SOURCE: Bayswater Uranium Corporation

October 15, 2007 14:04 ET

Bayswater Resumes Labrador Uranium Project Drilling With Two Drills

57 Drill Holes Completed; 67 Holes Totaling 13,000 Metres Planned This Year

VANCOUVER, BC--(Marketwire - October 15, 2007) - Bayswater Uranium Corporation (TSX-V: BAY) is pleased to report that normal exploration activities have resumed at its Central Mineral Belt Uranium Project in Labrador following a temporary shut down as a result of the recent tragic helicopter accident that claimed the life of the pilot.

Diamond drilling has resumed with two drill rigs. The Company anticipates drilling will continue well into November 2007 followed by a temporary shut down during winter until the spring 2008.

To date, 57 drill holes totaling approximately 10,300 metres have been completed on Stipec A, Stipec E, Anna Lake, Kanairiktok Bay and Dandy uranium targets as well as on a new prospect discovered this year north of the Anna Lake prospect. A total of up to about 13,000 metres of drilling in approximately 67 holes is planned to be completed this year.

Assay results have been exceptionally slow in coming this year because of backlogs at the assay laboratory. Once sufficient drill results have been received, results will be released accordingly. To date, the Company has intersected numerous zones of anomalous radioactivity in drill holes across true widths ranging from approximately 2 to 40 metres -- in particular on the Anna Lake and Dandy uranium prospects. The anomalous radioactivity is based on down hole scintillometer probe work.

Currently, two drills are in operation on the main Anna Lake target. Detailed follow-up grid controlled work including soil sampling, ground induced polarization/resistivity and magnetics have been completed over the Anna Lake prospect. Limited grid controlled surveys have also been completed over portions of the Stipec River prospects. The Company will report on this work as well when sufficient sample results have been received and all the geophysical data has been reviewed and evaluated. (Note: Preliminary results from the IP survey as well as an extensive airborne EM and magnetic survey were announced in a news release dated August 12, 2007).

Follow up of 2007 airborne EM anomalies and continued follow-up prospecting of airborne radiometric anomalies generated last year has led to discovery of several new uranium prospects. The Company will also report on this work as well when sufficient sample assay results have been received.

During September and early October, radon gas surveys were conducted over a number of targets including a new radioactive sandstone boulder field located in the Stipec River area as well as Anna Lake and Ghost Lake A and Ghost Lake B targets. Encouraging results from this work has been obtained and is currently being evaluated.

Airborne radiometric and magnetic surveying of new peripheral claim blocks, acquired after completion of the 2006 airborne surveys, as well as on joint venture ground pursuant to the agreement with Ucore Uranium Inc. (TSX-V: UCU) has been completed. Numerous anomalous radiometric targets were identified from this survey in all areas surveyed and follow-up prospecting has been completed on many priority targets. Follow-up work identified new areas of uranium mineralization and assay results from this work are also pending.

In summary, the Company is encouraged by the results from drilling to date as indicated above. Results from our follow-up prospecting, soil sampling, ground geophysics and radon gas surveying have also identified several areas warranting further work including drilling. A complete report on results of drill hole assays, ground and airborne geophysical surveys, and rock and soil geochemical surveys will be forthcoming as analytical results are received and data is assessed and evaluated.

The Central Mineral Belt of Labrador, Canada, located approximately 135 kilometres north of Goose Bay, has a long history of uranium and base metals exploration. Uranium was first discovered in the belt in the 1950s. With further exploration in the 1960s and 1970s and rising uranium prices, exploration in the region increased significantly and several uranium deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco. Today, exploration activity in the region is highlighted by resource drilling at the Michelin and Jacques Lake deposits by Aurora Energy Resources Inc. (TSX: AXU) and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. (TSX-V: CXX). Collectively approximately 100 million pounds of NI 43-101 compliant uranium resources has been reported in the Central Mineral Belt by Aurora and Crosshair, a figure that is expected to increase significantly in the coming years through increases to existing resources as well as new uranium discoveries. Bayswater Uranium is the largest landholder in the Central Mineral Belt with interests in 4,626 sq km of strategic landholdings; Aurora controls about 800 sq km and Crosshair approximately 640 sq km. Bayswater is aggressively exploring several uranium targets within its landholdings with the objective of discovery of new uranium resources.

In other news, the Company has requested the TSX Venture Exchange to halt trading in its securities pending a subsequent news release.

About Bayswater Uranium Corporation - The Super Junior™ Uranium Company

Bayswater Uranium Corporation is a rapidly-growing international uranium exploration and development company. As the only uranium company to have major landholdings in each of Canada's most important producing and exploration regions -- the Athabasca Basin, the Central Mineral Belt, and the Thelon Basin -- Bayswater is a leader in uranium exploration in Canada, the world's largest producer of uranium. The Company also owns several advanced uranium properties in the United States that are being fast tracked to production. Bayswater combines a balanced portfolio of exploration and development projects with the uranium expertise of its technical and managerial teams. The result is a Super Junior™ Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. Bayswater is listed on the TSX Venture Exchange under the symbol "BAY." The Company's website is www.bayswateruranium.com.

On behalf of the Board of:
BAYSWATER URANIUM CORPORATION

George M. Leary
President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Contact Information

  • For further information contact:

    John Gomez
    Manager, Investor Relations
    Telephone: (604) 687-2153