Three New Uranium Mineralized Zones Identified on the Bayswater/Ucore Makkovik River Joint Venture Property, Central Mineral Belt, Labrador in 2008
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Assays from Grab Samples Return Values Greater than 0.10% to 0.14% U3O8 from 3 Separate New Uranium Showings
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29 Priority Airborne Radiometric Anomalous Targets Identified
Assays from Grab Samples Return Values Greater than 0.10% to 0.14% U3O8 from 3 Separate New Uranium Showings
29 Priority Airborne Radiometric Anomalous Targets Identified
Vancouver, BC, January 4, 2008, ─ Bayswater Corporation (TSX-V: BAY) (OTC: BYSWF) (the “Company”) reports that it has successfully completed a 2280 line kilometer airborne radiometric and magnetic survey on its joint ventured Makkovik River property with UCore Uranium Inc. Additional information concerning the joint venture can be found in a previous press release dated August 01, 2007. The airborne data is currently being processed and final map products are being prepared by NovaTem Inc. Numerous equivalent uranium radiometric anomalies have been generated from the survey and 29 priority targets have been identified from in-house processing. To date, limited follow-up examination of targets has led to the discovery of three radioactive zones of interest containing potentially significant uranium mineralization. The Company’s goal is to further investigate these targets along with the remainder of the anomalies during the 2008 field season. High priority targets will be brought to the drill stage and drill tested if warranted next year.
The Makkovik River joint venture landholdings comprise 829 claims covering 20,725 hectares in previously exempt lands. No exploration has taken place in this area during the recent uranium boom due to negotiations that led to a recent settlement of land claims with the Nunatsiavut Government. Historically, limited work was performed in this area for granite hosted uranium deposits.
The claims are predominantly underlain by Proterozoic granitic and mafic intrusive units containing local slivers of similar aged volcanic rocks that host many of the uranium deposits elsewhere within the Central Mineral Belt of Labrador.
During the 2007 field season, a total of 94 rock samples were collected from outcrop and boulders by the Company’s prospecting team as a result of follow-up prospecting of the various radiometric anomalies. Results from this work have led to the identification three new bedrock uranium mineralized zones—Makkovik River East, Makkovik River West, and CD showings, and other lower priority targets. Two of the new uranium showings discovered, Makkovik River East and Makkovik River West located in the Makkovik River area as described below, are hosted by commonly brecciated and hematitic, coarse grained, magnetite bearing granites.
Based on data collected from the airborne radiometric survey, the Makkovik River East Showing is characterized by a well defined 400 meter long by 200 meter wide zone of high radioactivity. The Makkovik River West Showing is a moderately radioactive airborne anomaly that measures 1.0 kilometer long by 500 meters in width. Both of these anomalous areas are coincident with newly discovered uranium showings in bedrock that occur in large boulder fields typical of large portions of the Central Mineral Belt of Labrador. Abundant highly radioactive boulders with total counts greater than 10,000 cps have been documented in both these areas. The CD Showing is represented by a series of localized airborne radiometric highs in a 1.0 kilometer by 1.0 kilometer area. Best results from grab samples taken from outcrop in all three areas assayed better than 0.10% U3O8 and up to 0.14% U3O8. Further detailed work is warranted on these targets along with the other priority radiometric anomalies identified from the airborne survey.
Results to date, on the Makkovik River joint ventured lands with UCore, demonstrate the potential for discovery of uranium deposits in several different geological settings. An expanded program of target evaluation and drilling of priority areas is planned for 2008.
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 Aurora Energy Resources Inc. (TSX: AXU) and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. (TSX-V: CXX). Collectively, approximately 100 million pounds of NI 43-101 compliant uranium resources have been reported in the Central Mineral Belt by Aurora and Crosshair, a figure that is expected to increase significantly in the coming years through increases to existing resources, as well as new uranium discoveries. Bayswater Uranium is the largest landholder in the Central Mineral Belt with interests in 4,626 sq km of strategic landholdings; Aurora controls about 800 sq km and Crosshair approximately 640 sq km. Bayswater is aggressively exploring several uranium targets within its landholdings with the objective of discovering new uranium resources; and has recently announced discovery of the Anna Lake deposit within its landholdings.
About Bayswater Uranium Corporation – The Super Junior™ Uranium Company
Bayswater Uranium Corporation 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 feasibility and 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 plans to focus on the development of its resource properties and to evaluate early stage projects for further discoveries. Other acquisition opportunities will continue to be assessed all with a corporate vision of building a major international uranium company. Bayswater is listed on the TSX Venture Exchange under the symbol “BAY”.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.
