Bayswater Affiliate AUC LLC Delineates New Uranium Discovery at Reno Creek Uranium Project, Wyoming

Significant Mineralized Extension to Known Resources in the Southwest Portion of the Reno Creek Deposit Confirmed by Drilling 230 Holes

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/14/12 -- Bayswater Uranium Corporation (TSX VENTURE: BYU)(PINKSHEETS: BYSWF) is pleased to report that AUC LLC ("AUC"), an affiliate that holds the Reno Creek properties and operator of the Reno Creek Uranium Project, has outlined by drilling a new uranium discovery at its Reno Creek Project located in Campbell County, Wyoming. The discovery area is located in the southwest portion of the Reno Creek deposit within Section 31. Drilling of an additional 195 holes has been completed this year, for a total of approximately 230 holes drilled in the discovery area thus far, that has resulted in delineating a major portion of the new discovery.

Approximately 70% of the drill holes reported in the discovery area show grade-thickness (GT) in excess of 0.2, with an average grade of 0.051% U3O8 over an average thickness of 12.7 feet, resulting in an average GT of 0.64. Nearly 40% of the holes reported GT greater than 0.5. Section 31 had been drilled very sparsely by Rocky Mountain Energy during the 1970s and 1980s, without discovering any significant mineralization. Drill holes showing intercepts grading greater than 0.02% U3O8 and GT's of greater than 0.50 are listed below.


SUMMARY OF INTERCEPTS GRADING greater than or equal to 0.02% eU3O8 WITH GTs
                       greater than or equal to 0.50
                           Section 31, T43N R74W
             Southwest Reno Creek Portion of Reno Creek Project

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                     Intercept                                    Intercept
                         Depth      Thickness          Grade       GT (feet
Hole ID                  (feet)         (feet)        (%U3O8)         %U3O8)
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RC0350                   318.5           23.0          0.031          0.713
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RC0351                   323.0           18.5          0.050          0.925
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RC0360                   248.0           27.0          0.060          1.620
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RC0362                   293.0           24.0          0.050          1.200
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RC0364                   306.5           22.0          0.034          0.748
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RC0364                   334.5           15.0          0.036          0.540
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RC0368                   271.5            8.5          0.082          0.697
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RC0368                   308.5            9.0          0.059          0.531
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RC0369                   263.5           16.0          0.057          0.912
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RC0371                   295.0           12.0          0.050          0.600
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RC0372                   303.0           10.5          0.113          1.187
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RC0372                   282.5           15.5          0.037          0.574
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RC0377                   285.0           10.0          0.073          0.730
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RC0385                   264.5           17.0          0.047          0.799
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RC0385                   284.0           15.5          0.049          0.760
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RC0397                   244.5           17.0          0.040          0.680
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RC0401                   324.0           22.5          0.053          1.193
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RC0402                   328.0           22.5          0.035          0.788
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RC0403                   333.0           18.5          0.059          1.092
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RC0404                   327.0           13.0          0.076          0.988
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RC0405                   317.5           22.0          0.065          1.430
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RC0413                   316.5           20.0          0.040          0.800
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RC0415                   277.5           11.0          0.050          0.550
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RC0417                   245.0           28.0          0.062          1.736
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RC0419                   285.0           38.0          0.072          2.736
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RC0420                   298.0           35.5          0.079          2.805
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RC0421                   246.5           17.5          0.029          0.508
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RC0423                   329.5           14.0          0.060          0.840
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RC0425                   337.5           13.5          0.049          0.662
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RC0427                   333.5           27.5          0.231          6.353
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RC0428                   325.0           19.0          0.100          1.900
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RC0433                   310.5           10.0          0.070          0.700
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RC0433                   337.5           18.0          0.036          0.648
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RC0443                   294.5           13.5          0.072          0.972
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RC0454                   292.0           11.0          0.051          0.561
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RC0460                   262.0           52.5          0.080          4.200
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RC0462                   282.0           16.5          0.080          1.320
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RC0462                   306.0           12.0          0.060          0.720
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RC0463                   312.5           11.0          0.093          1.023
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RC0464                   317.0           24.5          0.055          1.348
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RC0465                   344.0           20.0          0.080          1.600
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RC0465                   333.5            9.0          0.063          0.567
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RC0466                   328.0           28.5          0.056          1.596
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RC0466                   312.5            7.5          0.088          0.660
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RC0470                   322.0           12.5          0.047          0.588
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RC0481                   331.0           11.0          0.159          1.749
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RC0504                   221.0           17.0          0.049          0.833
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RC0505                   309.5           24.0          0.061          1.464
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RC0508                   317.0           17.0          0.064          1.088
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RC0509                   262.0           19.0          0.028          0.532
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RC0510                   259.0           13.0          0.046          0.598
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RC0514                   285.5           25.5          0.053          1.352
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RC0518                   264.5           12.0          0.063          0.756
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RC0519                   270.0           13.5          0.171          2.309
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RC0537                   329.5           13.5          0.037          0.500
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RC0541                   345.0           13.5          0.049          0.662
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RC0542                   337.5           16.5          0.057          0.941
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RC0547                   365.0           14.5          0.041          0.595
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RC0548                   377.0            9.0          0.145          1.305
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RC0549                   362.5           15.5          0.042          0.651
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RC0551                   375.5            9.0          0.126          1.134
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RC0556                   389.5            9.0          0.079          0.711
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RC0561                   308.0           16.0          0.045          0.720
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RC0577                   317.0           13.0          0.042          0.546
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RC0583                   252.0           14.5          0.049          0.711
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RC0594                   278.0            6.5          0.103          0.670
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RC0601                   256.0           12.0          0.047          0.564
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RC0613                   277.5           33.0          0.046          1.518
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RC0629                   217.5           18.0          0.031          0.558
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RC0633                   264.0           18.0          0.068          1.224
---------------------------------------------------------------------------
RC0636                   245.5           12.0          0.046          0.552
---------------------------------------------------------------------------

AUC's plans for the second half of 2012 include the completion of an updated and revised NI 43-101 Resource Estimate for North Reno Creek and Southwest Reno Creek resource areas that comprise the known Reno Creek deposit. In addition the Resource Estimate will incorporate portions of the historical resource from AUC's Pine Tree Trend that are now compliant with NI 43-101 standards as a result of significant new data recently acquired as previously announced.

The Pine Tree Trend contains AUC's Moore Unit, which lies approximately 7 miles northwest of the Reno Creek Project, and the Pine Tree Unit, which lies approximately 5 miles southwest of the Reno Creek Project. The Pine Tree Trend contains a historical resource of 8.4 million pounds U3O8 grading 0.083% U3O8 based on a 1980 report by Pathfinder Mines Corporation and by Rocky Mountain Energy in a report dated April, 1986. Historical resource estimates are not compliant with NI 43-101 standards, are not treated as mineral resources, have not been verified by the Company's Qualified Person, are provided for information purposes only and, as such, should not be relied upon. The NI 43-101 Resource Estimate is being prepared by Behre Dolbear Group, Inc. Following completion of the Resource Estimate, AUC intends to issue a Pre-Feasibility Study, which is being prepared by TREC, Inc.

AUC intends to continue its drilling program and the permitting activities with the NRC and the WDEQ.

Bayswater and Pacific Road Resources Funds ("PRRF") are developing the Reno Creek Uranium Project through Reno Creek Holdings Inc. ("RCHI"), which owns 100% of the Project through RCHI's wholly owned subsidiary AUC. Bayswater currently has a 13.47% interest in RCHI. PRRF is entitled to convert its investment in RCHI into common shares of Bayswater at any time up to six months following the later of completion of a feasibility study or receipt of all requisite mining permits, but in any event PRRF shall convert its investment not later than April 7, 2015, provided certain conditions are met. Upon conversion of PRRF's investment, Bayswater will own a 100% interest in RCHI which holds the Reno Creek property.

The Company's exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (B.C.), President of the Company, and Victor Tanaka, B.Sc. P.Geo. (B.C.), Executive VP and Chief Operating Officer of the Company. Both are Qualified Persons under NI 43-101. George Leary is the qualified person responsible for the technical information in this news release.

About Bayswater Uranium Corporation

Bayswater Uranium Corporation is a uranium exploration and development company. The Company owns several advanced uranium properties in the United States with significant NI 43-101 compliant and historical resources that may be amenable to ISR and/or conventional mining. The Company's focus is to develop the Reno Creek Project in Wyoming to production in the shortest time frame possible. Also, Bayswater owns other uranium interests in Wyoming, Nevada and Canada, and is the only uranium company to have strategic landholdings with drill targets in each of Canada's most important producing and exploration regions: the Athabasca Basin, the Central Mineral Belt, and the Thelon Basin. Bayswater's vision is to build a producing uranium company with a portfolio of development projects. Shares of the Company are listed on the TSX Venture Exchange under the symbol "BYU". For further information visit www.bayswateruranium.com.

About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited

The Pacific Road Resources Funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources Funds are managed and advised by Pacific Road Capital Management Pty Ltd ("PRCM"). The PRCM team, located in Sydney, Australia, San Francisco and New York, USA, is comprised of experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience. For further information on the Pacific Road Resources Funds and PRCM, please go to their website at www.pacroad.com.au.

On behalf of the Board of:

BAYSWATER URANIUM CORPORATION

George M. Leary, President

Statements in this news release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration, development and mining. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contacts:
Bayswater Uranium Corporation
John Gomez
Manager, Investor Relations
(604) 687-2153
www.bayswateruranium.com

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