SOURCE: Bayswater Uranium Corporation

April 28, 2008 08:15 ET

Bayswater Reassesses Priorities & Targets Labrador and Wyoming to Fuel Growth in 2008

VANCOUVER, BC--(Marketwire - April 28, 2008) - Bayswater Uranium Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) reports that due to market conditions it has reassessed its priorities for 2008. As a result, the Company reports that its Anna Lake uranium discovery in Labrador and the Elkhorn uranium project in Wyoming will be the Company's primary exploration focus to increase uranium resources in 2008. Exploration drilling in Labrador and Wyoming will enable Bayswater to maximize effectiveness of exploration expenditures and move these projects closer to feasibility.

In order to accommodate these changes, as well as conserve cash, the Company will hold-off drilling other projects this year including Alzada in Montana and Mountain West in Nevada -- both projects with important historical uranium resources. Also, drilling expenditures planned in the North Thelon Basin will be diverted to Labrador. Additionally, drilling on the Samit project in Mali is on hold given current civil unrest in this West African country.

Additionally, the initial round of drilling on our Collins Bay Extension project in the Athabasca Basin, Saskatchewan and on the Wisker Valley project, Newfoundland, as previously announced earlier this year, has been completed and results will be announced pending receipt of assays from drill core.

The above initiatives, including the reallocation of funds to Labrador, will reduce total planned 2008 exploration spending and therefore enable the Company to be in a stronger cash position at the end of the year. It also enables Bayswater the opportunity to significantly increase its uranium resources and potential for growth by focusing on the Anna Lake deposit and opportunities for discovery of new deposits along an associated highly prospective 10 kilometre structural corridor in the heart of the Central Mineral Belt, Labrador.

On the Elkhorn project, Wyoming, further drilling is planned this summer to follow-up the currently on-going and nearly completed phase 3 drilling program that comprises over 300 drill holes as previously announced. This program is evaluating three known uranium mineralized areas with historic and/or compliant resources. Data from this phase of drilling are currently being compiled and evaluated and results will be announced as available. A revised NI 43-101 resource estimate will be completed after the next round of drilling.

George Leary, president of Bayswater, states: "Bayswater's revised focus in 2008 will be on projects that can increase our uranium resources at the most reasonable costs and where we have the greatest opportunity for new discoveries. These initiatives still place us in an excellent position to double our uranium resources, and at the same time have a healthier treasury at the end of the year."

Bayswater's exploration activities in Labrador are scheduled to commence in early May 2008. Further information on this exploration program will be forthcoming.

About the Labrador Central Mineral Belt

The Central Mineral Belt of Labrador, Canada, located approximately 135 kilometers north of Goose Bay, has a long history of uranium and base metals exploration. Uranium was first discovered in the belt in the 1950s. With further exploration in the 1960s and 1970s and rising uranium prices, exploration in the region increased significantly and several uranium deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco. Today, exploration activity in the region is highlighted by resource drilling at the Michelin and Jacques Lake deposits by Aurora Energy Resources Inc. (TSX: AXU) and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. (TSX-V: CXX). Collectively, over 135 million pounds of NI 43-101 compliant uranium resources have been reported in the Central Mineral Belt by Aurora and Crosshair, a figure that is expected to increase significantly in the coming years through increases to existing resources, as well as new uranium discoveries. Bayswater Uranium is the largest landholder in the Central Mineral Belt with interests in 2,376 sq km of strategic landholdings; Aurora controls about 900 sq km and Crosshair approximately 690 sq km. Bayswater is aggressively exploring several uranium targets within its landholdings with the objective of establishing a significant NI 43-101 compliant resource at its Anna Lake discovery and in making additional uranium deposit discoveries.

About the Elkhorn Project, Wyoming

The Elkhorn project is one of nine uranium projects that Bayswater is exploring on the western flanks of the Black Hills uplift and eastern Powder River Basin. The Elkhorn project comprises over 16,700 acres of land held under Federal, State and Fee agreements. Three uranium mines are in production in this region, including the Smith Ranch-Highland uranium project and the Crow Butte mine, owned by Cameco Corporation (TSX: CCO), and the Christensen Ranch mine, owned by Areva, all which employ "in-situ recovery" processes to recover uranium mineralization. Operating mines are exploiting uranium mineralization that occurs in concentrations that range from approximately 0.1 - 0.3% U3O8. Bayswater plans additional drilling on the Elkhorn Project in 2008 to further expand identified areas of mineralization and to test new target areas; and to prepare a NI 43-101 revised resource estimate by the fall of this year.

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