SOURCE: Bayswater Uranium Corporation

February 21, 2008 07:15 ET

Bayswater Commences Drilling on Its Wisker Valley Uranium/Gold Project, Baie Verte Peninsula, Newfoundland

VANCOUVER, BC--(Marketwire - February 21, 2008) - Bayswater Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) reports that it has commenced a diamond drill program on its Wisker Valley Uranium/Gold Project located on the Baie Verte Peninsula of Newfoundland. Bayswater has contracted Springdale Forest Resources Inc. based in Springdale, Newfoundland, to undertake a minimum 1,500 meter diamond drill program to test the uranium and gold targets. Drilling will initially target the main "Amanda Zone" uranium showing and "Road Showing" gold zone. A description of both targets has been provided in a previous press release dated December 05, 2007. Both of these target areas are new discoveries and have never been drill tested.

The Wisker Valley Project represents a newly discovered district previously unexplored for its potential to host economic uranium/gold deposits. To date, results from ground exploration have been encouraging. Data collected from airborne radiometric/magnetic surveys, prospecting, soil geochemistry and geologic mapping have been compiled, and numerous high priority targets for additional follow-up ground investigation and drill testing have been delineated.

The results of a conventional soil geochemical survey conducted in the fall of 2007 on a grid centered over the Amanda Zone have been received. The survey effectively delineated the best known mineralized portion of the Amanda Zone along with other anomalies of interest. The main Amanda Zone is signatured by a 300-meter-long and up to 100-meter-wide zone of elevated uranium in soils coincident with a multi-element soil geochemical anomaly. The soil anomaly is discontinuous along strike to the northwest however remains open to the southeast. Geological mapping and prospecting outward from the main Amanda showing has identified a large body of radioactive felsic volcanic breccia measuring approximately 1,500 meters long by up to 250 meters wide. The breccia body trends northwest-southeast and appears to bifurcate to the southeast. The Amanda Zone occurs along the southern contact of this body and appears to extend intermittently to the northwest along its axis. Typical scintillometer readings between 1,000 to 10,000 cps can be found locally throughout the area of the breccia body. Fracturing of the breccia also appears to play a local role in concentrating uranium mineralization although the exact control on uranium mineralization is currently unknown. As previously reported, the best results returned to date from the Amanda Zone assayed 0.89% U3O8.

Ground geophysical work is currently in progress over the Amanda Zone uranium target and over the Road Showing gold target. Magnetometer and induced polarization surveys are expected to be completed by the end of February with only preliminary results currently available. To date, three lines of induced polarization have been completed over the Amanda Zone and geophysical interpretations are being performed in conjunction with the drill program. Based on preliminary data, a good correlation appears to exist between geophysical responses and soil geochemical anomalies.

Geophysical results from the Road Showing gold zone have effectively delineated the target over a minimum 400 meters strike length. The anomaly is characterized by a zone of high chargeability and high resistivity, with indicated widths of up to about 25 meters, correlating directly to the gold bearing quartz sulphide veins trenched in the field. The anomaly remains open to the east and will continue to be evaluated. As previously reported, the best assay results from the Road Showing gold zone returned values ranging up to 104 g/t Au. Outcrop exposure is very limited in the vicinity of this gold discovery, and further work will be largely determined by the results of the geophysical surveying and preliminary drilling this winter.

Additional assay results from sampling on both the Amanda Zone and Road Showing have been received. Uranium analysis from seventy samples taken from the area around the Amanda Zone returned twenty-nine samples containing greater than 0.02% U3O8 and seven samples assaying greater than 0.1% U3O8, with the best sample grading 0.53% U3O8. Based on a limited number of samples collected from channel sampling on the Road Showing, the best sample returned an assay of 31.1 g/t Au over 1.0 meter. Additional uranium analyses are pending for soil samples collected during 2007.

Mr. George Leary states, "We are highly encouraged from our preliminary evaluation of the Wisker Project. The Amanda Zone represents an untested uranium target which the Company feels could have potential to host a large tonnage, low grade deposit similar to those found in the Streltsovka caldera complex of Russia. Additional high priority radiometric targets, outlined from the airborne geophysical survey last year, and the newly discovered high grade Road Gold Showing will also require further detailed ground investigation, subsequent to drill testing this winter, during the Company's 2008 field season."

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

About Bayswater Uranium Corporation - The Super Junior™ Uranium Company

Bayswater Uranium Corporation is a rapidly growing 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 that are being fast tracked to feasibility and production. Bayswater combines a balanced portfolio of exploration and development projects with the uranium expertise of its technical and managerial teams. 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. To capitalize on the strong growth of the nuclear industry and to continue to add shareholder value, Bayswater plans to focus on the development of its resource properties and to evaluate early stage projects for further discoveries. Other acquisition opportunities will continue to be assessed all with a corporate vision of building 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

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