SOURCE: Bayswater Uranium Corporation

December 05, 2007 08:15 ET

Bayswater Expands Amanda Uranium Zone -- Part of a Potentially Large Uranium System at Wisker Valley, Newfoundland

VANCOUVER, BC--(Marketwire - December 5, 2007) - Bayswater Uranium Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) reports that airborne surveys, mapping and prospecting have confirmed the discovery of a large felsic volcanic breccia complex hosting extensive uranium mineralization at the Wisker Valley Uranium Project in Newfoundland. The "Amanda Zone," previously discovered by the prospectors who optioned their claims to Bayswater, is one of several uranium targets associated with the breccia complex. Recent work by Bayswater crews on the Amanda Zone has extended and traced the mineralized zone over a 1.5 km x 250 m area. Best results from previous sampling to date have returned uranium assays in numerous grab samples ranging from 0.1% to 0.89% U3O8. Assays are pending from an extensive sampling program, including trenching, on the Amanda Zone and from widespread samples collected on other targets located within the area of the breccia complex and throughout the property. Drilling is planned for the first part of 2008 on the Amanda Zone.

Highlights

--  Amanda Zone traced for 1.5 km by 250 meters with uranium assays up to
    0.89% U3O8
--  44 Priority radiometric targets identified
--  Newly discovered gold zone assays up to 104 g/t Au
--  Drilling expected to begin in early 2008
    

The Wisker Valley Uranium Project, located on the Baie Verte Peninsula of Newfoundland, consists of 1611 claims, either under option to acquire a 100% interest or owned 100% by the Company. The property covers an area of 40,275 hectares of highly prospective and radioactive Silurian volcanics previously unexplored for uranium.

During November 2007, Bayswater completed a 4800 line kilometer airborne radiometric and magnetic survey with flight line spacings of 100 meters at Wisker Valley. The airborne data is currently being processed and final map products are being prepared by NovaTem Inc. A preliminary assessment indicates that the survey has been very effective in signaturing the Amanda Zone and delineating additional moderate to highly radioactive targets located throughout the property for ground follow-up. A total of 44 anomalous radiometric targets have been identified -- 14 of which are considered to be high priority. The Company plans to bring these targets to the drill stage and carry out drill testing on new uranium zones during 2008.

Of particular interest is the close spatial relationship of high radioactivity to circular features detected from the magnetic data. These features are currently interpreted to be ring dyke structures associated with collapsed calderas. The large volcanic hosted uranium mineralized systems associated with Streltsovka caldera complex in Russia and the McDermitt caldera in Nevada are considered potential analogies for the Wisker Valley mineralization.

The Wisker Valley uranium mineralization appears structurally controlled and is hosted within Silurian volcanic units consisting of commonly hematitic volcanic breccias, rhyolites and tuffs. These units have been intruded by later Devonian granites prevalent in the area. Regional Government lake sediment geochemistry shows elevated multi-element geochemistry within the claims and supports the presence of uranium mineralization.

Prospecting and geological mapping on the Amanda Zone and its immediate vicinity has identified a large pyroclastic volcanic center, reflected by an ovoid-shaped magnetic low up to 5 km or more across, that is indicated to host significant uranium mineralization. To date, the Amanda Zone has been outlined over an area measuring 1.5 km by 250 m on the southwestern flank of this possible volcanic center and located within but on the margin of the magnetic low. A significant radiometric anomaly correlates directly with known uranium mineralization -- characterized by a circular 1.4 km x 850 meter wide radiometric high. Five additional distinct high priority radiometric targets and two moderate priority radiometric anomalies also lie within and generally around the margin of this large magnetic low which is thought to be the center of a large volcanic edifice. Several channel cuts from backhoe trenches recently completed in the Amanda Zone have been sampled and abundant grab rock samples have been collected from the Amanda Zone and other radiometric anomalies as described for which assays are all pending. The target area of these anomalies, including the Amanda Zone, represents a potentially large and previously undiscovered uranium mineralized system.

In addition to the numerous uranium targets outlined on the Wisker Valley property, a high grade epithermal style gold system (the "Road Showing") has been identified in a structurally controlled zone likely associated with volcanism on the property. The Road Showing is exposed in cleaned outcrop of a gravel pit. It consists of a series of closely spaced quartz veins containing significant gold grades across widths of up to 10 metres. Assay results from 32 grab samples taken from outcrop and float around the showing graded greater than 10 g/t gold with the best sample assaying 104 g/t gold. The Company plans on carrying out an induced polarization survey over the mineralized zone with drill testing early next year in conjunction with its uranium targets as part of its overall evaluation of the Wisker Valley project.

An aggressive exploration program has been on-going over the past couple of months on the Wisker Valley Uranium Project, including backhoe trenching on the Amanda Zone. As a result of inclement weather, continued prospecting and geological mapping have been suspended until spring 2008. Line-cutting, soil geochemical and ground geophysical work are all expected to be completed on an eighty kilometer grid by the end of 2007. Bids have been received for a drill program expected to commence in the first quarter of 2008. Initial drilling will focus on the Amanda Zone and Road Showing.

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 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. 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