Bayswater Ventures Corp.

Bayswater Ventures Corp.

March 23, 2006 12:37 ET

Bayswater Receives NI 43-101 Report on its Labrador Uranium Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - Bayswater Ventures Corp. (TSX VENTURE:BVE) (the "Company") is pleased to announce that the TSX Venture Exchange has accepted for filing a National Instrument 43-101 report by Hrayr Agnerian of Roscoe Postle Associates Inc. on its Labrador Uranium Project. The report summarizes the geochemical, geological and geophysical basis for the Company's acquisition of an exceptionally large land holding comprising 3341 sq kms in the Labrador Central Mineral Belt uranium district. The report documents the favourable uranium and associated multielement geochemical lake sediment anomalies, geology, structures and mineral occurrences within Bayswater's claims as well as areas of favourable potential extensions of known areas of uranium mineralization on competitors ground that may extend onto Bayswater's land holdings. The report recognizes the potential of the Company's land holdings for discovery of IOCG type uranium deposits. Mr. Agnerian states that, "The style of uanium mineralization in the CMB in Labrador is compatible with the IOCG clan of mineral deposits." He further states, "There is good potential for the discovery of uranium mineralization within the Bayswater mineral licenses." The report recommends an airborne radiometric and magnetic survey to cover all the Company's claims, which survey has previously been commissioned by the Company to Fugro Airborne Surveys Corp. as reported in a Company news release on March 6, 2006, and an extensive follow-up prospecting program to identify areas of uranium mineralization at a proposed combined cost of $3,200,000.

The Company is actively planning for the above proposed airborne survey and follow-up prospecting program. Both are anticipated to commence in July, 2006. The Company is anticipating that the follow-up program will identify numerous uranium mineralized areas and is planning to drill test priority targets this coming winter.

In addition to the Labrador Uranium Project, the Company is continuing to move forward with project planning on its North Thelon Basin joint venture project with Strongbow Exploration Inc. and on its Avoca VMS project in the Republic of Ireland.

The Company continues to evaluate other uranium opportunities for acquisition. The Company and Strongbow Exploration Inc., its joint venture partner in the Canada Uranium Joint Venture, are continuing a program of identifying other prospective areas in Canada for uranium mineralization and further acquisitions are planned.

The Company's exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), President of the Company and a qualified person under NI 43-101. Mr. Leary is responsible for the technical information in this news release.


George M. Leary, President

Warning: The Company relies upon litigation protection for "forward-looking" statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

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