Bayswater & Ucore Joint Venture Mutual Claims in Previously Exempt Area for Staking in Labrador Uranium District
Vancouver, BC, August 1, 2007 ─ Bayswater Uranium Corporation (TSX-V: BAY) is pleased to announce it has entered into a letter agreement dated July 27, 2007 with Ucore Uranium Inc., (TSX-V: UCU) whereby Bayswater and Ucore will form a joint venture in respect of their mutual uranium properties, comprising a combined total of 829 claims, located in previously exempted land for exploration along the northeastern extension of the Central Mineral Belt uranium district, Labrador (the “Properties” and otherwise referred to as the Makkovik Project). Each party will have the exclusive option for a period up to August 31, 2008 to enter into a joint venture in respect of the Properties, by contributing to a first year budget on the Properties of $400,000. Bayswater shall contribute 66 2/3% to the first year budget and Ucore shall contribute 33 1/3% to the first year budget. Bayswater will be the operator of the Makkovik Project during the option period and pursuant to the joint venture, once formed. Upon completion of the first year work program, as contributed to by the parties as noted above, Bayswater and Ucore will form a joint venture and each of Bayswater and Ucore shall be deemed to have acquired an undivided 50 % interest each in and to the Properties. The agreement is subject to the approval of the TSX Venture Exchange.
About Bayswater Uranium Corporation – The Super Junior™ 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 Junior™ Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. To capitalize on the strong growth of the nuclear industry and to continue to add shareholder value, Bayswater is pursuing additional merger and acquisition opportunities that complement and/or add to the Company’s existing assets and business model.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.
