BAYSWATER URANIUM CORPORATION
NEWS RELEASE
Bayswater Completes Major Survey at Athabasca Basin
Uranium Property
New Surveys Underway in South Thelon
Basin
Vancouver, BC, April 18, 2007 ─ Bayswater Uranium
Corporation (TSX-V:
BAY) reports
that airborne surveys have been completed over the Company�s 1.7 million
acre property in the Athabasca Basin, Saskatchewan. Approximately
14,000 line kilometres of helicopter-borne VTEM systems were
flown, one of the largest airborne electro-magnetic (EM) programs carried out in
the Athabasca Basin, the world�s highest producing region of uranium. Data from
the deep-penetrating surveys is being compiled for interpretation. The objective
of the surveys is to locate and define basement conductor anomalies, target
areas for hosting high-grade uranium mineralization.
Bayswater�s 100% owned property in the Athabasca Basin consists
of two large claim blocks that cover major fault structures and geological
settings that are favourable environments for high-grade, unconformity deposits.
Interpreted depth to the basement unconformity � target level for uranium
deposits � is from 400 metres to over 1,000 metres. While most of the uranium
deposits in the Athabasca Basin have been discovered around the margin of the
Basin, where depth to the basement unconformity is relatively shallow (less than
500 metres), technology now enables geophysical surveys to penetrate deeper into
the earth, to identify uranium targets at levels not previously probed. AREVA
Resources Canada Inc. and UEX Corp�s (TSX:
UEX) Shea Creek deposits, located 50 kilometres
west of Bayswater�s property, is an example of high-grade uranium at relatively
deep levels in the basin as these deposits have been discovered between 665
metres to 917 metres.
Based on interpretation of survey data as well as existing
information, follow-up ground geophysical and geological surveys are planned to
identify drill targets. Condor Consulting Ltd., specialists in the field of
airborne electro-magnetics, has been contracted to perform detailed
interpretation of survey results from the Athabasca Basin as well as the Thelon
Basin. This year an initial drilling program is planned to test priority targets. The 2007 exploration budget for the Athabasca Basin is approximately
$4,500,000. Further information is available from the Company�s Website at
http://www.bayswateruranium.com/s/AthabascaUranium.asp.
Bayswater also reports that VTEM geophysical surveys have
recently commenced in the central internal portion of the South Thelon Basin in
areas not flown last year with MEGATEM�another deep penetrating electromagnetic
system. The survey will comprise about 10,000 line kilometres. Ground follow-up
of favourable basement conductive zones identified as a result of the surveys
will commence once the results of the surveys have been reviewed and assessed.
In addition, follow-up ground geophysics has started on the favourable basement
conductor targets identified as a result of the MEGATEM survey flown over a
portion of the Company�s land holdings last year. Ground survey work is designed
to define targets for drill testing.
The South Thelon Basin VTEM survey as described above mainly
covers 100% owned Bayswater ground. However, the survey also covers ground in
two claim blocks held under the Canada Uranium Joint Venture with Strongbow
Exploration Inc. (TSX-V:
SBW). Under the
terms of the Joint Venture, Strongbow have elected to designate these two claim
blocks as an "Earn-In Project" whereby Bayswater is required to spend the first
$600,000 in exploration expenditures in order to maintain its 50% interest. In
addition, the survey also covers ground not surveyed last year with MEGATEM
forming part of the earn-in optioned ground from Uranium North (TSX-V: UNR) whereby
Bayswater has a right to earn an 80% interest in the property�s uranium
rights.
About Bayswater
Uranium Corporation - The Super JuniorTM Uranium Company
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
JuniorTM 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.
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
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of the contents
herein.
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Bayswater Uranium Corp.
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EXPLORATION STAGE |
CODE : BAY.V |
ISIN : CA0731731067 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Bayswater is a uranium exploration company based in Canada. Bayswater holds various exploration projects in Canada and in Mali. Its main exploration properties are AVOCA in Ireland, NORTH THELON, SOUTH THELON, ALZADA, JUNIPER PROPERTY, MOUNTAIN WEST, BRUDELL LAKE, COLLINS BAY EXTENSION, COIN CANYON, VIKING (BAYSWATER), CENTRAL MINERAL BELT (BAYSWATER), TEJANA MESA, ANNA LAKE, RENO CREEK PROJECT, WISKER VALLEY and BOITEAU LAKE in Canada, NIGER in Niger and SAMIT in Mali. Bayswater is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 6.8 millions as of today (US$ 5.0 millions, € 4.6 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 2.47, and its lowest recent point on December 19, 2022 at CA$ 0.02. Bayswater has 59 520 000 shares outstanding. |