BAYSWATER URANIUM CORPORATION
NEWS RELEASE
Bayswater Provides Project and Corporate
Update
Vancouver, BC, August 2, 2007 ─ Bayswater Uranium Corporation
(TSX-V:
BAY) is
pleased to report the following progress and update on its various projects and
acquisitions:
Central Mineral Belt, Labrador Uranium Project: 2007 Surface
Exploration and Drilling Program
The Central Mineral Belt, Labrador Uranium Project is well
underway with surface exploration, including prospecting, geophysical and soil
sampling surveys over selected uranium targets, and drilling. To date a total of
19 drill holes, each averaging about 200 metres in length, have been completed
on the Stipec River and Anna Lake targets. The Company is encouraged in that
new uranium prospects, currently being evaluated, have been located within the
Company�s vast landholdings, and about half of the drill holes completed to date
have encountered anomalous radioactivity. Assay results are pending from
samples submitted from many of these drill holes. In addition, an airborne
radiometric and magnetic survey by NOVATEM Inc. has commenced on 797 100% owned
claims in three blocks staked to cover favourable uranium targets marginal to
the Company�s land holdings subsequent to our 2006 survey and follow-up work.
Follow-up of priority radiometric anomalies from this survey is planned for this
year.
Thelon Basin, Nunavut/Northwest Territories
North Thelon Basin, Nunavut
A 16,000 line kilometre fixed-wing airborne radiometric and
magnetic survey is almost complete on newly acquired land in the Itza
area (approximately 3,215 square kilometres) for an initial evaluation of the
uranium and diamond potential of this region. This area was acquired as a result
of the 2006 airborne survey which identified a number of circular magnetic features within
the Itza claim block last year. These magnetic features are interpreted to
represent possible clusters of kimberlite pipes�host rock for diamonds. Earlier
this month, the Company entered into an agreement with Stornoway Diamond Corporation (TSX: SWY) to explore the 430,738 hectare
(1,064,353 acres) Itza Lake property for diamonds. The Company plans to
follow-up priority radiometric anomalies from this survey with prospecting,
mapping and possibly ground geophysics to identify targets for drilling in
2008.
At Bayswater�s other properties in the North Thelon Basin,
exploration crews are conducting detailed mapping, prospecting, geochemical and
ground geophysical surveys (radiometric and magnetic) to follow-up the numerous
radiometric anomalies identified by last year�s airborne surveys as announced
April 11, 2007. This program is being undertaken
on the Company�s 100% owned claims and on the 50/50 joint ventured permits with
Strongbow Exploration Inc. (TSX-V: SBW). The objective of the program is to
identify targets for drilling in 2008. Bayswater has budgeted approximately $2.2
million for its North Thelon Basin properties in 2007 and first half of
2008.
South Thelon Basin, Northwest Territories
A 20,000 line-kilometre airborne fixed-wing radiometric and
magnetic survey was completed on the Company�s 100% owned holdings on the west
and southeast margins of the South Thelon basin to identify uranium targets.
Preliminary results from this survey have been obtained and
approximately 25 high priority radiometric targets have been identified.
Geological and prospecting crews are currently evaluating these anomalous
targets. In addition, our geological and prospecting crews are conducting
follow-up exploration on historical radiometric anomalies and other targets
identified within the internal portion of the South Thelon basin in areas of
indicated basement conductor�s as a result of last year�s deep penetrating
MegaTem II survey.
A 9,500 line kilometre VTEM helicopter-borne geophysical survey
has been completed in the central internal portion of the South Thelon Basin in
areas not flown last year. The area surveyed mainly encompasses 100% owned land
but also covers part of the land holdings subject to the option from Uranium
North as well as lands subject to the joint venture with Strongbow Exploration.
Preliminary results are expected in early September; ground follow-up of favourable basement conductive zones identified as a result of the survey will
commence once the results of the survey has been reviewed and assessed.
As previously reported, a 2 to 3 kilometre wide, conductive
trend, comprised of two subparallel conductors, cuts through the northwest
section of Bayswater�s 100% owned CL property. These conductive anomalies are
interpreted as part of the same 70 km long conductive trend (known as F- and G-)
that extends northward from the adjacent Boomerang uranium property where joint
venture partners Cameco Corporation (TSX: CCO) and Uravan Minerals Inc. (TSX-V: UVN) are conducting a drilling program. This
major conductive trend is a strong drill target with the potential to host
unconformity-type, high-grade uranium deposits similar to uranium deposits
located in the geologically analogous Athabasca Basin. Winter-spring ground
geophysics has been conducted on this target to assist in identifying drill
targets. Further ground geophysics is planned this summer on this anomalous
feature as well as on other basement conductors identified from the 2006 MegaTem
II suvey.
The objective of the above survey�s and follow-up ground
exploration is to identify drill targets�both shallow targets around the margin
of the basin and deeper targets internally within the basin. Bayswater has
budgeted $6.6 million for its South Thelon Basin Project in 2007 and the first
half of 2008. Of this budget about $1.5 million is allocated for
drilling�subject to obtaining the requisite permits.
Athabasca Basin, Saskatchewan
Condor Consultants Inc. are processing final data from the
14,000 line km helicopter-borne VTEM survey, completed earlier this year on the
Company�s large Athabasca Basin landholdings; results are expected to be
received in mid September. This survey is one of the largest airborne
electro-magnetic (EM) programs carried out in the Athabasca Basin by any company
to date. The objective of the survey is to locate and define basement conductor
anomalies, target areas for hosting high-grade uranium mineralization.
Bayswater�s 100% owned properties consists of two large claim blocks comprising
1.7 million acres that cover major
fault structures and geological settings that are favourable environments for
high-grade, unconformity deposits. According to geological consultants MPH, this
area of the Athabasca Basin has never been drilled. Based on positive data
results, follow-up ground geophysical and geological surveys are planned to
evaluate drill targets. An initial drilling program to test priority targets
would follow this winter. Bayswater has budgeted $4.5 million for exploration,
including $1.0 million for drilling, on its Athabasca Basin properties in 2007
and first half of 2008.
Bayswater Renews Investor Relations
Agreement with Longview Capital Partners Incorporated
Bayswater is also pleased to announce that it has renewed its
investor relations agreement with Longview Capital Partners Incorporated ("Longview") a Vancouver-based firm with a particular focus on natural
resources, renewable energies and related technologies. Longview is a
company listed on the TSX Venture Exchange (TSX-V: LV), having a common director of
Bayswater. Longview is a full and comprehensive provider of
corporate finance and investor relations services, and will assist Bayswater in
fostering productive, continuing dialogues with analysts, brokers, potential
investors, current shareholders and other financial professionals.
As consideration under the investor relations agreement,
Longview will receive fees $12,500 per month. The investor relations agreement
with Longview shall have an initial six month term ending on December 15, 2007,
renewable at the option of Bayswater for a further six month period ending on
June 15, 2008 on the same terms. The investor relations agreement is subject to
the approval of the TSX Venture Exchange.
Photography Contract
Bayswater has entered into a services agreement with a private
consultant pursuant to which Bayswater will acquire an image package pertaining
to Bayswater�s North American properties for $60,000 payable through the
issuance of 50,000 common shares at a price of $1.20 per share, subject to the
approval of the TSX Venture Exchange. The image package will be utilized to
further develop Bayswater�s web site and to further develop media presentations
regarding Bayswater.
About Bayswater Uranium Corporation - The Super
JuniorTM Uranium Company
Bayswater Uranium Corp. 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 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 is pursuing additional merger and acquisition
opportunities that complement and/or add to the Company�s existing assets and
business model. 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
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not accept responsibility for the adequacy or accuracy of the contents
herein.