SOURCE: Bayswater Uranium Corporation

April 18, 2007 07:15 ET

Bayswater Completes Major Survey at Athabasca Basin Uranium Property

New Surveys Underway in South Thelon Basin

VANCOUVER, BC -- (MARKET WIRE) -- April 18, 2007 -- Bayswater Uranium Corporation (TSX-V: BAY) reports that airborne surveys have been completed over the Company's 1.7 million acre property in the Athabasca Basin, Saskatchewan. Approximately 14,000 line kilometres of helicopter-borne VTEM systems were flown, one of the largest airborne electro-magnetic (EM) programs carried out in the Athabasca Basin, the world's highest producing region of uranium. Data from the deep-penetrating surveys is being compiled for interpretation. The objective of the surveys is to locate and define basement conductor anomalies, target areas for hosting high-grade uranium mineralization.

Bayswater's 100% owned property in the Athabasca Basin consists of two large claim blocks that cover major fault structures and geological settings that are favourable environments for high-grade, unconformity deposits. Interpreted depth to the basement unconformity -- target level for uranium deposits -- is from 400 metres to over 1,000 metres. While most of the uranium deposits in the Athabasca Basin have been discovered around the margin of the Basin, where depth to the basement unconformity is relatively shallow (less than 500 metres), technology now enables geophysical surveys to penetrate deeper into the earth, to identify uranium targets at levels not previously probed. AREVA Resources Canada Inc. and UEX Corp's (TSX: UEX) Shea Creek deposits, located 50 kilometres west of Bayswater's property, is an example of high-grade uranium at relatively deep levels in the basin as these deposits have been discovered between 665 metres to 917 metres.

Based on interpretation of survey data as well as existing information, follow-up ground geophysical and geological surveys are planned to identify drill targets. Condor Consulting Ltd., specialists in the field of airborne electromagnetics, has been contracted to perform detailed interpretation of survey results from the Athabasca Basin as well as the Thelon Basin. This year an initial drilling program is planned to test priority targets. The 2007 exploration budget for the Athabasca Basin is approximately $4,500,000. Further information is available from the Company's Website at http://www.bayswateruranium.com/s/AthabascaUranium.asp.

Bayswater also reports that VTEM geophysical surveys have recently commenced in the central internal portion of the South Thelon Basin in areas not flown last year with MEGATEM -- another deep penetrating electromagnetic system. The survey will comprise about 10,000 line kilometres. Ground follow-up of favourable basement conductive zones identified as a result of the surveys will commence once the results of the surveys have been reviewed and assessed. In addition, follow-up ground geophysics has started on the favourable basement conductor targets identified as a result of the MEGATEM survey flown over a portion of the Company's land holdings last year. Ground survey work is designed to define targets for drill testing.

The South Thelon Basin VTEM survey as described above mainly covers 100% owned Bayswater ground. However, the survey also covers ground in two claim blocks held under the Canada Uranium Joint Venture with Strongbow Exploration Inc. (TSX-V: SBW). Under the terms of the Joint Venture, Strongbow has elected to designate these two claim blocks as an "Earn-In Project" whereby Bayswater is required to spend the first $600,000 in exploration expenditures in order to maintain its 50% interest. In addition, the survey also covers ground not surveyed last year with MEGATEM forming part of the earn-in optioned ground from Uranium North whereby Bayswater has a right to earn an 80% interest in the property's uranium rights.

About the Thelon Basin, NWT/NU, Canada

Located in the Northwest Territories and Nunavut, Canada, the Thelon Basin represents an under-explored, major sandstone basin that shares many geological characteristics with the Athabasca Basin, approximately 350 km to the south in Saskatchewan. Numerous high-grade unconformity-style uranium deposits have been identified within the Athabasca Basin, and mining of these deposits currently generates approximately one third of the world's uranium production. Similarities between the Athabasca and Thelon Basins include the age and character of favorable host and basement rocks, major basement structural features and, importantly, known occurrences of unconformity-type uranium mineralization. The most advanced uranium deposits within the Thelon Basin area are AREVA Resources Canada Inc's Kiggavik, Andrew Lake and END deposits (the Kiggavik Trend), host to approximately 131 million pounds of contained U3O8. Bayswater Uranium is the largest landholder in the Thelon Basin with interests in approximately 4.5 million acres representing more than 1/3 of the available exploration land in the Basin. In the South Thelon Basin, Bayswater's extensive properties holdings include land adjacent to areas being explored by Cameco (TSX: CCO), Uravan (TSX-V: UVN) and Ur-Energy (TSX: URE). For 2007, Bayswater has budgeted a $6.8 million exploration program in the South Thelon to identify and evaluate uranium targets, including up to 10,000 metres of drilling.

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