BAYSWATER URANIUM CORPORATION
510 Burrard Street, Suite 510
Vancouver, B.C. V6C 3A8
Tel: (604) 687-2153
www.bayswateruranium.com
NEWS RELEASE
Bayswater Provides Review of Land Position and Significant Results From 2008 Exploration Program, Central Mineral Belt, Labrador
Vancouver, BC, June 24, 2009 - Bayswater Uranium Corporation (TSX-V: BAY) (OTC: BYSWF) would like to provide shareholders with an update on its current land position and review of 2008 exploration results for the Labrador Central Mineral Belt Uranium Project. The Company continues to hold the largest land position in the district, with a 100% interest in 504,157 acres of prospective ground and an additional 50% interest in 28,664 acres of joint venture land with Ucore Uranium Inc. (TSX-V: UCU). Over the past year, Bayswater has significantly reduced its land package from over 1.2 million acres to hold only the most prospective claims. Within this land package, exploration expenditures have been sufficient to retain the highest priority target areas for a minimum of three years and up to nine years as with the case of its Anna Lake claims.
Anna Lake Deposit Update
Highlighting the 2008 program was the significant expansion of the Anna Lake Uranium Deposit as a result of an aggressive wide spaced drilling program (see press release dated Feb. 17, 2009). An overview of the Anna Lake Deposit can be found on the Company�s website at www.bayswateruranium.com.
A petrographical report of 22 core samples from the Anna Lake Deposit has been completed by Dr. Derek Wilton from the Department of Earth Sciences at Memorial University of Newfoundland. The work has provided a better understanding of the uranium mineralization at Anna Lake. The following summarizes some of the key findings from Dr. Wilton�s report:
� The host rocks appear to be correlative with the Post Hill Group; host of the Kitts Uranium Deposit.
� Uraninite is the main uranium-bearing phase present at Anna Lake. In areas of uranium mobilization, very minor coffinite is locally developed.
� Aside from silicate hosts (biotite and hornblende), uraninite is intergrown with pyrrhotite, molybdenite, and zircon.
� Nickel and cobalt arsenides have been identified in some samples. The arsenides, while not intergrown with uranium-bearing phases at Anna Lake, have been reported from uranium deposits in the Athabasca Basin and Great Bear Lake districts.
� Biotite-bearing units are paragneiss/paraschist (i.e., derived from sedimentary protolithologies.) The amphibolites may represent mafic volcaniclastic lithologies.
� The metamorphic rocks contain garnets which, in some samples, are pre-kinematic and in others, are syn-kinematic. Uraninite is present as minute inclusions in pre-kinematic garnets, suggesting that a distinct uranium phase was present in the host rocks prior to, at least later, metamorphic events.
� Very preliminary, and insufficient, U-Pb data suggest that zircons in the meta-sedimentary host rocks might have been derived as detritus from the weathering of Archean granites of the Nain Province; further supporting the correlation of the host rocks with the Post Hill Group. The U-Pb data also suggest that the host rocks were affected by the Grenvillian Orogeny. More work is required to fully confirm these preliminary conclusions.
Additional petrographical studies along with specific gravity determinations will be implemented by the Company during 2009.
New Discoveries in 2008
Additional highlights from the Company�s 2008 regional exploration program include the discovery of two new high priority areas found to contain significant uranium showings. Both discoveries were made late in the 2008 field season and have received only cursory exploration efforts to date. The Boiteau Lake Uranium Trend and the Minisinakwa Lake Showing represent some of the most significant uranium mineralization encountered on the Company�s land holdings since it began exploring the area in 2006. Results of sampling on both zones have been made public in press releases dated November 20, 2008 and September 30, 2008 respectively. Continued ground exploration in the Anna Lake vicinity including geological mapping, geophysical, geochemical and radon flux surveys also provided encouraging results.
The Company is pleased to announce that it has received a JEA Grant from the Newfoundland and Labrador Department of Natural Resources for exploration in the Boiteau Lake area. A detailed ground exploration program consisting of ground soil geochemistry, geophysics, mapping and prospecting is anticipated to begin in early July, 2009. A decision on work to be performed on the Minisinakwa Showing is currently under review. A summary of the 2008 discovery areas has been provided below:
Boiteau Lake Uranium Trend
The Boiteau Lake Uranium Trend is hosted within mid paleoproterozoic rock units of the Joe�s Pond Formation and contains a variety of lithologies including mafic volcanics, sandstones, conglomerates, chert, argillites, schist, gneiss and pegmatites. The Joe�s Pond Formation partially hosts the Moran Lake Deposit and numerous uranium prospects held by Crosshair Exploration & Mining Corp. (TSX: CXX). Four new bedrock uranium showings have been discovered along a five kilometer structural corridor as interpreted from airborne magnetics, landsat imagery, air photo interpretation and ground investigation. This mineralized trend represents a portion of a larger structural feature that can be traced across the Company�s property for over 12 kilometers and is thought to hold excellent potential for uranium deposits. Results from the initial prospecting program in the area have returned very encouraging results. Based on 28 rock samples collected, 23 returned values greater that 0.10% U3O8 with the best outcrop sample assaying 0.723% U3O8. Uranium mineralization in all showings either occurs in carbonate altered shears and veinlets or in fractured and gossanous metapelitic sediments dominantly hosted within the mafic volcanic units. Several of the showings appear to occur along splays off the main structure and all are associated with discrete magnetic highs.
One additional bedrock showing located near the southern portion of the Boiteau Lake Trend has also been identified. This showing is hosted within the late paleoproterozoic Bruce River Belt of sediments and lies along strike and is hosted in the same lithology as the newly discovered Apollo Zone held by Crosshair. Limited sampling from outcropping conglomeratic units at this new showing assayed up to 0.786% U3O8.
Minisinakwa Lake Uranium Showing
The Minisinakwa Lake Showing is hosted within late paleoproterozoic, mylonitized felsic volcanic rocks of the Bruce River Group. High grade uranium mineralization is commonly associated with magnetite banding within the volcanics. The showing is characterized by a series of large, very angular and frost heaved flagstone boulders strung out in an east northeast orientation for a traceable distance of over 650 meters. The boulders disappear under the lake on the eastern side of the boulder train. All mineralized boulders are located within a linear depression that correlates directly with a linear magnetic high anomaly readily noted in airborne and ground survey data. This magnetic feature can be traced continuously for at least 3.5 kilometers. During 2008, 29 samples were collected from the area by prospectors and geologists. Highlights from the sampling returned assay values of up to 3.48% U3O8. Of the 29 samples collected, 5 returned assays greater than 1% U3O8 with 26 greater than 0.10%. U3O8.
Ground follow-up work performed on the Minisinakwa Lake Showing during 2008 included a 32 line kilometer GPS based ground magnetometer survey and a seven hole reconnaissance drill program. The magnetometer survey was implemented in an attempt to better define the magnetic anomaly noted from airborne surveys. The magnetic anomaly was initially interpreted to be related to the uranium mineralization. Drilling of this anomaly in the immediate area of the mineralized boulders however, proved unsuccessful in intersecting the same host lithology as the mineralized boulders. The drill program was designed to test the magnetic anomaly in six different localities along a 2.4 kilometer strike length. It is currently believed that the high grade uranium boulders have come from a proximal source which has yet to be identified.
Anna Lake Corridor
The land holdings around the Anna Lake Deposit represent a high priority exploration target where excellent potential exists for new discoveries. As a continuation to detailed ground work performed during 2007, additional grid establishment, soil geochemistry, ground induced polarization/resistivity, magnetometer, radon flux surveys and geological mapping were implemented on a large grid covering the Anna Lake area. A total of 54.5 line kilometers of grid establishment, 1686 �B� horizon soils, 72.4 line kilometers of IP/Resistivity, 16.75 line kilometers of magnetics and 2355 radon flux measurements were completed during the 2008 field season. The results of this ground exploration have provided a better geological understanding of the area and have outlined several targets requiring follow-up investigation. The Anna Lake Deposit is located along the southern edge of a 12 kilometer structural corridor that runs through the Bayswater claims and where repetition of the Post Hill Group mineralized sequence has been confirmed discontinuously along the length of the trend. As part of the 2008 exploration program, several of the targets were drill tested with some minor intersections of uranium being noted. Numerous other areas will require further field investigation and drill testing.
Additional Discoveries During 2006-2007 Warranting Further Exploration Including Drilling
Additional targets held by the Company warranting further work include the Jean�s Pond, Dandy, Kanairiktok Bay, Ghost Lake, Stomach Lake, Stipec River, Lewis Lake and Michinappi Lake prospects. While the Company intends to focus its exploration efforts on its advanced exploration projects including Anna Lake, it plans to farm-out claim blocks covering these target areas through joint venture, option or purchase arrangements. For further information on these targets, please visit the Company�s website.
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 of Labrador, Canada, located approximately 135 kilometers 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 region increased significantly and several uranium deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco. Today, exploration activity in the region is highlighted by resource drilling at the Michelin and Jacques Lake deposits by Fronteer Development Group Inc. (TSX: FRG) and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. Collectively, over 145 million pounds of NI 43-101 compliant uranium resources have been reported in the Central Mineral Belt by various companies, a figure that is expected to increase significantly in the coming years through increases to existing resources, as well as from new uranium discoveries. Bayswater Uranium is the largest landholder in the Central Mineral Belt with interests in about 532,000 acres in the heart of the belt. At the end of the 2008 field season, Bayswater discovered several new uranium targets, including a 5 km uranium trend at Boiteau Lake, with sample values up to 0.72% U3O8. Further information on the Central Mineral Belt is available at www.bayswateruranium.com/s/CMB.asp.
About Bayswater Uranium Corporation - The Super JuniorTM Uranium Company
Bayswater Uranium Corporation is an international uranium exploration and development company. The Company owns several advanced uranium properties in the United States with significant historical resources that may be amenable to ISR and/or conventional mining. As well, Bayswater is 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 combines a balanced portfolio of advanced and exploration 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 advanced-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". 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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