Vancouver, BC, May 3, 2007 ─ Bayswater Uranium Corporation (TSX-V: BAY) reports that a 5700 line km airborne electromagnetic (EM) geophysical survey has commenced on a portion of the Company�s extensive uranium landholdings in the Central Mineral Belt, Labrador. The area being surveyed covers the central portion of the Company�s land holdings along the historic part of the district uranium belt. The primary purpose of the survey is to evaluate potential extensions to uranium mineralized conductive zones, such as the Stipec River-Anna Lake trend; and to evaluate the region of the Ghost Lake and other radiometric anomalies that remain unexplained along strike to the southwest of the Michelin deposit and in other priority areas in the southeastern portion of the property.

The Central Mineral Belt (CMB) 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 CMB increased significantly and several uranium deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco. The Moran Lake deposits were later drilled by Shell Canada Ltd. (TSX: SCH). Currently the Michelin and Jacques Lake uranium deposits are being developed by Aurora Energy Resources Inc. (TSX: AXU) which in mid February, 2007 announced a NI 43-101 compliant measured and indicated combined resource of 57.9 million pounds U₃O₈ plus an additional combined inferred resource of 38.0 million pounds U₃O₈ all at an average grade of 0.07 to 0.10% U₃O₈ to a depth at Michelin of approximately 750 metres. Crosshair Exploration and Mining (TSX-V: CXX) is exploring the Moran Lake deposit with an initial NI 43-101 compliant inferred resource of 688,000 pounds U₃O₈ at a grade of 0.25% U₃O₈ in the Upper C Zone. Bayswater Uranium is the largest landholder in the CMB with over 4,400 sq km. Aurora controls about 800 sq km and Crosshair approximately 640 sq km.

The Labrador Uranium Project is one of Bayswater�s key projects with 4486 sq km (over 1.1 million acres) of contiguous land along and adjacent to the historic Labrador Central Mineral Belt uranium district highlighted by resource drilling at the Michelin and Jacques Lake deposits by Aurora Energy Resources Inc. and on the Moran Lake deposit by Crosshair Exploration & Mining Corp.; and, by exploration drilling of major prospects by Aurora, Silver Spruce (TSX-V: SSE)/Universal Uranium (TSX-V: UUL) and others working in the district. The Company�s land holdings have potential for Olympic Dam and Rossing type uranium deposits. Several 2006 discovered mineralized zones, many of which are at the drill stage, and a large number of radiometric anomalies requiring further follow-up occur within the Company�s land holdings. An aggressive $7.0 million exploration program, including up to 20,000 metres of drilling, is planned on the Company�s landholdings in 2007. Bayswater Uranium Corp. is by far the largest landholder in this important uranium district.

As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior^TM Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit www.bayswateruranium.com.