SOURCE: Bayswater Uranium Corporation

April 11, 2007 12:13 ET

Bayswater's North Thelon Basin Properties Yield Positive Uranium Values

VANCOUVER, BC -- (MARKET WIRE) -- April 11, 2007 --Bayswater Uranium Corporation (TSX-V: BAY) is pleased to provide an update on its North Thelon Project located northwest of Baker Lake in Nunavut, Canada. Bayswater's land holdings in this project area consist of 3,455 square kilometres (853,761 acres) of mineral claims and permits. Two of the properties (Permit Areas 1 and 2) consist of 10 prospecting permits that are part of the Canada Uranium Joint Venture in which Strongbow Exploration Inc. (TSX-V: SBW) holds a 50% interest, and the remaining 5 properties (Amer Lake East, Amer Lake West, Itza Lake, Kiggavik Central and Kiggavik Southwest) are owned 100% by Bayswater.

The properties were acquired due to the documented presence of moderate and high-grade uranium mineralization associated with the margin of the Thelon Basin, interpreted to be an analogue of the Athabasca Basin located in Saskatchewan, approximately 350 kilometres to the south. The Athabasca Basin hosts the world's highest-grade unconformity related uranium deposits.

The Kiggavik Central and Southwest blocks cover major structures that are known to be strongly altered and to cross-cut late stage uraniferous granites. This geological setting is analogous to the Kiggavik, Andrew Lake and END deposits located just a few kilometres northeast of Bayswater's properties. These near surface deposits, owned by AREVA Resources Canada Inc., host historical resources of 119.3 million lbs U3O8 at a grade of 0.53% U3O8.

The remaining claim blocks and permit areas are situated approximately 50 kilometres to the north, and cover uranium-rich sedimentary rocks of the early Proterozoic Amer Belt near the unconformity with the overlying sandstones of the Thelon Formation. The two uranium deposit model types being sought after in these properties are Athabasca-style unconformity type mineralization and sediment hosted uranium mineralization similar to that found in deposits that are past and present producers in the Franceville Basin in Gabon, the Katanga System in Congo and Zambia, and the Tim Mersoi Basin in Niger.

A total of 21,994 line km of fixed wing magnetic and radiometric geophysical surveying were flown during the summer of 2006 at 200 metre line spacing over the seven properties. A large number of high priority radiometric anomalies were defined by this survey, and a brief prospecting and soil sampling program was carried out in the fall of 2006 to evaluate a limited number of these anomalies. The majority of the radiometric anomalies defined by the 2006 surveys have not yet been ground truthed. A review of all data available for the North Thelon properties has been completed. Significant results from each of these properties are summarized below.

For further information on the North Thelon Uranium Project, refer to previous news releases dated August 8, September 1 and 21 and March 7, 2007.

Permit Area 1

* Major regional faults cross-cut the unconformity between the Thelon sandstone and Amer group metasediments and Archean gneisses.

* Abundant linear conductive zones documented in assessment data are interpreted to represent favourable graphitic horizons within the Amer group metasediments.

* Several angular boulders of hematized and brecciated Thelon sandstone and conglomerate discovered during the 2006 prospecting program yielded assays between 313 and 415 ppm U.

* A number of uraniferous boulder trains have been reported by previous workers in the southeastern portion of the property.

* Significant airborne radiometric anomalies require follow up ground truthing.

Permit Area 2

* The favourable structural and stratigraphic setting for uranium mineralization noted in Permit Area 1 is also present here.

* One rusty boulder of hematized granite discovered during 2006 yielded assay of 619 ppm U.

* Significant airborne radiometric anomalies require follow up ground truthing.

Amer Lake East

* Uranium values in Amer Group sediments ranging from 200 to 6420 ppm occur along a zone some 5 km long in the southern part of the property.

* Thrust contact between favourable Amer Group metasediments and basal quartzite is characterized by a cluster of soil samples anomalously enriched in uranium and base metals.

* Significant airborne radiometric anomalies require follow up ground truthing.

Amer Lake West

* A 2006 grab sample of a previously discovered showing yielded a grade of 3,042 ppm U (0.35% U3O8).

* Cluster of historic uranium occurrences are located within the property with reported values of 0.177% U3O8 and 8.48% 3O8 for two of the occurrences.

* Significant airborne radiometric anomalies require follow up ground truthing.

Itza Lake

* Significant boulder train with reported assay values ranging from 0.10 to 0.96% U3O8 extending off the northwest side of the property for some 20 km indicating a source area within the Itza Lake property.

* 2500 ppm uranium value in a rock sample in or closely associated with an EM conductive zone in the southeastern portion of the property.

* Amer mylonite zone is projected to cross-cut favourable Amer Lake metasediments.

* Significant airborne radiometric anomalies require follow up ground truthing.

Kiggavik Central

* Major E-W trending clay altered & hematized fault zones including western extension of North Sissons Fault Zone which hosts the Andrew Lake deposit.

* Significant airborne radiometric anomalies require follow up ground truthing.

Kiggavik Southwest

* Major structures indicated by the 2006 magnetic survey.

* Significant airborne radiometric anomalies require follow up ground truthing.

Scheduled to commence in early summer, the objective of the 2007 exploration program at the North Thelon Project will be to carry out detailed mapping, prospecting, geochemical and geophysical surveys in order to establish drill targets. It is anticipated that drilling will take place in late summer 2007 or 2008.

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

About the Thelon Basin, NWT/NU, Canada

Located in the Northwest Territories and Nunavut, Canada, the Thelon Basin represents an under-explored, major sandstone basin that shares many geological characteristics with the Athabasca Basin, located in Saskatchewan, approximately 350 km to the south. Numerous high-grade unconformity-style uranium deposits have been identified within the Athabasca Basin, and mining of these deposits currently generates approximately one third of the world's uranium production. Similarities between the Athabasca and Thelon Basins include the age and character of favorable host and basement rocks, major basement structural features and, importantly, known occurrences of unconformity-type uranium mineralization. The most advanced uranium deposits within the Thelon Basin area are AREVA Resources Canada Inc.'s Kiggavik, Andrew Lake and END deposits (the Kiggavik Trend), host to approximately 131 million pounds of contained U3O8. Bayswater Uranium is the largest landholder in the Thelon Basin with interests in 3.7 million acres representing approximately 1/3 of the available exploration land in the Basin. For 2007, an $8.1 million exploration program is planned for the Thelon Basin (North and South regions) to identify and evaluate additional uranium targets, including up to 10,000 metres of drilling. Other companies exploring the Basin include Cameco (TSX: CCO) and US-based Ur-Energy Inc. (TSX: URE).

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

As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. 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. For further information visit

On behalf of the Board of:


George M. Leary
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
    Investor Relations
    Telephone: (604) 687-2153