VANCOUVER, BRITISH COLUMBIA(Commodity Online):Bayswater Uranium Corporation (TSX-V: BAY) (OTC: BYSWF) reports it has entered into an agreement to sell its uranium mineral properties in Mali, West Africa to Cascade Resources Ltd. (TSX-V: CC) "Cascade".

The sale is consistent with Bayswater’s focus on its core uranium projects in North America, particularly advanced-stage projects in the United States. Bayswater’s equity interest to be received in Cascade will enable the Company to benefit from the advancement and development of the Mali uranium assets, according to a press release.
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Bayswater’s uranium interests in Mali consist of the Samit Project, a 1,000 square kilometre license in the Tilemsi Basin of northeastern Mali with a historical resource estimate of 440,000 pounds U3O8 (non NI 43-101 compliant and not to be relied upon). The Company also has two license applications of approximately 1,000 square kilometres each located immediately north of the Samit Project which are prospective for uranium mineralization.

The Mali properties are to be sold to Cascade through the sale of Bayswater’s wholly owned subsidiary, Northern Canadian Minerals Inc. (Mali). Bayswater is to receive 1,000,000 Cascade common shares, $250,000 in cash pursuant to a promissory note due within 36 months of completion of the acquisition by Cascade, and a 2.5% NSR on future production. Cascade is also required to spend $200,000 on the Project for work expenditures to be completed by December 31, 2009 on a commercially reasonably best efforts basis.

The transaction is subject to approval of the TSX Venture Exchange. (Courtesy: Businesswire)