Bayswater sells non-core U.S. properties to Powertech

2008-12-12 10:00 ET - News Release

Also News Release (C-PWE) Powertech Uranium Corp

Mr. George Leary of Bayswater reports

BAYSWATER SELLS SELECT CLAIMS IN SOUTH DAKOTA AND WYOMING

Bayswater Uranium Corp. has sold select claims in South Dakota and Wyoming to Powertech Uranium Corp. The area consists of 381 mining claims and 8,186 acres of Wyoming state mining leases for a total 15,806 acres. The claims sold consist primarily of early stage properties that do not fit the company's plans to focus on core properties. Following is a brief description of claims sold.

South Dakota

There are a total of 59 located claims (1,180 acres) in Fall River and Custer counties, of which 39 claims (780 acres) are adjacent to Powertech's Dewey Burdock project. These 39 claims will be included in Powertech's mine permit applications scheduled to be filed by year-end 2008.

Wyoming, Aladdin

This land package consists of seven Wyoming state mining leases in Crook county, Wyoming, totalling 5,626 acres. These properties are either adjoining, on trend or complementary to Powertech's Aladdin project.

Wyoming, Dewey Terrace

There are a total of 322 located claims (6,440 acres) and four Wyoming state mining leases (2,560 acres) in Weston and Niobrara counties, Wyoming. These properties are either adjoining, on trend or complementary to Powertech's Dewey Terrace project.

Bayswater has received $50,000 (U.S.) and will retain a yellowcake royalty on all properties ranging from 1 per cent to 5 per cent, depending on underlying royalty agreements inherited, to a maximum of a 7-per-cent burden to Powertech. Powertech has committed to Bayswater to maintain all properties for a full year. On any property to be dropped, Powertech will give Bayswater a 90-day notice in accordance with its right to reacquire the property.

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