated potential quantity is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource).

The Company also owns other uranium resource properties including Mountain West, Nevada as well as an important discovery at Anna Lake, Labrador.

On the Alzada, Elkhorn and Mountain West projects, major programs of confirmation and step out drilling, metallurgical testing and engineering studies are planned, subject to general market conditions, in order to quantify, upgrade and expand historical resources to NI 43-101 standards and to advance these projects towards feasibility and possibly production.

In addition to advanced projects, Bayswater is a leader in uranium exploration in Canada with major landholdings comprising about 4.5 million acres (18,200 sq km) in the country's most important uranium regions - the Athabasca Basin, the Central Mineral Belt and the Thelon Basin. Exploration has identified multiple uranium drill targets within all project areas—namely over 20 target areas warranting drill testing have been identified on the Company’s land holdings in Canada, each of which offers potential for discovery of new uranium deposits.

Bayswater also holds extensive land holdings in regions of known mineralized roll front, channel and tabular uranium systems in Wyoming, Montana, Nevada, New Mexico and Niger that offer potential for discovery of new uranium deposits.

Bayswater also possesses exploration licenses covering the formerly producing Avoca base metal mine in Ireland. Good potential exists for discovery of new massive sulphide deposits at depth down plunge and along strike former workings. The Company obtained positive results from a geophysical survey and two preliminary drill holes which identified numerous targets for drill testing.

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