Vancouver, BC, August 11, 2009 ─ Bayswater Uranium Corporation (TSX-V: BAY) (OTC: BYSWF) has amended as at July 24, 2009, a letter agreement dated August 11, 2007, as amended August 22, 2008, with two private corporate entities, as originally announced on August 16, 2007 and September 10, 2008, regarding an option granted to Bayswater to acquire a 100% interest in certain mineral claims comprising part of the Tejana Mesa project located in New Mexico.
Pursuant to the amending agreement concerning the New Mexico claims, Bayswater will issue an additional 200,000 common shares and pay an additional US$20,000 in cash to the Vendors in consideration of an extension to the option period. Pursuant to the letter agreement and amending agreement, Bayswater will issue to the Vendors an aggregate of 1,300,000 common shares and pay an aggregate of US$520,000 in staged payments ending on July 31, 2014. All cash and share payments will be paid 50% to each of the two corporate Vendors in accordance with their interests in the claims.
As announced June 29, 2009, according to a 1981 report by the New Mexico Bureau of Mines and Mineral Resources, the Tejana Mesa area has potential for discovery of a large transported roll front uranium deposit. A significant portion of the favourable area occurs within the Company’s claims.
The amending agreement concerning the New Mexico property claims are subject to the approval of the TSX Venture Exchange, and the shares payable under the amending agreement, when issued, will be subject to a four month hold period.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.
