SOURCE: Bayswater Uranium Corporation

October 16, 2008 07:15 ET

Bayswater Initiates Drilling Program at Brudell Lake Project in Athabasca Basin

VANCOUVER, BC--(Marketwire - October 16, 2008) - Bayswater Uranium Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) is pleased to report that diamond drilling has commenced at the Brudell Lake Project located in the Athabasca Basin of Saskatchewan. Drilling is designed to test high priority uranium targets identified by the Company's air and ground surveys, one of the largest surveys ever conducted in the Athabasca Basin, that identified five high priority favourable conductive zones each ranging in length from 3 to 7 kilometres.

The Company's 2007 VTEM airborne geophysical survey and follow up ground MT geophysical surveying (results previously reported in news releases dated December 17, 2007 and August 5, 2008), successfully identified the presence of significant conductive zones at and beneath the unconformity spatially associated with major magnetically inferred basement fault structures. These zones likely represent graphitic metasediments which are in most cases spatially associated with and often form, at least in part, the host rocks for unconformity related uranium deposits in the Athabasca Basin. An MT profile of one conductor target -- Hekelaar Lake -- is posted on Bayswater's website at http://www.bayswateruranium.com/s/BrudellLake.asp. This target will be one of the first to be drilled in the current program.

"We're very excited to be drilling this property as the targets display geophysical characteristics of most Athabasca uranium deposits," states Victor Tanaka, Chief Operating Officer of Bayswater. "This will represent the first drill test in this large prospective property. The geophysical responses are strongly suggestive of the presence of favourable graphite bearing metasediments in basement rocks, major basement fault structures and potential alteration zones in overlying metasediments -- all important features associated with unconformity type uranium deposits."

The Brudell Lake Project is located in the west-central part of the Athabasca Basin in northern Saskatchewan midway between the Shea Creek deposits, currently being developed by Areva and UEX (TSX: UEX), and the Centennial Deposit being evaluated by Cameco (TSX: CCO) and partners. The Brudell Lake Project, which was originally 1.7 million acres in size, has been reduced to approximately 192,281 acres after the Company's surveys identified the most prospective areas for hosting uranium deposits.

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. Vic Tanaka 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