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Drill Results From Collins Bay Extension Project in Athabasca Basin

^{Published on 2010-08-23 04:25:30 - Market Wire}
 

VANCOUVER, British Columbia--([ BUSINESS WIRE ])--Bayswater Uranium Corporation (TSX-V: [ BYU ]), (OTC: [ BYSWF ]) reports that CanAlaska Uranium Ltd. (TSX.V a" [ CVV ]) has provided drill results from Fife Island at the Collins Bay Extension project in the Athabasca Basin, under option from Bayswater. The drilling, conducted in April 2010, identified multiple uranium bearing zones and a best drill intersection of 4.7 metres assaying 0.043% U3O8. Seismic profiling of the Blue Island diatreme target has commenced to identify targets for further drilling this winter. The Collins Bay Extension project is situated immediately adjacent to the current producing underground Eagle Point mine and the past producing open pit mines of Collins Bay and Rabbit Lake, mined by Cameco Corporation (TSX: [ CCO ]) and its predecessors.

Uranium mineralization in drill core from hole CBX002 measured 4.7 metres assaying 0.043% U3O8, where stringer zones of uranium mineralization were identified within a north west trending fault splay on the Vic zone at Fife Island. This is in the same area where drilling in 1981 intercepted 4.0 metres of 0.152% U3O8 (in DDH MWL-D-8). In the following table there are both assay and radiometric probe results from Aprila™s drilling. Drill holes CBX001 to CBX005 are from the Fife Island target, and the CBX006C assay is from one of the deeper fault zones on the Blue Island diatreme target. The first drill hole in April 2010 was southwest of Blue Island on the western of two circular geophysical anomalies. Drill hole CBX006 showed strong evidence of an extensive disruptive geological event associated with the circular features, with brecciation continuing to the end of the drill hole. The probe results are from zones where there was limited, or no recovery of core.

Seismic survey profiling of the lake and basement terrain across the Blue Island target is underway. This profiling will be used to identify major structures within the diatreme in preparation for winter 2010-2011 drilling. Preliminary results indicate that modeling will be able to provide significant detail on the target.

Peter Dasler, President of CanAlaska commented, "The Blue Island target is a large new feature in this area of the Athabasca Basin, and we are pleasantly surprised by the amount of breccia intersected in the drill hole. Other areas of the Athabasca Basin have circular structures associated with brecciation, alteration and uranium mineralization. This is a discrete target, and it is very encouraging that the first drill hole has given us evidence of uranium mineralization associated with the breccias."

Peter Dasler, M.Sc., P Geo. is CanAlaskaa™s Qualified Person for this news release.

About Bayswater Uranium Corporation a" 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 NI 43-101 compliant and historical resources that may be amenable to ISR and/or conventional mining. With the acquisition of the Reno Creek Property, WY, the Companya™s focus is to put Reno Creek into production in the shortest time frame possible. As well, Bayswater is the only uranium company to have major landholdings in each of Canada's most important producing and exploration regions a" 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 will continue to pursue acquisition opportunities of advanced-stage uranium projects with mid-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 a[ BYU ]a. For further information visit [ www.bayswateruranium.com ].

On behalf of the Board of:

BAYSWATER URANIUM CORPORATION

George M. Leary
President

Statements in this news release other than purely historical information, including statements relating to the Companya™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 Companya™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.