SOURCE: Bayswater Uranium Corporation

July 06, 2007 09:00 ET

Bayswater: Airborne Survey Commences at Cochrane Pond Uranium Property, Newfoundland

VANCOUVER, BC--(Marketwire - July 6, 2007) - Bayswater Uranium Corporation (TSX-V: BAY) and Commander Resources Ltd. (TSX-V: CMD), collectively the "Companies," report that Global Gold Uranium LLC ("Global Gold Uranium"), a wholly owned subsidiary of Global Gold Corporation (OTCBB: GBGD) ("Global Gold"), has commenced an airborne radiometric and magnetic survey over the Cochrane Pond uranium property located in the Hermitage Uranium Belt of southern Newfoundland. The survey, funded and operated by Global Gold, is expected to take approximately four weeks to complete and will be followed by a prospecting program.

The 5,000 line kilometre survey will cover most of the 600 square km Cochrane Pond property which is owned 50:50 under a Joint Venture between Commander and Bayswater. The claims were staked jointly by the Companies in early 2006 to cover favourable geology after uranium discoveries were made on Commander's adjacent Hermitage Property. The Cochrane Pond Property is underlain by metasedimentary and metavolcanic rocks considered favourable for uranium mineralization. To date no significant exploration work for uranium has been done on the property.

Under an agreement reported on April 13, 2007, Global Gold Uranium may earn an initial 51% interest in the property over a four year period by making total cash payments to the Companies of US$700,000, issuing 350,000 shares of Global Gold and completing exploration expenditures of $3.5 million. The first year's committed work expenditure is $500,000. Global Gold Uranium must then increase its interest to 60% by either completing the next $2 million in exploration or by funding and delivering to the Companies a feasibility study on the property, or the interests will flip such that the Companies will hold 51% and Global Gold Uranium 49% in and to the Property.

Details of the terms of the option agreement between the Companies and Global Gold Uranium can be found in Bayswater's news release dated April 13, 2007. For further information about Cochrane Pond and the Hermitage Uranium Belt visit http://www.bayswateruranium.com/s/HermitageUranium.asp.

About Bayswater Uranium Corporation - The Super Junior™ Uranium Company

As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the uranium expertise of its technical and managerial teams with a large, highly prospective and diverse property base. 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. For further information visit 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