Bayswater Ventures Corp.
TSX VENTURE : BVE

Bayswater Ventures Corp.

April 12, 2006 12:36 ET

Bayswater Stakes Add-on Claims on its Labrador Uranium Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 12, 2006) - Bayswater Ventures Corp. (TSX VENTURE:BVE) (the "Company") is pleased to announce that it has staked an additional 2480 add-on claims and purchased another 10 add-on claims from a third party in the Central Mineral Belt uranium district, Labrador. These add-on claims significantly expand what is already a very large land holding of the Company in this uranium belt. These staked and purchased add-on claims are 100% owned by the Company and now bring the Company's land holding in this important uranium district to a total of 15,855 claims or 3,963 sq km. Bayswater is by far the largest land holder in the district with a land position of more than three times the size of any other active company in the area. These add-on claims manifest the company's confidence and commitment to this emerging major uranium district.

The add-on claims expand the Company's North, Northwest, Southwest and Southeast Claims Blocks into one contiguous block; and cover areas of previously unstaked favourable anomalous uranium values in lake sediment samples and anomalous magnetic highs from data generated by previous government surveys-particularly along the southern margin of the uranium district and along the east side of our Northwest Block. The Company's planned airborne survey and follow-up program will cover all these additional claims. The previously announced budget of $3,200,000 for the upcoming program included a provision for add-on claims and as a result our overall budget will remain the same.

The Company is also pleased to report data compilation of all previous work in the district as it relates to its land holdings is well underway. This compilation was in part the basis for the Company staking the current add-on claims. We anticipate the compilation will identify a number of specific anomalous areas for initial follow-up within our land holdings. Once this data has been compiled and reviewed in detail the Company will announce the results of the compilation. The major thrust of the project will be the follow-up of airborne radiometric anomalies generated by our survey this summer. The Company is anticipating that through the combination of follow-up of compilation targets and airborne radiometric anomalies that numerous uranium mineralized areas will be identified. Drill testing of high priority targets will likely commence in the late fall of this year or early next winter.

The Company's exploration targets on its Labrador land holdings are IOCG Olympic Dam type deposits, of which the known uranium deposits and prospects in the district are exemplified, and previously unexplored-for large low grade granite-hosted Rossing type uranium deposits. The latter deposit types are less well known and have been described in general along with the Olympic Dam-IOCG model in a Company news release of January 16, 2006.

The Company is well funded through closing of a $9.9 million brokered private placement previously announced in a news release of March 27, 2006. Planning for its upcoming program in Labrador is well underway and field operations are planned to commence July 1, 2006. The Company will base its operations out of the coastal village of Postville which is logistically very close to its land holdings. The project will be served by available housing, fuel, internet access and a limited but experienced labour pool in Postville. The project will also have a dedicated helicopter on contract. Dean Fraser, a qualified P.Geo. and experienced exploration geologist, is managing all phases of the project. He will be supported by a prospecting, mapping and sampling crew of up to 13 additional contracted personnel for the duration of the program. Grid construction and detailed surveying, including soil sampling, ground geophysics and trenching, will be undertaken as required to define drill targets.

A net smelter royalty (NSR) of 1% will be payable on the staked add-on claims. The Company has the right to purchase all of the NSR (1%) at any time for $2,000,000. A cash staking fee was paid to the staker pursuant to acquiring the staked add-on claims.

A net smelter royalty (NSR) of 2% will be payable on the purchased claims. The Company has the right to purchase 1/2 of the NSR (1%) at any time for $1,500,000.

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.

Additionally, the Company announces that it did not proceed with the grant of 1,510,000 stock options at a price of $0.90 as previously announced on March 6, 2006. Consequently, the Company announces that is now in a position to proceed with the grant of stock options and effective April 11, 2006, the Company granted incentive stock options on 1,350,000 shares of the Company's capital stock exercisable at $0.90 per share exercisable up to April 10, 2011.

The Company also announces that it has terminated its option with Terra Nova Gold Corp. on the South Quinn Lake gold property, Newfoundland. This project, although offering further exploration potential for narrow high grade gold veins, is considered too high risk to warrant further exploration by the Company.

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.

ON BEHALF OF THE BOARD

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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