SOURCE: Bayswater Uranium Corporation

April 30, 2008 08:15 ET

Bayswater Receives Consultant's Report Defining High Priority Targets at North Thelon Basin Project

Detailed Follow-Up Planned in 2008

VANCOUVER, BC--(Marketwire - April 30, 2008) - Bayswater Uranium Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) is pleased to report that it has recently received a report from Paterson Grant and Watson ("PGW") regarding interpretation of the 16,000 line km airborne radiometric and magnetic survey flown in 2007 from the North Thelon Project located in Nunavut, Canada. Results of this work successfully delineated high priority uranium targets that will be followed up in 2008.

The North Thelon Project consists of a series of properties centered about 100 km northwest of the hamlet of Baker Lake in Nunavut. The exploration targets are unconformity related uranium deposits similar to the Kiggavik and Andrew Lake deposits currently being developed by Areva, and sediment hosted uranium deposits similar to the Oklo and Shinkolobwe deposits that have been mined in West Africa.

Results from the 2007 field program that were previously reported in a news release dated January 4, 2008, indicated that significant uranium mineralization was discovered in outcrop and float in the Amer West Block where Bayswater holds a 100% interest. A 16,000 line kilometer fixed-wing airborne radiometric and magnetic survey was completed over newly acquired claims, comprising approximately 551,600 acres, in the Itza area in order to carry out an initial evaluation of the uranium and diamond potential of this region. This data has been reviewed by PGW, and a total of 11 high priority radiometric anomalies were delineated.

The 2008 field program at North Thelon is planned to consist of detailed geophysical, geological and prospecting surveys to follow-up these anomalies. The previously planned diamond drill program has been deferred in order to allow Bayswater to focus on Labrador and Wyoming as discussed in the Company's recent news release dated April 28, 2008.

"The decision to defer drilling Bayswater's properties in the Thelon Basin does not reflect any change in our opinions regarding the potential of the area," states Victor Tanaka, Chief Operating Officer of Bayswater. "Additional ground work will undoubtedly add further quality drill targets that will be tested in 2009."

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