SOURCE: Bayswater Uranium Corporation

May 03, 2007 07:45 ET

Bayswater Commences Airborne EM Survey in Labrador to Further Evaluate Uranium Targets Discovered in 2006

Drill Testing of up to Ten Uranium Targets to Commence in June 2007

VANCOUVER, BC -- (MARKET WIRE) -- May 3, 2007 -- Bayswater Uranium Corporation (TSX-V: BAY) reports that a 5700 line km airborne electromagnetic (EM) geophysical survey has commenced on a portion of the Company's extensive uranium landholdings in the Central Mineral Belt, Labrador. The area being surveyed covers the central portion of the Company's land holdings along the historic part of the district uranium belt. The primary purpose of the survey is to evaluate potential extensions to uranium mineralized conductive zones, such as the Stipec River-Anna Lake trend; and to evaluate the region of the Ghost Lake and other radiometric anomalies that remain unexplained along strike to the southwest of the Michelin deposit and in other priority areas in the southeastern portion of the property.

The survey is being undertaken by Aeroquest Limited with a helicopter borne state of the art system with flight lines at 200 metre intervals. The conductive zones identified by the survey will assist in detailed prospecting this summer in regards to evaluating potential extensions of recently discovered conductive uranium zones and in assessing and identifying potential drill targets.

Bayswater also reports that it has recently staked an additional 261 claims along the eastern margins of its North and Northwest Blocks in order to cover favorable uranium lake sediment anomalies and geologic target areas. The Company plans on carrying out a radiometric and magnetic survey of all its new ground staked this winter comprising a total 1087 claims in several small blocks around the perimeter of its landholdings. A contract has recently been awarded to Novatem Inc. for this survey to commence in early summer. The survey comprises about 3000 line kms of surveying at 100 metre line spacings.

Bayswater's uranium land holding in the Central Mineral Belt, Labrador now comprises a total of 17,947 claims (4486 sq km) or more than 1.1 million acres. The Company is by far the largest landholder in the district.

A first phase drill testing program comprising 10,000 metres with two drills is planned to commence in June after spring breakup. Drilling will test up to 10 uranium targets including Stipec River, Anna Lake, Dandy, Kanairiktok Bay, Stomach Lake and other uranium prospects and targets discovered in 2006 as previously reported. In addition, the Company is planning an aggressive program of prospecting, sampling and mapping to further evaluate uranium targets of interest, to evaluate numerous 2006 airborne radiometric anomalies requiring further work and to follow-up results of the above announced 2007 EM survey as well as results from newly staked areas to be flown with radiometrics and magnetics this summer. Detailed ground work including line-cutting, soil geochemistry and ground geophysics will also be performed over the highest priority targets identified during the 2006 field program. The Company's planned 2007 project expenditure for Labrador is about $7.0 million including up to 20,000 metres of drilling.

The Company has received permitting for a significant portion of its 2007 exploration activities to be carried out in Labrador. All necessary exploration permits required by the Provincial and Nunatsiavut Governments are anticipated to be finalized prior to program startup in early June.

The Company's exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), President of the Company, and Victor Tanaka, B.Sc. P.Geo.(B.C.), Chief Operating Officer of the Company. Both are qualified persons under NI 43-101. George Leary is the qualified person responsible for the technical information in this news release.

About the Labrador Central Mineral Belt

The Central Mineral Belt (CMB) 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 CMB increased significantly and several uranium deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco. The Moran Lake deposits were later drilled by Shell Canada Ltd. (TSX: SHC). Currently the Michelin and Jacques Lake uranium deposits are being developed by Aurora Energy Resources Inc. (TSX: AXU) which in mid February, 2007 announced a NI 43-101 compliant measured and indicated combined resource of 57.9 million pounds U3O8 plus an additional combined inferred resource of 38.0 million pounds U3O8 all at an average grade of 0.07 to 0.10% U3O8 to a depth at Michelin of approximately 750 metres. Crosshair Exploration and Mining (TSX-V: CXX) is exploring the Moran Lake deposit with an initial NI 43-101 compliant inferred resource of 688,000 pounds U3O8 at a grade of 0.25% U3O8 in the Upper C Zone. Bayswater Uranium is the largest landholder in the CMB with over 4,400 sq km. Aurora controls about 800 sq km and Crosshair approximately 640 sq km.

About Bayswater's Labrador Central Mineral Belt Uranium Project

The Labrador Uranium Project is one of Bayswater's key projects with 4486 sq km (over 1.1 million acres) of contiguous land along and adjacent to the historic Labrador Central Mineral Belt uranium district highlighted by resource drilling at the Michelin and Jacques Lake deposits by Aurora Energy Resources Inc. and on the Moran Lake deposit by Crosshair Exploration & Mining Corp.; and, by exploration drilling of major prospects by Aurora, Silver Spruce (TSX-V: SSE)/Universal Uranium (TSX-V: UUL) and others working in the district. The Company's land holdings have potential for Olympic Dam and Rossing type uranium deposits. Several 2006 discovered mineralized zones, many of which are at the drill stage, and a large number of radiometric anomalies requiring further follow-up occur within the Company's land holdings. An aggressive $7.0 million exploration program, including up to 20,000 metres of drilling, is planned on the Company's landholdings in 2007. Bayswater Uranium Corp. is by far the largest landholder in this important uranium district.

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 experience 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

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