BAYSWATER URANIUM CORPORATION

510 Burrard Street, Suite 510
Vancouver, B.C. V6C 3A8
Tel:  (604) 687-2153
www.bayswateruranium.com

NEWS RELEASE

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

Bayswater Closes Non-Brokered Private Placement

Vancouver, BC, November 17, 2008 - Bayswater Uranium Corporation (TSX-V: BAY) (the �Company�) is pleased to announce that it has closed its non-brokered private placement previously announced on November 5, 2008.  The Company issued 7,500,000 flow-through units (the �Units�) at a price of $0.10 per Unit raising aggregate gross proceeds of $750,000.  Each Unit comprises one flow-through common share and one half of one transferable share purchase warrant.  Each whole Warrant is exercisable into one additional common share at an exercise price of $0.20 per common share until May 11, 2010.  The Company will not be accepting any further subscriptions on this private placement.

On the $750,000 raised, finders� fees are being paid in the aggregate of 637,500 common shares of the Company at a deemed price of $0.10 and 525,000 broker warrants.  Each broker warrant is exercisable into one common share at a price of $0.10 per share until May 11, 2010.  The term of the broker�s warrants were reduced to 18 months from closing rather than two years as previously announced.

All of the securities issued under the private placement are subject to a four-month hold period expiring on March 13, 2009.

The gross proceeds raised from the issuance of the FT Units will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2008 taxation year.  The funds will be used to advance and maintain tenure to the Company�s key Canadian properties (including the Brudell Lake property in the Athabasca Basin and the Amer West-Itza Lake target in the North Thelon Basin) while protecting its strong hard dollar cash position. Maintaining the Company�s cash position and diversified uranium property portfolio are the cornerstones of the cost reduction and growth plans previously disclosed in a new release dated October 30, 2008.  This capital raise relates to the flow through funds required as stated in the referenced news release.  Further such capital raises are not currently required in order to maintain key Canadian property assets.

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                                             

For further information contact:

John Gomez

Manager, Investor Relations

Telephone: (604) 687-2153

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

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the �U.S. Securities Act�) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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