SOURCE: Bayswater Uranium Corporation

November 13, 2008 11:30 ET

Bayswater and Commander Sell Uranium Royalty

VANCOUVER, BC--(Marketwire - November 13, 2008) - Bayswater Uranium Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) and Commander Resources Ltd. (TSX-V: CMD) collectively the "Companies," report that they have entered into an agreement with Global Gold Uranium LLC ("Global Gold Uranium"), a wholly owned subsidiary of Global Gold Corporation (OTCBB: GBGD), to sell a royalty in the Companies' Cochrane Pond uranium Property, located in southern Newfoundland.

Under the agreement, the Companies will provide Global Gold Uranium a 1% royalty on sales of uranium products extracted from the Property until the aggregate royalty payments to Global Gold Uranium reach CDN $1,000,000, after which the royalty will be 0.5% of the sales of uranium products extracted from the Property. In consideration for this royalty, Global Gold Uranium has agreed to pay US$50,000 in cash to the Companies, and pay all legal costs of the agreement preparation.

As previously announced, Global Gold Uranium has terminated the option to earn a participating interest in the Cochrane Pond uranium Property. Global Gold Uranium filed sufficient deposits/work to maintain the Property in good standing for a period of one year from the termination date as required under the option agreement. Bayswater and Commander retain a 100% interest in the Cochrane Pond Property with each owning a 50% interest under the terms of a joint venture.

About Bayswater Uranium Corporation -- The Super Junior™ Uranium Company

Bayswater Uranium Corporation is an 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. Bayswater combines a balanced portfolio of exploration and advanced projects with the uranium expertise of its technical and managerial teams. To capitalize on current market conditions and strong growth of the nuclear industry, the Company is pursuing acquisition opportunities of advance-stage uranium projects with near-term production potential. Bayswater's vision is to build a major international uranium company. 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 and CEO

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