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Bayswater Uranium Corp. is up 0.10 and climbing on EXCELLENT NEWS!!!!


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Bayswater Uranium samples 6.9% U3O8 at Kanairiktok


2007-01-18 10:06 ET - News Release

Mr. George Leary reports

BAYSWATER'S KANAIRIKTOK BAY URANIUM PROSPECT IN CENTRAL MINERAL BELT, LABRADOR YIELDS 6.9% U3O8

Bayswater Uranium Corp. has received final assays from its 2006 program in the Central mineral belt, Labrador, and results include a grab sample from a biotitic shear zone on the Kanairiktok Bay prospect that assayed 6.9 per cent U3O8 and have confirmed the discovery of two new uranium mineralized radioactive targets -- namely Stomach Lake and Stipec River zone E (see news in Stockwatch on Nov. 8, 2006). Drill testing of these targets is planned for 2007. This brings the current number of targets for drill testing this spring and summer to a total of 10.

Uranium targets identified for drill testing from Bayswater's 2006 Labrador exploration program include the Stomach Lake zone A and Dandy-Kanairiktok Bay-Rossing-type prospects, the Stipec River zone A, D and E targets, and the Anna Lake and Ghost Lake zone A, B and C targets of the IOCG-type prospects. All of these targets have been described in previous news releases in Stockwatch dated Aug. 28, Oct. 2 and Nov. 8, 2006. Numerous radiometric anomalies from the 2006 airborne survey remain to be followed up with detailed prospecting.

A detailed review of all 2006 project data is currently under way. The company anticipates that several other targets will be identified for drill testing as a result of its planned aggressive and extensive 2007 program. Bayswater has budgeted over $5.6-million for its Labrador uranium project in 2007. This budget includes 20,000 metres of drilling depending on results as the 2007 program evolves.

Highlights of recent assay results from the company's Labrador uranium program are as follows.

Kanairiktok Bay prospect

One grab sample taken from a highly radioactive zone of biotitic/amphibole shear zone within the proposed drill area of the Kanairiktok Bay prospect, as previously reported in a news release dated Oct. 2, 2006, assayed 6.9 per cent U3O8 using the XRF assay method. This biotitic shear zone is about one metre wide and can be traced intermittently for approximately 100 metres along strike. Previously reported assays from radioactive alaskitic granites immediately adjacent to this shear zone range up to 0.36 per cent U3O8. This Rossing-type target warrants detailed follow-up work and drilling.

Stomach Lake zone A prospect

A large area underlain by a radioactive felsic pegmatite dike swarm at the primary source area of a 20-kilometre-long airborne radiometric anomaly and associated radioactive boulder train has returned assays from 11 grab samples ranging from 0.03 per cent to 0.455 per cent U3O8. These samples also commonly contained anomalous contents of the light rare earth elements. This Rossing-type target warrants further detailed work and drill testing.

Other potential radioactive bedrock targets are indicated from prospecting of this very large boulder train and require further work.

Stipec River zone E prospect

The Stipec River zone E prospect, identified late in the field season with limited sampling and prospecting completed in 2006, returned two grab samples assaying respectively 0.363 per cent and 0.376 per cent U3O8. These are highly encouraging assays from a zone of highly radioactive, sulphidic and graphitic sheared sediments located in a gossanous zone previously identified by Noranda. The mineralized zone can be traced for about 60 metres and averages two metres to three metres in width. It is associated with a moderate-strong airborne EM conductor identified from previous Noranda work that extends the zone along strike. This target warrants drill testing.

Stipec River zone D prospect

Sampling from a two- to five-metre-wide, continuously mineralized radioactive sandstone unit has returned assay values of 0.04 per cent to 0.072 per cent U3O8. Field mapping indicates that mineralization may occur in multiple sandstone beds and further work is warranted including drill testing.

Weekes-English Lake area

This target is characterized by a very large ring-shaped radiometric anomaly up to 10 kilometres in diameter with stubby anomalous linear extensions in a northeast-southwest direction within the south-central portion of the Northwest claim block. Very limited prospecting was carried out on this target in 2006. One sample of radioactive granitic material from bedrock assayed 0.096 per cent U3O8 from within this target. Further prospecting is planned during the 2007 field season on this target.

For a brief description of the IOCG and Rossing exploration deposit models that are applicable to the company's Labrador landholdings, please refer to the company's news release of Jan. 28, 2006. Further information about the properties is also available at the company's website.

The company's exploration activities are conducted under the supervision of George M. Leary, MSc, PEng (B.C.), president of the company, and Vic Tanaka, BSc, PGeo (B.C.), chief operating officer of the company. Both are qualified persons under National Instrument 43-101. Mr. Leary, president of the company, is the qualified person responsible for the technical information in this news release.

About the Labrador Central mineral belt

The Central mineral belt (CMB) of Labrador, Canada, located approximately 135 kilometres north of Goose Bay, has a long history of uranium and base metals exploration. Uranium was first discovered in the belt in the 1950s. With further exploration in the 1960s and 1970s and rising uranium prices, exploration in the CMB increased significantly and several uranium deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco. The Moran Lake deposits were later drilled by Shell Canada Ltd. Currently the Michelin uranium deposit is being developed by Aurora Energy Resources Inc. which at the end of January, 2006, announced an NI 43-101-compliant measured and indicated resource of 22.2 million pounds U3O8 plus an additional inferred resource of 13.4 million pounds U3O8 all at an average grade of 0.113 per cent U3O8 to a depth of approximately 600 metres. Crosshair Exploration & Mining is exploring the Moran Lake deposit with an initial NI 43-101-compliant inferred resource of 688,000 pounds U3O8 at a grade of 0.25 per cent U3O8 in the Upper C zone. Bayswater Uranium is the largest landholder in the CMB with over 4,300 square kilometres. Aurora controls about 800 square kilometres and Crosshair approximately 640 square kilometres.

About Bayswater's Labrador Central mineral belt uranium project

The Labrador uranium project is one of Bayswater's key projects with over 4,300 square kilometres (over one million acres) of contiguous land along and adjacent to the historic Labrador Central mineral belt uranium district highlighted by resource drilling at the Michelin deposit by Aurora Energy Resources Inc. and on the Moran Lake deposit by Crosshair Exploration & Mining Corp.; and, by exploration drilling of major prospects by Aurora and others working in the district. The company's landholdings have potential for Olympic Dam- and Rossing-type uranium deposits. Several new mineralized zones, many of which are at the drill stage, and a large number of recently defined radiometric anomalies requiring further follow-up, occur within the company's landholdings. Bayswater Uranium is by far the largest landholder in this important uranium district.