510 Burrard Street,
Suite 510
Vancouver, B.C. V6C 3A8
Tel: (604)
687-2153
www.bayswateruranium.com
NEWS
RELEASE
Bayswater Resumes Labrador
Uranium Project Drilling With Two Drills
57
Drill Holes Completed; 67 Holes Totaling 13,000 Metres Planned This
Year
Vancouver, BC, October 15, 2007 � Bayswater Uranium
Corporation (TSX-V: BAY) is pleased to report that normal
exploration activities have resumed at its Central Mineral Belt Uranium Project
in Labrador following a temporary shut down as a result of the recent tragic
helicopter accident that claimed the life of the
pilot.
Diamond drilling has resumed
with two drill rigs. The Company anticipates drilling will continue well into
November 2007 followed by a temporary shut down during winter until the spring
2008.
To date, 57 drill holes
totaling approximately 10,300 metres have been completed on Stipec A, Stipec E,
Anna Lake, Kanairiktok Bay and Dandy uranium targets as well as on a new prospect discovered this year north of the Anna Lake prospect. A total of
up to about 13,000 metres of drilling in approximately 67 holes is planned to be
completed this year.
Assay results have been
exceptionally slow in coming this year because of backlogs at the assay
laboratory. Once sufficient drill results have been received,
results will be released accordingly. To date, the Company has intersected
numerous zones of anomalous radioactivity in drill holes across true widths
ranging from approximately 2 to 40 metres—in particular on the Anna Lake and
Dandy uranium prospects. The anomalous radioactivity is based on down hole
scintillometer probe work.
Currently, two drills are in operation on
the main Anna Lake target. Detailed follow-up grid controlled work including soil sampling, ground
induced polarization/resistivity and magnetics have
been completed over the Anna Lake prospect. Limited grid controlled
surveys have also been completed over portions of the Stipec River prospects.
The Company will report on this work as well when sufficient sample results have
been received and all the geophysical data has been reviewed and evaluated.
(Note: Preliminary results from the IP survey as well as an extensive airborne
EM and magnetic survey were announced in a news release dated August 12, 2007).
Follow up of 2007 airborne EM
anomalies and continued follow-up prospecting of airborne radiometric anomalies
generated last year has led to discovery of several new uranium prospects.
The Company will also report on this work as well when sufficient sample assay
results have been received.
During September and early
October, radon gas surveys were conducted over a number of targets including a
new radioactive sandstone boulder field located in the Stipec River area as well
as Anna Lake and Ghost Lake A and Ghost Lake B targets. Encouraging
results from this work has been obtained and is currently being
evaluated.
Airborne radiometric and magnetic
surveying of new peripheral claim blocks, acquired after completion of the 2006
airborne surveys, as well as on joint venture ground pursuant to the agreement
with Ucore Uranium Inc. (TSX-V:
UCU) has been completed. Numerous anomalous radiometric
targets were identified from this survey in all areas surveyed and follow-up
prospecting has been completed on many priority targets. Follow-up work
identified new areas of uranium mineralization and assay results from this work
are also pending.
In summary, the Company is
encouraged by the results from drilling to date as indicated above.
Results from our follow-up prospecting, soil sampling, ground geophysics and
radon gas surveying have also identified several areas warranting further work
including drilling. A complete report on results of drill hole assays,
ground and airborne geophysical surveys, and rock and soil geochemical surveys
will be forthcoming as analytical results are received and data is assessed and
evaluated.
The Central Mineral Belt 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 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 approximately 100 million
pounds of NI 43-101 compliant uranium resources has 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 4,626 sq km of
strategic landholdings; Aurora controls about 800 sq km and Crosshair
approximately 640 sq km. Bayswater is aggressively exploring several
uranium targets within its landholdings with the objective of discovery of new
uranium resources.
In other news, the Company
has requested the TSX Venture Exchange to halt trading in its securities pending
a subsequent 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 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. 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:
BAYSWATER URANIUM CORPORATION
George M.
Leary
President
For further information
contact:
John
Gomez
Manager, Investor Relations
Telephone: (604)
687-2153
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herein.