The company’s uranium interests in Mali comprises the Samit Project, a 1,000 square kilometre license in the Tilemsi Basin of northeastern Mali with a historical estimated resources of 440,000 pounds U3O8 (non NI 43-101 compliant and not to be relied upon). Bayswater also holds two license applications of approximately 1,000 square kilometres, each located immediately north of the Samit Project.
The company focuses on its core uranium projects in North America, specifically on its advanced-stage projects in the US. The company’s potential equity interest in Cascade, which is yet to be received, would enable Bayswater to benefit from the advancement and development of the Mali uranium assets.
The Mali properties are to be sold to Cascade through the sale of Bayswater’s wholly owned subsidiary, Northern Canadian Minerals. The company would receive $250,000 in cash pursuant to a promissory note due within 36 months of completion of the acquisition by Cascade, apart from 1,000,000 Cascade common shares, and will also have a 2.5% NSR on future production.
Cascade is also required to spend $200,000 on the project for work expenditures due to be completed by December 31, 2009.
