Bayswater Uranium Corporation
TSX VENTURE : BAY

Bayswater Uranium Corporation

August 17, 2006 12:05 ET

RETRANSMISSION: Super Junior Uranium Company "Bayswater Uranium Corporation" Starts Trading Today

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2006) - Bayswater Uranium Corporation (the "Company") (TSX VENTURE:BAY)(FWB:B2V) reports the Company's shares will begin trading today under the trading symbol BAY on the TSX Venture Exchange. Bayswater Uranium is a major uranium exploration company highlighted by large, strategic land positions in Canada's premier uranium producing and exploration regions.

HIGHLIGHTS

Bayswater Uranium Corporation has been formed through the amalgamation of uranium explorers Bayswater Ventures Corp. and Pathfinder Resources Ltd. to form a leading small-cap uranium explorer with:

- Major land holdings, comprising an aggregate of 6.6 million acres or 26,600 sq km, in Canada's top uranium producing and exploration districts: Athabasca Basin, Labrador, Thelon Basin, and Newfoundland;

- A management team that has a successful track record in the natural resource business including uranium exploration, raising capital and creation of significant shareholder value; and

- Share liquidity and a market capitalization attractive to institutional and retail investors.

SUMMARY OF URANIUM ASSETS

Bayswater is the only uranium explorer to have major landholdings in each of Canada's three most important uranium producing and exploration regions: the Athabasca Basin, Saskatchewan, Central Mineral Belt, Labrador and the Thelon Basin, NWT & NU; as well as a major land holding in an emerging new uranium district in the Hermitage Belt, southern Newfoundland.

The Company's current uranium land holdings, held 100% by Bayswater except as noted, are summarized as follows:



CANADA

Labrador Central Mineral Belt..............989,128 acres (4003 sq km)
Athabasca Basin..........................1,508,056 acres (6103 sq km)
Thelon Basin.............................1,805,994 acres (7309 sq km)
Thelon Basin (Bayswater 80%
earn-in option)...... ..................1,362,378 acres (5514 sq km)
Thelon Basin (Bayswater 50%)...............495,446 acres (2005 sq km)
Hermitage Uranium Belt ....................268,706 acres (1087 sq km)
Hermitage Uranium Belt (Bayswater
50% JV) ...... ............................148,942 acres (603 sq km)


NIGER

Tim Mersoi Basin, Niger... Applications pending for up to 8000 sq km


Key elements of the Company's uranium land holdings are favorable geologic settings, proximity to known deposits and major prospects, demonstrated applicable exploration models and the underexplored nature of the holdings. Major exploration programs are currently underway on most of the Company's properties including the Central Mineral Belt, Labrador; South Thelon Basin, NWT; North Thelon Basin, NU; and the Hermitage Uranium Belt, southern Newfoundland.

Central Mineral Belt Uranium District, Labrador - 100% Interest in 989,128 Acres

The Central Mineral Belt uranium district extends for more than 175 km through south-central Labrador, eastern Canada. With numerous uranium and copper showings and prospects, the belt has recently become a hotspot for uranium exploration in Canada. Aurora Energy Resources Inc. (TSX VENTURE:AXU) is currently developing the Michelin deposit with a reported NI 43-101-compliant measured and indicated resource of 22.2 million lbs U3O8 with a further inferred resource of 13.4 million pounds U3O8.

Bayswater holds a 100% interest or rights to acquire a 100% interest in 989,128 acres in the Central Mineral Belt uranium district. The Company is the largest landholder in the district. Its land covers favorable geologic extensions to known IOCG type deposits and prospects in the district being developed by Aurora Energy, Crosshair Exploration and Mining (TSX VENTURE:CXX) and Santoy Resources Ltd. (TSX VENTURE:SAN). The properties include widespread anomalous uranium values and associated elements such as copper, silver, iron and the light rare earth elements in lake sediment samples; and favorable structures and potential host rocks for IOCG and Rossing type uranium deposits, including volcanic and intrusive rocks.

The Company is currently carrying out a Fugro Airborne Surveys Ltd. helicopter supported radiometric and magnetic survey of all its land holdings along with follow-up prospecting of favorable targets. The airborne survey is approximately 50% completed and results will be announced once the data is available and fully assessed. The objective of the current program is to identify uranium targets for drill testing this fall and winter.

Athabasca Basin, Canada - 100% Interest in 1,508,056 Acres

The Athabasca Basin, northern Saskatchewan is widely recognized as the premier region in the world for high-grade unconformity-type uranium deposits like McArthur River and Cigar Lake. The region accounts for approximately 32% of the world's uranium supply, a figure which is expected to increase significantly by the end of the decade. Companies exploring in the basin include Cameco Corporation (TSX:CCO), Areva/Cogema, Dennison Mines Inc. (TSX:DEN) and International Uranium Corporation (TSX:IUC).

Bayswater Ventures has entered into a purchase agreement to acquire a 100% interest in mineral claims comprising 1,508,056 acres in the Athabasca Basin. The properties comprise three claim blocks located in the west-central region of the basin covering major basement fault structures in areas of complex magnetic patterns indicating favorable basement environments for unconformity type high-grade uranium deposits. The claim blocks are located east of the Cluff Lake uranium mine, which produced 62.5 million pounds U3O8, and the Shea Creek uranium deposits of UEX Corporation (TSX:UEX)/Cogema which returned drill intersections as high as 12.6% U3O8 over 11.9 metres, including 27.35% U3O8 over 4.2 metres, at depths down to 917 metres.

The Company intends to conduct a deep penetrating airborne geophysical survey and follow-up geophysical and geological surveys over this underexplored region of the Athabasca Basin in order to identify drill targets. Additional capital will be required to carry out this program.

Thelon Basin, Canada -- 50% to 100% Interest in Over 3,663,818 acres

Bayswater Uranium holds a dominant land position in the Thelon Basin, one of Canada's most prospective uranium regions. The Thelon Basin has many geological similarities to the Athabasca Basin, which contains McArthur River and Cigar Lake, the largest, highest-grade unconformity-type uranium deposits in the world, as well as a number of other important uranium deposits. Relative to the Athabasca Basin, the Thelon is underexplored and, until 2005, had not been subjected to recently developed deeper penetrating geophysical systems.

South Thelon Basin, NWT - 50 to 100% interest in 2,810,057 acres

The South Thelon Basin properties are characterized by extensive areas of radioactive boulders and boulder trains, which may reflect high-grade uranium at depth, numerous prominent basement fault structures and local high-grade uranium occurrences all of which are key elements of the exploration model for unconformity type uranium deposits. Companies exploring in the South Thelon Basin include the Cameco/Uravan (TSX VENTURE:UVN) joint venture, Cogema, and Ur-Energy (TSX:URE).

Bayswater's South Thelon Basin properties include two large claim and permit blocks consisting of one contiguous claim block along the northwestern margin of the basin comprising 377,048 acres (Northwest Block) that is 100% owned by Bayswater; and a large contiguous claim and permit block along and within the southeastern margin and interior part of the basin comprising a total of 2,433,009 acres (collectively the Southeast Block) as follows:

i) 905,979 acres owned 100% by Bayswater;

ii) 164,652 acres subject to a 50/50 joint venture with Strongbow Exploration Inc. (TSX VENTURE:SBW); and

iii) 1,362,378 acres subject to an 80% earn-in option with Uranium North Resources Ltd. (the "Earn-In Project").

In the South Thelon project area, an 8,000 line-kilometre MEGATEM II geophysical survey is currently underway by Fugro Airborne Surveys Corp. on the Company's Earn-In Project with Uranium North and on a portion of its 100% owned land. The objective of the survey is to identify basement conductors and associated fault structures and potential alteration systems that are favourable for the occurrence of unconformity-type uranium deposits. Targets of interest will be followed up with detailed surveys in 2007 to identify drill targets.

In South Thelon Basin, the Company is planning two program approaches. One approach will be to evaluate near surface potential of the Thelon Basin margin and the other to evaluate the deeper potential of internal portions of the Thelon Basin. The former will utilize airborne radiometric/magnetic surveying; whereas, the later will utilize deep penetrating EM systems such as MEGATEM II. Both approaches will involve follow-up prospecting, mapping and geophysical surveys to identify drill targets; and, both will be designed to evaluate the potential for unconformity type uranium deposits. To fully carry out the planned evaluation of the Company's land holdings further capital will be required.

North Thelon Basin, Nunavut - 100% interest in 522,967 acres; 50% interest in 330,794 Acres

The North Thelon Basin area hosts the most important unconformity-type uranium deposits known within the Thelon Basin area. These deposits include Cogema's Kiggavik, Andrew Lake and END deposits that form the Kiggavik Trend located along the southeastern margin of the North Thelon Basin. Favorable basement rocks, structure and widespread occurrences of uranium, including the presence of the Kiggavik deposits, indicate the favorability of this region and Thelon Basin in general for Athabasca unconformity-type uranium deposits.

Bayswater Uranium's North Thelon Basin uranium project includes land holdings totaling 853,761 acres comprising two blocks of prospecting permits that form part of the 50/50 Canada Uranium Joint Venture with Strongbow and five claim blocks held 100% by Bayswater. These properties cover favorable targets for shallow unconformity type uranium deposits near the margin of the basin or within the basin associated with basement highs. Target areas acquired are characterized by favourable basement Amer Group rocks, fault structures, uranium occurrences, uranium-bearing and radioactive boulder trains and regional radiometric anomalies. Detailed descriptions of these properties are in the Company's News Release of August 8, 2006.

On the North Thelon Basin properties the Company is currently carrying out an airborne radiometric/magnetic survey contracted to Tundra Airborne Surveys Ltd. Follow-up prospecting, mapping and ground geophysics as required will subsequently be carried out to define drill targets. A preliminary follow-up prospecting program of high priority radiometric anomalies is planned this fall-weather permitting.

Hermitage Uranium Belt, Newfoundland - 100% interest in 268,706 acres, 50% interest in 148,942 Acres

The Hermitage Uranium Belt is a 100 km by 10 km structural arch in southwestern Newfoundland that hosts a number of uranium prospects. Several types of uranium occurrences have been discovered in the belt, of which stratiform sedimentary and volcanic settings are most important due to their large-scale potential. Commander Resources Ltd. (TSX VENTURE:CMD) is also exploring this belt. They have reported assay results up to 3.1% U3O8 from sandstone hosted occurrences.

Bayswater holds a 100% interest in 268,706 acres and a 50% interest in 148,942 acres (co-owned with Commander Resources) within the Hermitage Belt. This land position comprises more than half of this newly recognized prospective uranium belt. An airborne radiometric, magnetic and EM survey has recently been completed over approximately one-half of the Company's land holdings.

Geophysical airborne survey data from the Hermitage West and East properties has identified a large number of priority radiometric anomalies and several electromagnetic conductors. The final processed data is expected to be received shortly from the contractor. Based on this information, prospecting crews will be mobilized to the properties in late August to follow-up select targets.

Niger, West Africa - Uranium applications pending for 100% interest in up to approximately 2,000,000 acres

Bayswater Uranium has applied directly for a 100% interest in two concessions and indirectly through a purchase option agreement with Longview Strategies Inc. (TSX VENTURE:LV) to acquire a 100% interest in two additional concessions totaling in the aggregate approximately 2,000,000 acres in four uranium concessions in the Tim Mersoi Basin, Niger, West Africa. Niger is ranked as the world's fourth largest producer of uranium behind Canada, Australia and Kazakhstan; and is also ranked fourth in the world in terms of uranium resources.

Three of the above concessions are located in the region of the sandstone type Arlit and Cominak uranium deposits currently being mined by Cogema-Onarem and other undeveloped deposits in north central Niger. The concessions applied for occur along the stratigraphic and structural extensions of the mine area and other undeveloped deposits. A fourth concession applied for occurs to the northeast of the above area on the opposite side of a related basement high and is in turn underlain by favorable onlapping basin sediments.

Granting of concessions pursuant to the Company's applications has to date been deferred by the Niger government pending parliamentary approval of proposed changes to its mining code. Changes to the Niger mining code have recently received government approval and the Company is waiting further information on the details of the changes that are to be implemented. Upon our receipt of this information, which is anticipated shortly, the process of applying for the concessions will be continued by the Company.

DIRECTORS AND MANAGEMENT

Damien Reynolds, Chairman and Director

Damien Reynolds also currently serves as president of Longview Strategies Inc. and chairman of Tournigan Gold Corporation (TSX VENTURE:TVC). Longview owns a major equity position in Bayswater. Mr. Reynolds has an impressive track record of over 20 years in identifying, acquiring and developing resource projects of merit around the world and also for his exceptional ability to raise capital for junior companies. He has been and will continue taking a leading role in the on-going development of the asset base of the Company.

George M. Leary, M.Sc., P.Eng. President, CEO and Director

George Leary is a highly experienced exploration geologist-directly involved in the mineral resource industry since 1964. He has worked throughout North and South America and Russia. He has extensive experience with a wide variety of commodities and mineral deposit models and has been responsible for the discovery of a number of significant mineralized systems in B.C and the Yukon. He spent 14 years with Amax Exploration Inc. in Vancouver, B.C. and during the latter part of his tenure was in charge of base metal exploration in the Canadian cordillera. He subsequently spent 31/2 years with Union Oil of Canada in Calgary where he was responsible for base, precious and specialty metal exploration in Canada.

Victor Tanaka, B.Sc. P.Geo. Chief Operating Officer, Executive Vice President and Director

Vic Tanaka is a career geologist who has participated in several significant mineral discoveries. He has held senior positions in both major and junior mining companies and has broad Canadian and international experience. He has previously served as general manager of exploration for Asamera Inc., one of the original partners in the joint venture that led to the discovery of the high-grade Cigar Lake and Dawn Lake uranium deposits in the Athabasca Basin. The joint venture was also involved in laying the groundwork for the eventual discovery of the world-class McArthur River uranium deposit. McArthur River and Cigar Lake are the world's largest, high-grade uranium deposits.

Ken Armstrong, M.Sc., P.Geo. Director

Mr. Armstrong worked as a geologist with Rio Tinto from 1996 to 1997 and was involved with the development of the original resource models for the Diavik Diamond Mine, NWT. Mr. Armstrong joined Aber Resources Ltd. in 1997 and managed diamond, gold, and base metal exploration programs in Canada's north. Mr. Armstrong has been President and CEO of Strongbow Exploration Inc. since January 2005.

ADVISORY BOARD

Richard Atkinson, B.A.Sc, P.Eng.

Richard Atkinson is a mining engineer with extensive executive experience particularly in managing and financing junior resource companies. He has participated in numerous mineral discoveries including the important Jabiluka uranium deposit in Australia.

Siegfried Muessig, PhD.

Sig Muessig is an independent senior mineral consultant with a very distinguished and successful career. He has been directly involved with some of the world's largest mineral discoveries including Australia's Jabiluka uranium deposit and Chile's world-class Escondida copper mine.

Robert Campbell, B.Sc., P. Geo.

Mr. Campbell, who conducts Strongbow Exploration's uranium exploration activities, has 18 years of uranium exploration experience. He has primarily focused on uranium deposits in the Athabasca and Thelon Basins in Canada and in Wyoming and Nebraska, USA.

Stephen Flechner, PhD.

Mr. Flechner holds a Doctorate in Law from Yale University and is the former Vice President, General Counsel and Secretary of Gold Fields Mining Corporation.

STATEMENT FROM THE CHAIRMAN

Mr. Damien Reynolds, Chairman of Bayswater Uranium Corp. states: "We have created a dynamic exploration company with a large, diverse base of quality uranium properties in favorable mining jurisdictions. As exceptional as our property portfolio is, the Company also has a highly talented and experienced management team to develop and enhance the value of our many assets. We will continue to aggressively grow our asset base to create significant shareholder value."

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 www.bayswateruranium.com.

On behalf of the Board of:

BAYSWATER URANIUM CORPORATION

George M. Leary, President

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