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Baywater Provides Resource Estimate for the Anna Lake Deposit, Central Mineral Belt, Labrador

Vancouver, BC, October 15, 2009 ? Bayswater Uranium Corporation (TSX-V: BAY). Bayswater is pleased to announce the results of an independent National Institute (NI) 43-101 Mineral Resource Estimate for its 100% owned Anna Lake Deposit located in the Central Mineral Belt of Labrador. The study was performed by Mr. Gary Giroux, (P.Eng.) of Giroux Consultants Limited based out of Vancouver, British Columbia. The Anna Lake estimate indicates an inferred resource of 4.91 million pounds of uranium oxide using a 0.030%U3O8 cutoff (5.06 million tonnes averaging 0.044 % U3O8 ). Also contained within this resource are 1.56 million pounds of molybdenum and 1.00 million grams of rhenium (see Table 1 for grade-tonnage details).

"This initial resource estimate represents another exciting stage in the development of our Company," states Mr. George Leary, President and CEO of Bayswater Uranium Corporation. "The inferred resource at Anna Lake represents a baseline or starting point from which to build upon. The Deposit currently remains open for expansion and delineation in all directions and is still in the very early stages of development with respect to its size, overall grade and tonnage potential. Infill, delineation and exploration drilling will be required at Anna Lake to build on the known resource and to move the Deposit into the measured and indicated categories".

To date, no economic studies have been performed on the Anna Lake Deposit. The Company intends to initiate a scoping study to evaluate the economic potential of the Anna Lake Deposit given its close proximity to the Michelin/Jacques Lake deposits. Both of the latter deposits are currently being advanced towards development by Fronteer Development/Aurora Energy. As part of this study, potential open pit design and underground mining assessments will be considered for the near surface and deeper uranium mineralization contained within the deposit.

Table 1: Inferred Resource - Anna Lake Mineralized Portion of Block

Resource Estimate Details

The Independent Qualified Person responsible for the above resource estimates is Mr. Gary Giroux, P. Eng. of Giroux Consultants Ltd. Mr. Giroux has reviewed and approved the technical information contained in this release. A Technical Report prepared to NI43-101 requirements will be filed on SEDAR.

The resource estimate for the Anna Lake Deposit was based on a total of 22,355 meters of core recovery in 67 drill holes. All holes used in the resource estimate were completed by Bayswater during the 2007 and 2008 field seasons. Assay results have been prepared under the guidance of Mr. Dean Fraser, P.Geo, Project Manager for Bayswater Uranium Corp., who is designated as a qualified person with the ability and authority to verify the authenticity of and validity of this data. Drill core was prepared and analyzed in accordance with industry standards by Activation Laboratories Ltd based in Ancaster, Ontario. Activation Labs is an ISO/IEC 17025 accredited laboratory. A QA/QC program was initiated by Bayswater early in the drilling program at Anna Lake. The program included the implementation of standards and blanks into the sample stream every 10-20 samples. The results of the QA/QC work indicate that the assay data quality was good.

A 3-dimensional geologic model of the deposit was created for the purpose of this resource estimate using the Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5 meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging. An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house and consisted of an average of seventeen samples collected from the mineralised section of the core. The resource was classified into Measured, Indicated or Inferred using semi-variogram ranges applied to search ellipses. All resources estimated at Anna Lake fall under the "Inferred" category due to the wide spaced drill density.

Anna Lake Deposit

The Anna Lake Deposit is located approximately thirty-five kilometers southwest of the coastal community of Postville, Labrador, nine kilometers west of the Melody Hill high grade uranium boulder field and fifteen kilometers northwest of the Michelin Deposit held by Aurora Energy/Fronteer Development. The development of a proposed road by Fronteer/Aurora will pass within thirteen kilometers of the Deposit increasing its overall economic potential. The Anna Lake Deposit is not impacted by a moratorium on mining imposed by the Nunatsiavut Government on Labrador Inuit Lands since the deposit lies entirely outside the area affected. A decision on the moratorium is expected on March 31, 2011.

Wide spaced drilling has currently delineated the Anna Lake Deposit over a strike length of 750 meters and down-dip in the plane of the mineralization to 663 meters. The Deposit occurs as a near surface, continuous north-south trending, 50 to 70 degree easterly dipping and broadly undulating sheetlike body. Mineralization occurs as two closely spaced zones that locally coalesce. Uranium mineralization is predominantly hosted within and spatially related to a grey-red-brown, crenulated garnetiferous biotite schist unit with uranium mineralization occurring in the form of uraninite. This rock unit, along with a thick sequence of supracrustals, forms the hanging wall to a quartz sericite altered mylonite zone. The altered mylonite grades into a coarse grained k-spar granitic intrusive and defines the boundary between the hanging wall and footwall rocks. The Deposit currently remains open in all directions and based on wide spaced drilling to date, excellent potential exists to build on the current resource with respect to size, tonnage and overall grade. The potential for new discoveries in the immediate area also remains excellent.

For additional information on the Anna Lake deposit, please visit Bayswater's website at www.bayswateruranium.com/projects/annalake.html.

The Company's exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), President of the Company, and Victor Tanaka, B.Sc. P.Geo. (B.C.), Chief Operating Officer of the Company. Both are qualified persons under NI 43-101. George Leary is the qualified person responsible for the technical information in this news release.

About the Labrador Central Mineral Belt

The Central Mineral Belt of Labrador, Canada, located approximately 135 kilometers 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 Fronteer Development Group Inc. (TSX: FRG) and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. (TSX-V: CXX). Collectively, over 145 million pounds of NI 43-101 compliant uranium resources have been reported in the Central Mineral Belt by various companies, a figure that is expected to increase significantly in the coming years through increases to existing resources, as well as from new uranium discoveries. Bayswater Uranium is the largest landholder in the Central Mineral Belt with interests in about 532,000 acres in the heart of the belt. At the end of the 2008 field season, Bayswater discovered several new uranium targets, including a 5 km uranium trend at Boiteau Lake, with sample values up to 0.72% U3O8. Further information on the Central Mineral Belt is available at www.bayswateruranium.com/projects/cmb.html.

About Bayswater Uranium Corporation - The Super Junior Uranium CompanyT

Bayswater Uranium Corporation is an international uranium exploration and development company. The Company owns several advanced uranium properties in the United States with significant historical resources that may be amenable to ISR and/or conventional mining. As well, Bayswater is 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 combines a balanced portfolio of advanced and exploration projects with the uranium expertise of its technical and managerial teams. To capitalize on current market conditions and strong growth of the nuclear industry, the Company is pursuing acquisition opportunities of advanced-stage uranium projects with near-term production potential. Bayswater's vision is to build a major international uranium company. Shares of the Company are listed on the TSX Venture Exchange under the symbol "BAY". 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

Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration, development and mining. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.