![](../style/all/img/drapeau/grand/Canada.gif) | | Published : May 03rd, 2007 | Commences Surveys in Labrador; Drilling Planned Next Month |
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BAYSWATER URANIUM CORPORATION
NEWS RELEASE
Bayswater Commences Airborne EM Survey in Labrador to
Further Evaluate Uranium Targets Discovered in 2006
Drill Testing of up to Ten Uranium Targets to Commence in June
2007
Vancouver, BC, May 3, 2007 ─ Bayswater Uranium
Corporation (TSX-V: BAY) reports
that a 5700 line km airborne electromagnetic (EM) geophysical survey has commenced on a portion of the Company�s extensive uranium landholdings in the
Central Mineral Belt, Labrador. The area being surveyed covers the central
portion of the Company�s land holdings along the historic part of the district
uranium belt. The primary purpose of the survey is to evaluate potential extensions to uranium mineralized conductive zones, such as the Stipec
River-Anna Lake trend; and to evaluate the region of the Ghost Lake and other
radiometric anomalies that remain unexplained along strike to the southwest of
the Michelin deposit and in other priority areas in the southeastern portion of
the property.
The survey is being undertaken by Aeroquest Limited with a
helicopter borne state of the art system with flight lines at 200 metre
intervals. The conductive zones identified by the survey will assist in
detailed prospecting this summer in regards to evaluating potential extensions
of recently discovered conductive uranium zones and in assessing and identifying
potential drill targets.
Bayswater also reports that it has recently staked an additional 261 claims along the eastern margins of its North and Northwest
Blocks in order to cover favorable uranium lake sediment anomalies and geologic
target areas. The Company plans on carrying out a radiometric and magnetic
survey of all its new ground staked this winter comprising a total 1087 claims
in several small blocks around the perimeter of its landholdings. A
contract has recently been awarded to Novatem Inc. for this survey to commence
in early summer. The survey comprises about 3000 line kms of surveying at
100 metre line spacings.
Bayswater�s uranium land holding in the Central Mineral Belt,
Labrador now comprises a total of 17,947 claims (4486 sq km) or more than 1.1
million acres. The Company is by far the largest landholder in the district.
A first phase drill testing program comprising 10,000
metres with two drills is planned to commence in June after spring breakup.
Drilling will test up to 10 uranium targets including Stipec River, Anna Lake,
Dandy, Kanairiktok Bay, Stomach Lake and other uranium prospects and targets
discovered in 2006 as previously reported. In addition, the
Company is planning an aggressive program of prospecting, sampling and mapping
to further evaluate uranium targets of interest, to evaluate numerous 2006
airborne radiometric anomalies requiring further work and to follow-up results
of the above announced 2007 EM survey as well as results from newly staked areas
to be flown with radiometrics and magnetics this summer. Detailed ground work
including line-cutting, soil geochemistry and ground geophysics will also be
performed over the highest priority targets identified during the 2006 field
program. The Company�s planned 2007 project expenditure for Labrador is about
$7.0 million including up to 20,000 metres of drilling.
The Company has received permitting for a significant portion
of its 2007 exploration activities to be carried out in Labrador. All necessary
exploration permits required by the Provincial and Nunatsiavut Governments are
anticipated to be finalized prior to program startup in early June.
The Company�s exploration activities are conducted under the
supervision of George M. Leary, M.Sc. P. Eng. (BC), President of the Company,
and Victor Tanaka, B.Sc. P.Geo.(B.C.), Chief Operating Officer of the Company.
Both are qualified persons under NI 43-101. George Leary is the qualified person
responsible for the technical information in this news release.
About the Labrador Central Mineral Belt
The Central Mineral Belt (CMB) of Labrador, Canada, located
approximately 135 kilometres north of Goose Bay, has a long history of uranium
and base metals exploration. Uranium was first discovered in the belt in the
1950�s. With further exploration in the 1960�s and 1970�s and rising
uranium prices, exploration in the CMB increased significantly and several
uranium deposits were discovered including the Kitts, Michelin, Inda, Nash,
Rainbow and Moran Lake deposits by Brinco. The Moran Lake deposits were later
drilled by Shell Canada Ltd. (TSX: SCH). Currently the Michelin and
Jacques Lake uranium deposits are being developed by Aurora Energy Resources
Inc. (TSX: AXU) which in mid February, 2007
announced a NI 43-101 compliant measured and indicated combined resource of 57.9
million pounds U3O8 plus an additional combined inferred
resource of 38.0 million pounds U3O8 all at an average
grade of 0.07 to 0.10% U3O8 to a depth at Michelin of
approximately 750 metres. Crosshair Exploration and Mining (TSX-V: CXX) is exploring the Moran Lake
deposit with an initial NI 43-101 compliant inferred resource of 688,000 pounds
U3O8 at a grade of 0.25% U3O8 in the
Upper C Zone. Bayswater Uranium is the largest landholder in the CMB with over
4,400 sq km. Aurora controls about 800 sq km and Crosshair approximately 640 sq
km.
About Bayswater�s Labrador Central Mineral Belt Uranium
Project
The Labrador Uranium Project is one of Bayswater�s key projects
with 4486 sq km (over 1.1 million acres) of contiguous land along and adjacent
to the historic Labrador Central Mineral Belt uranium district highlighted by
resource drilling at the Michelin and Jacques Lake deposits by Aurora Energy
Resources Inc. and on the Moran Lake deposit by Crosshair Exploration &
Mining Corp.; and, by exploration drilling of major prospects by Aurora, Silver
Spruce (TSX-V: SSE)/Universal
Uranium (TSX-V: UUL) and others
working in the district. The Company�s land holdings have potential for Olympic
Dam and Rossing type uranium deposits. Several 2006 discovered mineralized
zones, many of which are at the drill stage, and a large number of radiometric
anomalies requiring further follow-up occur within the Company�s land holdings.
An aggressive $7.0 million exploration program, including up to 20,000 metres of
drilling, is planned on the Company�s landholdings in 2007. Bayswater Uranium
Corp. is by far the largest landholder in this important uranium
district.
About Bayswater Uranium Corporation - The
Super JuniorTM 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
JuniorTM 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
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of the contents
herein.
Data and Statistics for these countries : Canada | All Gold and Silver Prices for these countries : Canada | All
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Bayswater Uranium Corp.
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EXPLORATION STAGE |
CODE : BAY.V |
ISIN : CA0731731067 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Bayswater is a uranium exploration company based in Canada. Bayswater holds various exploration projects in Canada and in Mali. Its main exploration properties are AVOCA in Ireland, NORTH THELON, SOUTH THELON, ALZADA, JUNIPER PROPERTY, MOUNTAIN WEST, BRUDELL LAKE, COLLINS BAY EXTENSION, COIN CANYON, VIKING (BAYSWATER), CENTRAL MINERAL BELT (BAYSWATER), TEJANA MESA, ANNA LAKE, RENO CREEK PROJECT, WISKER VALLEY and BOITEAU LAKE in Canada, NIGER in Niger and SAMIT in Mali. Bayswater is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 6.2 millions as of today (US$ 4.6 millions, € 4.2 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 2.47, and its lowest recent point on December 19, 2022 at CA$ 0.02. Bayswater has 59 520 000 shares outstanding. |
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