SOURCE: Bayswater Uranium Corporation

January 25, 2007 08:15 ET

Bayswater Commences Airborne Surveys in Athabasca Basin to Identify Uranium Drill Targets

New Ground Staked in Basin for Total Interests of 1,713,185 Acres

VANCOUVER, BC -- (MARKET WIRE) -- January 25, 2007 -- Bayswater Uranium Corporation (TSX-V: BAY) reports that airborne geophysical surveys have commenced covering the Company's extensive properties in the Athabasca Basin, Saskatchewan. The VTEM survey being undertaken by Geotech Ltd., will provide detailed information on underlying geological structures and electromagnetic (EM) conductors, to assist in identifying drilling targets.

Basement fault structures and EM conductors are key features associated with high grade, unconformity related uranium deposits in the Athabasca Basin. Approximately 13,000 line-kilometres will be flown at 400 metre and 800 metre line-spacing. The deep-penetrating electromagnetic and magnetic surveys represent the first use of current geophysical technology over most of this highly prospective region of the Athabasca Basin.

Bayswater's property holdings are located in the south-central Athabasca Basin between UEX Corporation's (TSX: UEX) Shea Creek uranium deposit and Cameco Corporation's (TSX: CCO) Centennial uranium deposit. At the Company's properties, depth to the unconformity (target host area of uranium mineralization) is estimated to be between 400 metres and over 1000 metres. However, modeling of government aeromagnetic data by geophysical consultants has indicated that portions of the properties may be considerably shallower due to significant uplift of the basement along interpreted structures. Basement dislocations are associated with most unconformity uranium deposits in the Athabasca Basin.

217,000 Acres Staked in South Athabasca Basin

Bayswater also announces that 217,000 acres of land adjacent to its holdings have been staked. This new ground covers extensions of favourable geologic structures. The Company now has 100% interest in 1,713,185 acres, one of the largest landholdings in the Athabasca Basin. This newly acquired area will be covered by the current airborne survey, which is expected to be completed in March. Results of the surveys will be evaluated by follow-up ground geophysical surveys and prospecting, with the objective of having drilling targets by late 2007.

Bayswater's 2007 exploration budget for the Athabasca Basin is approximately $4,500,000, which represents approximately 22% of the Company's current annual exploration budget. Further information about the projects is available at http://www.bayswateruranium.com/s/AthabascaUranium.asp.

The Athabasca Basin in northern Saskatchewan is widely recognized as the premier region in the world for high-grade unconformity-type uranium deposits like McArthur River and Cigar Lake. The region accounts for approximately 32% of the world's uranium supply. Other companies exploring in the Basin include Denison Mining Corp. (TSX: DML) and Areva Resources Canada.

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. Victor Tanaka is the qualified person responsible for the technical information in this news release.

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

  • For further information contact:

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