Bayswater Ventures Corp.

Bayswater Ventures Corp.

May 17, 2006 09:30 ET

Bayswater's Data Compilation Generates Uranium Targets on its Labrador Uranium Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 17, 2006) - Bayswater Ventures Corp. (TSX VENTURE:BVE) (the "Company") is pleased to announce that preliminary results from its on-going compilation of published and assessment data on its large land holding in the Labrador Central Mineral Belt uranium district has generated numerous highly favourable follow-up targets. These targets can be summarized as follows:

1. Moran Lake Belt-Target extends for 30 km on Bayswater ground northeasterly from our claim boundary on the south with Crosshair and Santoy. Target is characterized by a probable extension of the magnetically and radiometrically favourable unconformity belt on Crosshair ground and by favourable major fault structures, volcanic and sedimentary units, small granitic intrusives, widespread base and precious metal occurrences, uranium occurrences and common anomalous scintillometer counts. Specific targets include the following:

a) Boiteau Lake-Outcrop samples up to 0.249% U3O8 and anomalous radioactivity in outcrops and boulders for 5 km along the immediate extension of the Crosshair unconformity zone.

b) Green Pond Belt-Numerous copper, lead, zinc, gold and silver occurrences and prospects traced for 30 km along strike. Values of up to 1.46% copper in outcrop, 17.87% zinc and 7.4% lead over 0.9 metres in a drill hole, 5.15 g/t gold in outcrop and 0.73 oz/t silver over 1.2 metres in a drill hole have been noted. Uranium has generally not been previously analyzed from these prospects. Anomalous gold and uranium in lake sediments is associated with this belt. These prospects indicate the potential for IOCG Olympic Dam type uranium deposits within Bayswater ground.

c) Cecil Lake-Boulder samples grading 2.38% to 0.17% U3O8 and one outcrop sample grading 0.083% U3O8; and, two outcrop samples grading up to 1.7% copper in an area of anomalous uranium in stream sediments with values up to 80 ppm. High uranium values in rocks and anomalous stream sediments occur over a distance of 4 km adjacent to Santoy ground.

d) Jeans Pond-Outcrop samples with up to 1.12% U3O8 near the margin of a small granitic intrusive. Numerous copper and iron occurrences are spatially associated with the periphery of this intrusive. This target is part of a belt of small granitic intrusives that extends for 30 km within Bayswater ground.

2. Anna Lake Area-Target is a 1.2 km long boulder train with over 2000 radioactive granite and gneissic boulders with values up to 3.05% U3O8. Of 65 boulder samples assayed, eight assayed greater than 1% U3O8; and about 40 samples assayed between 0.10% and 1.0% U3O8. Limited previous drilling by Brinco intersected 0.2% U3O8 over 0.5 meters and 0.04% U3O8 over a 7.4 meter interval. The source of the high grade boulders remains to be located. The source is probably local on Bayswater ground as boulders are described as angular to rounded and knobby. This target occurs 9 km to the west along strike from the Melody Hill prospect of Aurora Energy where high grade uranium values of up to 28.2% U3O8 occur in granite boulders. One drill hole in the region of the Melody Hill boulder train returned 0.14% U3O8 over 6.0 metres. The Melody Hill bedrock source remains to be located as well.

3. McGrath Lake Area-Target consists of widespread highly anomalous lake samples from Brinex-Urangesellschaft work in 1978 with values of up to 2020 ppm (0.202%) uranium in lake sediments and up to 1.79 ppb uranium in lake waters. The target occurs along a 10 km stretch of the south margin of the favourable Island Harbour Bay intrusive that occurs centered within Bayswater's North Claim Block. This anomalous area is part of the southern portion of a northeasterly elongate (22 km by 42 km) oval ring-shaped anomalous pattern associated with the margins of this intrusive. The ring-shaped pattern is characterized by a magnetic anomaly with associated anomalous uranium up to 77.3 ppm and associated anomalous copper, iron, silver and light rare earth elements in 1993 government lake sediment samples. The Island Harbour Bay intrusive is favourably differentiated with abundant accessory minerals including zircon, allanite and sphene that potentially have high radioactivity. The McGrath Lake target and the large ring-shaped anomalous pattern have potential particularly for granite-hosted Rossing type deposits as described in a news release dated January 16, 2006. The Rossing deposit in Namibia, Africa is the fifth largest producer of uranium in the world.

4. Favourable geologic extensions onto Bayswater's Southeast Claim Block. This Claim Block occurs within five km southwest of the Michelin and Rainbow deposit area and five km southwest of the Otter Lake, Jacques Lake and other targets of Aurora at the east end of the Labrador Central Mineral Belt uranium district. No prior record of exploration geochemical data of these favourable areas is known. From announced Aurora Energy data, airborne radiometric anomalies occur in both cases to the margins of Aurora's ground and indicate likely extensions onto Bayswater ground.

5. Favourable geologic extensions onto Bayswater's Southwest Claim Block. This Claim Block occurs adjacent Crosshair's ground on the southeast. Follow-up radiometric targets identified by Crosshair likely extend onto Bayswater ground. No prior work has been done on this Claim Block.

6. Several favourable anomalous geochemical targets within the Northwest Claim Block have been identified from previous work. In the Harris Pond area, anomalous uranium values in soils up to 19.8 ppm occur along an east-west trending belt some 8 km long associated with anomalous uranium values in lake sediments from 1993 government sampling. Other targets from previous exploration, directed mostly towards nickel, consist of anomalous uranium in lake sediments, stream, soils and rocks particularly associated with volcanic rocks in close proximity to granitic intrusive bodies. Widespread copper, nickel, molybdenum and pyrite occurrences are present within the Claim Block. The Northwest Claim Block is centered over a large government lake sediment uranium anomaly with uranium values up to 125.7 ppm in lake sediments and up to 1.2 ppb uranium in lake water. Anomalous copper, iron and silver and elevated contents of light rare earth elements in lake sediments are also associated with the anomaly. The anomaly is centred over a regional ring-shaped series of intrusive bodies. Numerous favourable more highly anomalous and/or clustered anomalies from the government data occur within the Claim Block. Bayswater's Claim Block also surrounds claims held by Falconbridge covering the Baikie nickel-copper-PGE showing.

Compilation of previous geophysical data, including radiometric anomalies from prior surveys primarily from the 1960's to 1980's, is ongoing and further results will be reported prior to commencing field work this summer. A number of radiometric anomalies from prior work are known to be present on our ground that will require follow-up.

The Company is anticipating that through the combination of follow-up of compilation targets, as outlined above, and airborne radiometric anomalies from the Company's planned survey by Fugro that numerous uranium mineralized areas warranting drill testing will be identified. Drill testing of high priority targets will likely commence in the late fall of this year or early next winter.

The Company is well funded through closing of a $9.9 million brokered private placement previously announced in a news release of March 27, 2006. Planning for its upcoming program in Labrador is well underway and field operations are planned to commence July 1, 2006.

In addition to the Labrador Uranium Project, the Company is continuing to move forward with project planning on its North and South Thelon Basin projects, on its Avoca VMS project in the Republic of Ireland and on its uranium and gold interests in Niger, West Africa.

The Company continues to evaluate other uranium opportunities for acquisition.

The Company's exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), President of the Company and a qualified person under NI 43-101. Mr. Leary is responsible for the technical information in this news release.

About Bayswater Ventures Corp.

Bayswater Ventures Corp. is a mineral exploration company focused on building a large asset base in quality uranium projects in known uranium districts and on the discovery of large, economic uranium deposits. It also is building interests in gold and base metals. On April 19, 2006, Bayswater announced intentions to merge with Pathfinder Resources Ltd. (TSX VENTURE:PHR). The new corporation will be a leading, small-cap uranium explorer highlighted by dominant land positions in the Central Mineral Belt, Labrador and Thelon Basin, NWT/Nunavut, Canada and in Niger, West Africa respectively the first and fourth largest uranium producing countries in the world. Shares of Bayswater are listed on the TSX Venture Exchange with the symbol "BVE". For further information visit the Company's website at


George M. Leary, President

Warning: The Company relies upon litigation protection for "forward-looking" statements.

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

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