Bayswater Provides Update on Kilgore Merger
Vancouver, BC, May 8, 2007 ─ Bayswater Uranium Corporation (TSX-V: BAY) reports that its due diligence review is almost complete with respect to the proposed merger with Kilgore Minerals Ltd. (TSX-V: KAU). Following the expected satisfactory due diligence, including an independent Fairness Opinion, Tax Review, Land Title Report and Viability Report on uranium exploration, development and mining in certain states in the United States all of which are completed or nearing completion, and signing of a definitive Arrangement Agreement, an Information Circular detailing the transaction will be sent to shareholders of both Bayswater and Kilgore for approval. The transaction is also subject to the approval of the TSX Venture Exchange. Closing of the transaction is anticipated to occur in July, 2007.
In conjunction with the Company’s review of Kilgore’s uranium projects, Kilgore is proceeding with preparation of an independent NI 43-101 technical report on all of Kilgore’s uranium properties in Montana and Wyoming in order to document historical resources as stated in a joint news release with Kilgore dated March 19, 2007. This technical report will also recommend an initial program for advancing the project. Some of the historical resources — particularly those deposits in Nevada and Montana, offer short term production potential which the Company intends to fast track to feasibility as soon as possible.
About Bayswater Uranium Corporation – The Super Junior™ 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 uranium expertise of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior™ Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor.On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
| George M. Leary |
| President and CEO |
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 this news release.
