Bayswater Uranium Launches Winter Drill Program at Collins Bay
Extension Project, Athabasca Basin, Saskatchewan
Twelve Uranium Targets to be Drilled to Test Extension of Eagle Point-Collins
Bay-Rabbit Lake Uranium Belt
Vancouver, BC, February 20, 2008 ─ Bayswater Uranium
Corporation (TSX-V:
BAY) (OTC: BYSWF) is pleased to announce the
start of its 2008 winter drilling program at the Company�s wholly-owned 37,000
hectare Collins Bay Extension Project ("CBE") located
adjacent to the northeast and along strike from Cameco Corporation�s (TSX: CCO) Eagle Point mine complex. This
mine area is the longest producing uranium operation in the Athabasca Basin,
Saskatchewan�the richest uranium district in the world.
Twelve high-priority, near surface uranium targets have been
selected for drilling on the CBE property over the next 3 months, utilizing two
drill rigs. These targets are characterized by known uranium mineralization and
anomalous concentrations of surface radon gas and uranium in geochemical samples
in association with major basement fault structures and zones of anomalous
conductivity�favourable features indicating potential for unconformity type
uranium deposits typical of the Athabasca Basin.
The Collins Bay Fault zone is the controlling structure for the
uranium deposits at the nearby Eagle Point, Collins Bay, and Rabbit Lake deposits. Collectively these deposits contained a global uranium resource of
more than 140 million pounds of uranium hosted primarily within the
basement rocks. Uranium mineralization in
the basement rocks is generally near surface, has favorable metallurgy and is
hosted in competent wall rocks� typical of the Eagle Point Mine, the largest
deposit in the area. The objective of Bayswater�s drill
program is to test for further high-grade uranium deposits within basement rocks
along the Collins Bay Fault, that extends for 25 kilometers across the CBE
property from Cameco�s Eagle Point mine, and along other sub-parallel fault
structures.
Drilling is currently underway on the first two of the twelve
high priority targets on Bayswater�s ground. This winter a total of up to about
7500 meters in approximately 24 holes to depths of 300 to 350 metres is planned
for the program, subject to weather conditions. Of the twelve priority targets
for drill testing, eight are planned to be tested from the ice early in the
winter season on Wollaston Lake, and four are planned from land sites to be
drilled later in the winter season. If weather conditions permit and subject to
results, additional drilling is planned. A property map illustrating the drill
targets, the Collins Bay fault structures, and Cameco�s adjacent mines can be
viewed at http://www.bayswateruranium.com/i/maps/NCA-Athabasca.jpg.
Drill Targeting
On Bayswater�s CBE project, the integration of geologic data
along with airborne V-TEM and magnetic survey results has enabled the Company
to identify prospective uranium environments,
associated with the Collins Bay Fault and other fault zones and airborne geophysical conductors, that extend
for a combined strike length of over 100 kilometers on the Company�s property.
Drill targets were selected based on the integration of
property-wide geochemical sampling, modeling of geophysical data, and
integration with geological data and deposit models developed by the Company. A
systematic geochemical sampling program was completed by Vista Geosciences
(Lakewood, Colorado) based on a successful orientation survey, conducted with
Cameco�s permission, over their O2-Next uranium deposit. The O2 Next deposit is
located north of the Eagle Point uranium mine and less than 6 km south of
Bayswater�s Collins Bay Extension Project. During August in 2007, 1023 lake
sediment and peat geochemical samples were collected from the CBE property and
analysed on site for radon gas. All samples were subsequently analyzed for
uranium and multi-element geochemistry by Acme Laboratory, Vancouver, BC.
Detailed radon sampling grids were completed on the strongest radon gas
anomalies.
Results of the geochemical survey were very encouraging. The
orientation survey over the O2-Next deposit provided a geochemical signature of
this mineralized area, which in turn was applied to the Company�s data to help
identify targets. Geochemical results from Bayswater�s ground were also
integrated with results of geophysical modeling of the Company�s airborne EM,
VTEM and magnetics surveys, processed and integrated by Wave Geophysics
(Evergreen Colorado). Geophysical processing highlighted conductors and breaks
in conductor trends, representing major bedrock structures.
The project is operated out of Bayswater�s Snowshoe Island
winterized camp, with on-site program management by Coast Mountain Geological
Ltd. of Vancouver BC. The drilling contractor is Top Rank Diamond Drilling, St.
Rose du Lac, Manitoba. Keith Laskowski, M.Sc., VP Exploration�USA for the
Company, is the qualified person under NI 43-101 responsible for the technical
information in this news release.
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.
On behalf of the Board of:
George M. Leary