SOURCE: Bayswater Uranium Corporation

March 07, 2007 10:12 ET

Bayswater Provides Update on Projects and Operations

VANCOUVER, BC -- (MARKET WIRE) -- March 7, 2007 -- Bayswater Uranium Corporation (TSX-V: BAY) is pleased to provide a project and corporate update as follows:

1. Five additional claims comprising approximately 12,000 acres have been staked in South Thelon Basin along one of the main basement structures that extends through the central portion of its land holdings. Areva (formerly Cogema) previously held this ground and carried out a detailed EM survey in the 1990's. This ground adjoins land forming part of the Canada Uranium Joint Venture with Strongbow Exploration Inc. Land subject to the JV, exclusive of these newly acquired claims, comprises a total of 164,652 acres in two blocks in South Thelon Basin. VTem surveying is planned to commence on these claims at the beginning of April in order to evaluate this structure for conductive zones favourable for high grade, Athabasca type unconformity uranium deposits.

2. 332 additional claims in one contiguous block have recently been staked by the Company adjoining land along the southeastern margin of its claim block on the Central Mineral Belt Uranium Project, Labrador. The claims cover radiometric anomalies reflecting granitic rocks and zones of radioactive sandstones requiring further prospecting. Further assessment and review of the results of the airborne survey and follow-up prospecting are continuing from last seasons work. Numerous targets throughout Bayswater's large land holding require further prospecting which will be undertaken this summer.

3. The Company is still waiting for final results from its very limited follow-up prospecting program last year in North Thelon Basin. Preliminary results indicate anomalous uranium contents were obtained from grab samples, with assay values ranging from about 0.02% to 0.30% U3O8, collected from a number of the airborne radiometric anomalous zones examined. Once the data and final report is received the Company will report the results in greater detail.

4. A compilation of previous exploration and government data from the Company's North Thelon Basin properties and the Athabasca Basin property are currently underway. This data will provide further information in regards evaluating these properties and targets developed for detailed exploration.

5. The airborne VTem survey in Athabasca Basin, currently underway over the Company's 1.7 million acre land holding as reported in a news release dated January 24, 2007, is to date about 60% completed. Two Geotech helicopter systems are currently operating in the field. This survey will comprise at least 14,000 line km making it one of the largest airborne EM surveys ever carried out in this prospective basin. The survey should be completed by the end of March at which time both helicopter systems will commence surveying the central basin portion of the Company's land holdings in South Thelon Basin that were not flown last year. The survey in South Thelon Basin will comprise about 10,000 line km. Ground follow-up of favourable basement conductive zones indentified as a result of these surveys will commence once the results of the surveys have been reviewed and assessed. In addition, follow-up with ground geophysics will commence shortly on the Company's favourable basement conductor targets identified as a result of a Fugro MEGATEM survey flown over a portion of the land holdings last year. Aurora Geosciences out of Yellowknife has been contracted to carry out this work commencing in early April, 2007. The survey work will be designed to define targets for future drill testing. Also, a fixed wing survey consisting of magnetometer, radiometric and VLF surveys will be flown over the Company's landholdings around the margins of the southern Thelon Basin once the snow has melted in early to mid June, 2007. Further ground follow-up of all prospective targets is planned for this summer.

6. The Company reports that the exploration syndicate with Gold-Ore Resources Ltd and Santoy Resources Ltd., with which it was an equal partner in the exploration of two concessions in Gualemala, has been terminated and the land holdings in Guatemala will be allowed to lapse. Exploration on this property failed to identify targets of interest.

7. The Company also reports that Janice Davies has resigned as corporate secretary. Marion McGrath has been appointed in her place as corporate secretary. The Company thanks Ms. Davies for her long and devoted service to Pathfinder and more recently to Bayswater subsequent to the merger last year. This change was made necessary due to the need to centralize administrative functions as a result of the Company recently hiring a full time controller who works from the iOCorporate Services office in Vancouver.

8. Closing of the Company's brokered private placement to raise up to $20 million as announced January 23, 2007 is scheduled to close March.8, 2007.

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

On behalf of the Board of:


George M. Leary
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