Bayswater Uranium Corporation - Newfoundland Uranium

Wisker Valley

Grab samples collected from the "Amanda Zone" have returned assays grading between 0.1% and 0.86% U3O8.
Airborne surveys, mapping and prospecting have identified 44 priority radiometric targets, 14 of which are considered to be high priority.
Newly discovered gold zone assays up to 104g/t Au.
Drilling completed at the Amanda Zone, assay results are pending.

Overview

In October 2007, Bayswater entered into an option agreement to acquire 100% interest in the 96,000 acre Wisker Valley Property located in the Baie Verte area of north-central Newfoundland. The property caught the interest of the Company as prospectors had recently discovered uranium mineralization in an area which had never previously been explored for uranium. Grab samples from the "Amanda Zone" returned assays grading up to 0.86% U3O8 with several containing greater than 0.1% U3O8. The uranium mineralization was also discovered over an extensive area which suggests that the property is highly prospective for hosting a near-surface uranium deposit.

Location & Infrastructure

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Located on the Baie Verte Peninsula of Newfoundland, the Wisker Valley Project consists of 1,045 claims, either under option to acquire 100% interest or owned 100% by the Company.

The region surrounding the Wisker Valley property has good infrastructure that includes several towns, seaports, and power lines. The Trans-Canada highway is 25 km south and access to the property itself is provided by a network of bush roads.

Geology & Mineralization

Mineralization on the Wisker Valley property appears structurally controlled and is hosted within Silurian volcanic units consisting of commonly hematitic volcanic breccias, rhyolites and tuffs. These units have been intruded by later Devonian granites prevalent in the area. Regional Government lake sediment geochemistry shows elevated multi-element geochemistry within the claims and supports the presence of uranium mineralization.

Amanda Zone Mineralization

Prospecting and geological mapping on the Amanda Zone and its immediate vicinity has identified a large pyroclastic volcanic center, reflected by an ovoid-shaped magnetic low up to 5 km or more across, that is indicated to host significant uranium mineralization. To date, the Amanda Zone has been outlined over an area measuring 1.5 km by 250 m on the southwestern flank of this possible volcanic center and located within but on the margin of the magnetic low. A significant radiometric anomaly correlates directly with known uranium mineralization---characterized by a circular 1.4 km x 850 meter wide radiometric high. Five additional distinct high priority radiometric targets and two moderate priority radiometric anomalies also lie within and generally around the margin of this large magnetic low which is thought to be the center of a large volcanic edifice. Several channel cuts from backhoe trenches recently completed in the Amanda Zone have been sampled and abundant grab rock samples have been collected from the Amanda Zone and other radiometric anomalies as described for which assays are all pending. The target area of these anomalies, including the Amanda Zone, represents a potentially large and previously undiscovered uranium mineralized system.

Exploration

Upon finalization of the agreement, Bayswater began an ambitious exploration program to evaluate mineralization and identify targets. The program consisted of geological mapping, prospecting, an airborne radiometric and magnetics survey, and extensive sampling and trenching. These activities confirmed the discovery of a large felsic volcanic breccia complex hosting extensive uranium mineralization. The Amanda Zone was one of the targets associated with this complex and work by Bayswater crews extended and traced the zone over a 1.5 km x 250 m area. A total of 44 targets were identified by the exploration program, 14 of which are classified as being high-priority. The Company commenced a 1,500 metre diamond drill program in February 2008 that targets the Amanda Zone. The program is now complete and assay results are pending.

Discovery of Gold System

A high grade epithermal style gold system known as the "Road Showing" was identified in a structurally controlled zone likely associated with volcanism on the property. Assay results from 32 grab samples taken from around the showing graded greater than 10 g/t gold with the best sample assaying 104 g/t gold. The Company plans on carrying out an induced polarization survey over the mineralized zone with drill testing early next year in conjunction with its uranium targets as part of its overall evaluation of the Wisker Valley project.