Business As Usual For Bayswater On Its Labrador Central Mineral
Belt Uranium Project
Drilling Scheduled to Start in May, 2008
Vancouver, BC, April 8, 2008 ─ Bayswater Uranium Corporation
(TSX-V: BAY) (OTC: BYSWF) reports that today�s decision made by the
Nunatsiavut Government to impose a three year moratorium on uranium mining
within Labrador Inuit Lands ("LIL") does not affect the Company�s exploration
plans in the Central Mineral Belt as all of Bayswater�s priority uranium targets
are located outside of LIL lands that are subject to the moratorium.
LIL lands are located primarily along coastal Labrador and, as
such, partially cover the Central Mineral Belt of Labrador. All of Bayswater�s
priority uranium targets occur outside of this area on Labrador Inuit Settlement
Land, which is administered by the Government of Newfoundland & Labrador
under the Labrador Inuit Land Settlement Agreement.
Mr. George Leary, president of Bayswater states: "As all of our
priority uranium targets, including the newly discovered Anna Lake Uranium
Deposit, are located outside LIL lands, we are NOT subject to the restrictions
imposed by the moratorium. Bayswater lands covering priority uranium
targets are all located in areas administered by the Government of Newfoundland
& Labrador; and as such, are open for exploration and development of resources."
The Company will be taking a "Business as Usual" approach to
the 2008 field season and have budgeted in excess of $6 million dollars for the
Labrador Central Mineral Belt Program. This program will focus on expanding
the Anna Lake deposit discovery and establishing a NI 43-101 compliant resource;
as well as continued exploration of Bayswater�s other high priority targets, all
of which are outside of LIL lands as previously stated. Any areas of interest on
the Company�s claims within LIL lands will likely not be further explored until
such time as the moratorium on uranium mining is lifted.
The moratorium as announced on April 8, 2008 by the Nunatsiavut
Government, disallows uranium mining, but not uranium exploration within LIL
lands. The Nunatsiavut Government Lands and Resources Minister William Barbour
said today in a news release, "that a moratorium will give the Nunatsiavut
Government more time to make informed decisions on the mining and milling of
uranium within Labrador Inuit Lands." Minister Barbour also stated, "We are
prepared to work with any company wanting to conduct exploration within our
territory."
An updated claims location map showing Bayswater�s priority
uranium targets with respect to LIL lands is available on the Company�s website
at http://www.bayswateruranium.com/i/maps/Lab-New-Land-position.gif.
Also, based on results of Bayswater�s extensive airborne and
ground follow-up programs during 2006 and 2007 on its Labrador Central Mineral
Belt land holdings, the Company has recently reduced the size, and is in the
process of reducing the size further, of its large land holdings of about 4,626
sq km to ultimately 5 large claims blocks and 5 small claim blocks comprising in
the aggregate of about 2,376 sq km. The Company continues to be the largest land
holder in this important uranium district.
The Company is also pleased to report that it has been approved
for Junior Exploration Assistance under the Mineral Incentive Program in the
Province of Newfoundland & Labrador with respect to a government
contribution towards the cost of the airborne geophysical surveys and diamond
drilling in 2007.
Further information regarding the Company�s 2008 drilling
program, slated to begin on May 1, 2008 is forthcoming.
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 Aurora Energy Resources Inc. (TSX: AXU)
and at the Moran Lake deposit by Crosshair Exploration & Mining Corp.
(TSX-V: CXX). Collectively, over 135 million pounds of NI 43-101
compliant uranium resources have been reported in the Central Mineral Belt by
Aurora and Crosshair, a figure that is expected to increase significantly in the
coming years through increases to existing resources, as well as new uranium
discoveries. Bayswater Uranium is the largest landholder in the Central Mineral
Belt with interests in 2,376 sq km of strategic landholdings; Aurora controls
about 900 sq km and Crosshair approximately 690 sq km. Bayswater is aggressively
exploring several uranium targets within its landholdings with the objective of
establishing a significant NI 43-101 compliant resource at its Anna Lake discovery and in making additional uranium deposit discoveries.
About Bayswater Uranium Corporation - The Super
JuniorTM Uranium Company
Bayswater Uranium Corporation is a rapidly-growing
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 that are being fast tracked to
feasibility and production. Bayswater combines a balanced portfolio of
exploration and development projects with the uranium expertise of its technical
and managerial teams. 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. To capitalize on the strong growth of the
nuclear industry and to continue to add shareholder value, Bayswater plans to
focus on the development of its resource properties and to evaluate early stage
projects for further discoveries. Other acquisition opportunities will continue
to be assessed all with a corporate vision of building 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.