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Business as Usual for Bayswater on Its Labrador Central Mineral Belt Uranium Project
Drilling Scheduled to Start in May, 2008
VANCOUVER, BC–(April 8, 2008) – Bayswater Uranium Corporation (TSX-V: BAY) (PINKSHEETS: BYSWF) reports that today’s decision made by the Nunatsiavut Government to impose a three year moratorium on uranium mining within Labrador Inuit Lands (“LIL”) does not affect the Company’s exploration plans in the Central Mineral Belt as all of Bayswater’s priority uranium targets are located outside of LIL lands that are subject to the moratorium.LIL lands are located primarily along coastal Labrador and, as such, partially cover the Central Mineral Belt of Labrador. All of Bayswater’s priority uranium targets occur outside of this area on Labrador Inuit Settlement Land, which is administered by the Government of Newfoundland & Labrador under the Labrador Inuit Land Settlement Agreement.
Mr. George Leary, President of Bayswater, states: “As all of our priority uranium targets, including the newly discovered Anna Lake Uranium Deposit, are located outside LIL lands, we are NOT subject to the restrictions imposed by the moratorium. Bayswater lands covering priority uranium targets are all located in areas administered by the Government of Newfoundland & Labrador; and as such, are open for exploration and development of resources.”
The Company will be taking a “Business as Usual” approach to the 2008 field season and have budgeted in excess of $6 million dollars for the Labrador Central Mineral Belt Program. This program will focus on expanding the Anna Lake deposit discovery and establishing a NI 43-101 compliant resource; as well as continued exploration of Bayswater’s other high priority targets, all of which are outside of LIL lands as previously stated. Any areas of interest on the Company’s claims within LIL lands will likely not be further explored until such time as the moratorium on uranium mining is lifted.
The moratorium as announced on April 8, 2008 by the Nunatsiavut Government, disallows uranium mining, but not uranium exploration within LIL lands. The Nunatsiavut Government Lands and Resources Minister William Barbour said today in a news release, “That a moratorium will give the Nunatsiavut Government more time to make informed decisions on the mining and milling of uranium within Labrador Inuit Lands.” Minister Barbour also stated, “We are prepared to work with any company wanting to conduct exploration within our territory.”
An updated claims location map showing Bayswater’s priority uranium targets with respect to LIL lands is available on the Company’s website at www.bayswateruranium.com.
Also, based on results of Bayswater’s extensive airborne and ground follow-up programs during 2006 and 2007 on its Labrador Central Mineral Belt land holdings, the Company has recently reduced the size, and is in the process of reducing the size further, of its large land holdings of about 4,626 sq km to ultimately 5 large claims blocks and 5 small claim blocks comprising in the aggregate of about 2,376 sq km. The Company continues to be the largest land holder in this important uranium district.
The Company is also pleased to report that it has been approved for Junior Exploration Assistance under the Mineral Incentive Program in the Province of Newfoundland & Labrador with respect to a government contribution towards the cost of the airborne geophysical surveys and diamond drilling in 2007.
Further information regarding the Company’s 2008 drilling program, slated to begin on May 1, 2008 is forthcoming.
The Company’s exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), President of the Company, and Victor Tanaka, B.Sc. P.Geo. (B.C.), Chief Operating Officer of the Company. Both are qualified persons under NI 43-101. George Leary is the qualified person responsible for the technical information in this news release.
About the Labrador Central Mineral Belt
The Central Mineral Belt of Labrador, Canada, located approximately 135 kilometers 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 region increased significantly and several uranium deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco. Today, exploration activity in the region is highlighted by resource drilling at the Michelin and Jacques Lake deposits by Aurora Energy Resources Inc. (TSX: AXU) and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. (TSX-V: CXX). Collectively, over 135 million pounds of NI 43-101 compliant uranium resources have been reported in the Central Mineral Belt by Aurora and Crosshair, a figure that is expected to increase significantly in the coming years through increases to existing resources, as well as new uranium discoveries. Bayswater Uranium is the largest landholder in the Central Mineral Belt with interests in 2,376 sq km of strategic landholdings; Aurora controls about 900 sq km and Crosshair approximately 690 sq km. Bayswater is aggressively exploring several uranium targets within its landholdings with the objective of establishing a significant NI 43-101 compliant resource at its Anna Lake discovery and in making additional uranium deposit discovery’s.
About Bayswater Uranium Corporation — The Super Junior™ Uranium Company
Bayswater Uranium Corporation is a rapidly-growing international uranium exploration and development company. As 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 is a leader in uranium exploration in Canada, the world’s largest producer of uranium. The Company also owns several advanced uranium properties in the United States that are being fast tracked to feasibility and production. Bayswater combines a balanced portfolio of exploration and development projects with the uranium expertise of its technical and managerial teams. The result is a Super Junior™ Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. To capitalize on the strong growth of the nuclear industry and to continue to add shareholder value, Bayswater plans to focus on the development of its resource properties and to evaluate early stage projects for further discoveries. Other acquisition opportunities will continue to be assessed all with a corporate vision of building a major international uranium company. Bayswater is listed on the TSX Venture Exchange under the symbol “BAY.” The Company’s website is www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy
For further information contact:
Manager, Investor Relations
Telephone: (604) 687-2153
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