Bayswater Aims to Significantly Increase Uranium Resources in 2008
Drilling Planned at up to 15 Projects with an Aggressive $25 million Exploration Budget
Vancouver, BC, January 8, 2008 ─ Bayswater Uranium Corporation (TSX-V: BAY) (OTC: BYSWF) aims to significantly increase its uranium resources in 2008 through an aggressive planned $25 million exploration program that will feature drilling on up to fifteen projects. The objective of this major exploration initiative is to at least double resources to 25 – 30 million pounds, develop many of the Company’s advanced projects towards production, and to make additional new uranium discoveries. The Company is adequately financed to complete this initiative.
Bayswater’s amalgamation with Kilgore Minerals last year, and its recent takeover of Northern Canadian Uranium has provided the Company with several advanced uranium properties, including the Alzada Project in Montana, the Elkhorn Project in Wyoming, the Mountain West Project in Nevada and the Samit Project in Mali, all of which will be a focus of confirmation and step-out drilling in 2008 in order to bring resources into NI 43-101 compliance and increase resources.
Also, Bayswater’s discovery of the Anna Lake deposit within its large landholdings in Labrador was a major achievement and extensive drilling is planned in 2008 to further evaluate the deposit along strike and to depth and to bring the resource into NI 43-101 compliance. Additionally, drill testing of numerous geophysical and geochemical targets along strike of the deposit to the northeast will be undertaken.
Drill programs are also planned on numerous early stage properties that have been extensively explored with targets now at the drill ready stage. These properties include the Central Mineral Belt landholdings, Labrador; Collins Bay Extension and Burdell Lake properties in the Athabasca Basin, Saskatchewan; North Thelon Basin landholdings, Nunavut; and the Wisker Valley property, Newfoundland. Our South Thelon project is also at the drill stage with several high priority targets; however, permitting remains uncertain.
Drill programs are also being considered for several other of the Company’s properties including Carol R Mine, Nevada; Baca, New Mexico; Coin Canyon, Saskatchewan; Edgemont, South Dakota; and Hurricane Cliffs, Utah.
George Leary, President of Bayswater stated, “Last year we acquired an attractive package of advanced-stage properties, advanced to drill stage all our Canadian holdings, and made a discovery in Labrador. This has resulted in securing a well-balanced property portfolio, with a modest resource base to build upon and move towards production. In 2008 our goal is to at least double our current uranium resources to 25 – 30 million pounds through extensive exploration including drilling at many of our projects.”
Since Bayswater commenced uranium asset acquisitions in late 2005, the Company has grown rapidly,—having increased its market capitalization from $1 million to approximately $130 million today. To continue its dynamic growth, Bayswater has budgeted $25 million in exploration in 2008 to accomplish the following:
- transform all properties with historical U3O8 resources to NI 43-101 compliant status;
- expand resources through step-out and reconnaissance drilling;
- develop resources towards production;
- discover new uranium resources in Canada, the USA, and Africa and by
- further acquisitions.
Bayswater will also continue to pursue further merger and acquisition opportunities that complement its exploration and development strategy.
Mr. Leary added: “The assembly of a broadly experienced management team with a proven track record of discovery, closing of three strategic mergers, and completion of extensive early-stage exploration programs on all of our Canadian properties has laid the groundwork to increase resources, move further towards production and build a major international uranium company. This is an exciting period in Bayswater’s growth as we transform from a pure exploration company to an advanced-stage development company with production visibility.”
In other news the Company advises that an aggregate of 2,560,000 options have been granted to directors, officers, employees and consultants of Bayswater. The options are exercisable at a price of $0.83 per share and expire five years from the date of grant, subject to the approval of the TSX Venture Exchange.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.
