Vancouver, BC, July 27, 2009 ─ Bayswater Uranium Corporation (TSX-V: BAY) (OTC: BYSWF) reports it has entered into an agreement to sell its uranium mineral properties in Mali, West Africa to Cascade Resources Ltd. (TSX-V: CC) "Cascade". The sale is consistent with Bayswater’s focus on its core uranium projects in North America, particularly advanced-stage projects in the United States. Bayswater’s equity interest to be received in Cascade will enable the Company to benefit from the advancement and development of the Mali uranium assets.
Bayswater’s uranium interests in Mali consist of the Samit Project, a 1,000 square kilometre license in the Tilemsi Basin of northeastern Mali with a historical resource estimate of 440,000 pounds U3O8 (non NI 43-101 compliant and not to be relied upon). The Company also has two license applications of approximately 1,000 square kilometres each located immediately north of the Samit Project which are prospective for uranium mineralization. Further information on the Samit Project and the applications is available on Bayswater’s website at http://www.bayswateruranium.com/projects/samit.html.
The Mali properties are to be sold to Cascade through the sale of Bayswater’s wholly owned subsidiary, Northern Canadian Minerals Inc. (Mali). Bayswater is to receive 1,000,000 Cascade common shares, $250,000 in cash pursuant to a promissory note due within 36 months of completion of the acquisition by Cascade, and a 2.5% NSR on future production. Cascade is also required to spend $200,000 on the Project for work expenditures to be completed by December 31, 2009 on a commercially reasonably best efforts basis.
The transaction is subject to approval of the TSX Venture Exchange.About Bayswater Uranium Corporation - The Super Junior Uranium Company™
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”.
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 |
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.
