SOURCE: Bayswater Uranium Corporation

August 16, 2007 17:04 ET

Bayswater Purchases Uranium Properties in New Mexico and Utah

VANCOUVER, BC--(Marketwire - August 16, 2007) - Bayswater Uranium Corporation (TSX-V: BAY) is pleased to announce it has entered into two letter agreements dated August 11, 2007 with private corporate entities (the "Vendors") whereby Bayswater has been granted an option to acquire a 100% interest in certain mineral claims located in New Mexico and in Utah.

Both of these properties have potential for roll front and structurally controlled uranium deposits associated with favourable sandstone units on the margin of the Colorado Plateau -- known for its uranium deposits, many of which have been in production previously. Data is currently being compiled on both properties to determine drill programs. Field work is planned on both prior to any drilling. Drilling is planned for 2008 on both projects.

Pursuant to the letter agreement concerning the New Mexico property, Bayswater is obligated to issue to Vendors an aggregate of 1,000,000 common shares and pay an aggregate of US$500,000 in staged payments over a four-year period, of which an initial 100,000 common shares and US$25,000 is payable upon receipt of the approval of the TSX Venture Exchange. All cash and share payments will be paid 50% to each of the two corporate Vendors in accordance with their interests in the New Mexico property.

Pursuant to the letter agreement concerning the Utah property, Bayswater is obligated to issue to Vendors an aggregate of 500,000 common shares and pay an aggregate of US$250,000 in staged payments over a four year period, of which an initial 500,000 common shares and US$12,500 is payable upon receipt of the approval of the TSX Venture Exchange. All cash and share payments will be paid 50% to each of the two corporate Vendors in accordance with their interests in the Utah property.

The agreements are subject to the approval of the TSX Venture Exchange, and the shares payable under the respective agreements, when issued, will be subject to a four-month hold period.

About Bayswater Uranium Corporation - The Super Junior™ Uranium Company

Bayswater Uranium Corp. 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. 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