Bayswater Purchases Uranium Properties in New
Mexico and Utah
Vancouver, BC, August 16, 2007 ─ Bayswater Uranium Corporation
(TSX-V:
BAY) is
pleased
to announce it has entered into two letter agreements dated
August 11, 2007 with private corporate entities (the "Vendors") whereby
Bayswater has been granted an option to acquire a 100% interest in certain
mineral claims located in New Mexico and in Utah.
Both of these properties have potential for roll front and
structurally controlled uranium deposits associated with favourable sandstone
units on the margin of the Colorado Plateau�known for its uranium deposits, many
of which have been in production previously. Data is currently being compiled on
both properties to determine drill programs. Field work is planned on both prior
to any drilling. Drilling is planned for 2008 on both projects.
Pursuant to the letter agreement concerning the New Mexico
property, Bayswater is obligated to issue to Vendors an aggregate of 1,000,000
common shares and pay an aggregate of US$500,000 in staged payments over a four
year period, of which an initial 100,000 common shares and US$25,000 is payable
upon receipt of the approval of the TSX Venture Exchange. All cash and share
payments will be paid 50% to each of the two corporate Vendors in accordance
with their interests in the New Mexico property.
Pursuant to the letter agreement concerning the Utah property,
Bayswater is obligated to issue to Vendors an aggregate of 500,000 common shares
and pay an aggregate of US$250,000 in staged payments over a four year period,
of which an initial 500,000 common shares and US$12,500 is payable upon receipt
of the approval of the TSX Venture Exchange. All cash and share payments will be
paid 50% to each of the two corporate Vendors in accordance with their interests
in the Utah property.
The agreements are subject to the approval of the TSX Venture
Exchange, and the shares payable under the respective agreements, when issued,
will be subject to a four month hold period.
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. Bayswater is listed on the TSX Venture Exchange under the symbol
BAY. For further information visit www.bayswateruranium.com.
George M. Leary