Jan. 26, 2010 (Filing Services Canada) -- Bayswater Uranium Corp. (BYU - TSX Venture, BYSWFD - OTCBB), is pleased to announce that a drilling program is planned at the Company's Collins Bay Extension uranium project located in the Athabasca basin of Saskatchewan. The project is adjacent to the current-producing underground Eagle Point uranium mine and the past-producing open pit mines of Collins Bay and Rabbit Lake operated by Cameco Corporation (TSX: CCO) and its predecessors.
A minimum of six core holes are planned and will include drilling to test structurally-controlled uranium mineralization intersected in historical (1984) Minatco drill holes MWLD8 to MWLD13. The best of these holes intersected 0.152 per cent U3O8 over four metres (over three pounds per ton U3O8) along an offset structure on the northern part of Fife Island, in an area designated as the Vic Zone. The drill target is at shallow depth (110 metres) and will test areas adjacent and below the intersected mineralization. Additional drill holes are planned for the on-strike extension of the structural splay.
The drilling program will be under the operatorship of CanAlaska Uranium Ltd. (TSX.V: CVV) that may earn a 51% participating interest in the project by undertaking a minimum of $4 million in exploration expenditures within 5 years and issuing a total of 500,000 CanAlaska shares to Bayswater over this period. In September, 2009, CanAlaska's field crews mapped and sampled uranium mineralization in the Fife Island area located north of the Eagle Point mine, and along the same geological trend, in preparation for the winter drill program.
The Collins Bay Extension contains a significant number of exploration targets within the Fife and Snowbird Island areas. Further information on the project is available on the Company's website at http://www.bayswateruranium.com/projects/collinsbayextension.html.
About Bayswater Uranium Corporation - The Super Junior Uranium Company TM
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 "BYU". For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
For further information contact:
Manager, Investor Relations
Telephone: (604) 687-2153
Statements in this news release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration, development and mining. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
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.
Source: Bayswater Uranium Corporation (TSX-V: BYU) http://www.bayswateruranium.com
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