SOURCE: Bayswater Uranium Corporation

December 12, 2008 09:00 ET

Bayswater Sells Select Claims in South Dakota and Wyoming

VANCOUVER, BC--(Marketwire - December 12, 2008) - Bayswater Uranium Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) reports it has sold select claims in South Dakota and Wyoming to Powertech Uranium Corp. (TSX: PWE). The area consists of 381 mining claims and 8,186 acres of Wyoming State mining leases for a total 15,806 acres. The claims sold consist primarily of early-stage properties that do not fit the Company's plans to focus on core properties. Following is a brief description of claims sold.

South Dakota: There are a total of 59 located claims (1,180 acres) in Fall River and Custer Counties, of which 39 claims (780 acres) are adjacent to Powertech's Dewey Burdock project. These 39 claims will be included in Powertech's mine permit applications scheduled to be filed by year end 2008.

Wyoming, Aladdin: This land package consists of seven Wyoming State mining leases in Crook County, Wyoming totaling 5,626 acres. These properties are either adjoining, on trend, or complementary to Powertech's Aladdin project.

Wyoming, Dewey Terrace: There are a total of 322 located claims (6,440 acres) and four Wyoming State mining leases (2,560 acres) in Weston and Niobrara Counties, Wyoming. These properties are either adjoining, on trend, or complementary to Powertech's Dewey Terrace project.

Bayswater has received $50,000 USD and will retain a Yellowcake Royalty on all properties ranging from 1% - 5%, depending on underlying royalty agreements inherited, to a maximum of 7% burden to Powertech. Powertech has committed to Bayswater to maintain all properties for a full year. On any property to be dropped, Powertech will give Bayswater a 90-day notice in accordance with its right to reacquire the property.

This news release has been reviewed and approved by Victor Tanaka, P.Geo., Chief Operating Officer and Director, who is a Qualified Person as defined by National Instrument 43-101.

About Bayswater Uranium Corporation -- The Super Junior™ Uranium Company

Bayswater Uranium Corporation is an 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. Bayswater combines a balanced portfolio of exploration and advanced projects with the uranium expertise of its technical and managerial teams. To capitalize on current market conditions and strong growth of the nuclear industry, the Company is pursuing acquisition opportunities of advance-stage uranium projects with near-term production potential. Bayswater's vision is to build 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 this news release.

Contact Information

  • For further information contact:

    John Gomez
    Manager, Investor Relations
    Telephone: (604) 687-2153