Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Bayswater Completes Reno Creek Acquisition and US$20 Million Financing
VANCOUVER, British Columbia, Apr 07, 2010 (BUSINESS WIRE) -- Bayswater Uranium Corporation (CA:BYU 0.53, 0.00, 0.00%) , (BYSWF 0.52, -0.02, -3.44%) ("Bayswater" or the "Company") is pleased to report that it has completed its acquisition of the Reno Creek Property (the "Property"), which covers the Reno Creek uranium deposit and Pine Tree uranium trend as previously announced, through the acquisition of AUC LLC, a limited liability company, in consideration of the aggregate payment of US$20,000,000 to Strathmore Resources (US) Ltd., a wholly-owned subsidiary of Strathmore Minerals Corp (CA:STM 0.70, 0.00, 0.00%) , ("Strathmore") of which US$17,500,000 was paid in cash and US$2,500,000 was paid through the issuance of 4,422,807 common shares of the Company. In consideration for an extensive historical database, rights to a previous deep well injection permit and in exchange for American Uranium Corporation's ("American") consent to the transaction and termination of its rights pursuant to a previous joint venture on the Property, the Company paid American US$2,000,000, of which US$1,000,000 was paid in cash and US$1,000,000 was paid through the issuance of 1,833,455 common shares of the Company. All common shares of the Company issued to Strathmore and American have a four month hold period expiring August 8, 2010.
PRRF Financing
Bayswater executed an investment agreement dated April 7, 2010 pursuant to which the Pacific Road Resources Funds ("PRRF"), mining private equity investors, provided US$20,000,000 in financing to fund the purchase of the Property. The financing consisted of a US$20,000,000 investment into a special purpose entity ("Newco") which holds the Property through certain wholly-owned subsidiaries. PRRF holds a 76.92% interest in Newco and the Company holds a 23.08% interest in Newco. Bayswater and PRRF have entered into a shareholders' agreement in respect of Newco which will permit Bayswater to contribute additional amounts to Newco in order to achieve a 50% ownership interest. The shareholders' agreement also provides for equal representation on the board of Newco, subject to adjustment, as well as unanimous Newco shareholder approval for certain key decisions including annual work program and budgets for the Property.
In addition, Bayswater is the initial manager of the Property. While Pacific Road has funded the acquisition of the Property and jointly funded with Bayswater a $4.0 million working capital position in Newco for the first year's program, Bayswater is to contribute additional amounts in stages totaling US$14.0 million in order to complete a feasibility study and to secure mining permits. These total contribution amounts should also be sufficient to enable the Company: i.) to acquire the database supporting an additional historic 8.41 million pounds U3O8 in historical resources grading approximately 0.083% U3O8 in the Pine Tree Trend, which comprises part of the Property, ii.) to upgrade NI 43-101 inferred resources into the measured and indicated category for the Reno Creek deposit, iii.) to undertake drilling to expand NI 43-101 compliant resources in portions of the Reno Creek deposit, and iv) to meet land maintenance and bonding obligations. The historical resource estimate is not compliant with NI 43-101 and should not be relied upon. Upon Bayswater making the $14mm cash contribution to Newco it will own a 50% interest in Newco.
Subject to Bayswater receiving shareholder approval for PRRF to become a control person of the Company, PRRF will be entitled to convert its investment in Newco into common shares of the Company at any time up to six months following the later of completion of a feasibility study or receipt of all requisite mining permits, but in any event not later than within five years of acquisition of the Property. On conversion, PRRF's investment in Newco will be converted into common shares of the Company, pursuant to prescribed formulas as previously described in the Company's news release dated March 3, 2010. At that time Bayswater will own a 100% interest in Newco which holds the Property. Should shareholder approval for PRRF to become a control person of the Company not be obtained, PRRF will have a call right to purchase all of Bayswater's shares in Newco at its cost. Bayswater intends to seek such shareholder approval at the Company's next annual general meeting, anticipated to be held in July 2010.
Unit Offering
Additionally, Bayswater has placed 466,363 units (the "Units") of the Company at a price of $0.55 per Unit to raise gross proceeds of $256,499.65 (the "Unit Offering") mostly to senior management of the Company. Each Unit comprised one common share and one half of one common share purchase warrant (each whole such purchase warrant, a "Warrant"). Each Warrant will be exercisable into one additional common share at an exercise price of $0.75 per common share for a period of 24 months from closing.
Statement from the President
George M. Leary, President of the Company, stated that: "Acquisition of the Reno Creek Property, which is one of the best undeveloped in-situ recovery projects in the western US, is a major milestone for Bayswater with respect to its stated goal of becoming a major uranium company. Going forward, Reno Creek will be the primary focus of the Company so that final feasibility and production can be achieved within 4-5 years. The favourable economics of this project, even at current prices of uranium, pursuant to a Pre Feasibility Study dated September 28, 2009 prepared by TREC, Inc., and reported by the Company on October 5, 2009, provides a pivotal project to support the future growth of Bayswater. We will also continue to advance our nearby Elkhorn, WY and Alzada, MT projects and pursue other acquisition opportunities in the western US with the objective of establishing a pipeline of resource and development uranium projects for long term sustained uranium production from a planned central processing plant at Reno Creek."
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 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 Company's focus will be on putting 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 - 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 "BYU". For further information visit www.bayswateruranium.com.
About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited
The Pacific Road Resources Funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources Funds are managed and advised by Pacific Road Capital Management Pty Ltd ("PRCM"). The PRCM team, located in Sydney, Australia, San Francisco and New York, USA, is comprised of experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience. For further information on the Pacific Road Resources Funds and PRCM, please go to their website at www.pacroad.com.au.
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 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
Bayswater Uranium Corporation
John Gomez, 604-687-2153
Manager, Investor Relations
Copyright Business Wire 2010
http://www.marketwatch.com/story/bayswater-completes-reno-creek-acquisition-and-us20-million-financing-2010-04-07?siteid=nbsh
Investment Industry Regulatory Organization of Canada - Trading Halt - Bayswater Uranium Corp. - BYU - V
VANCOUVER, April 7 /CNW/ - The following issues have been halted by Investment Industry Regulatory Organization of Canada (IIROC): << Issuer Name: Bayswater Uranium Corp.
TSX-V Ticker Symbol: BYU - V Time of Halt: 9:05 am edt Reason for Halt: Company request pending news >> -0- 04/07/2010 /For further information: contact - IIROC Inquiries (416) 646-7299 - (x) Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only./ (BYU.) CO: Investment Industry Regulatory Organization of Canada (IIROC); Investment Industry Regulatory Organization of Canada (IIROC) - Halts Resumptions ST: British Columbia IN: FIN SU: STH -30- CNW 09:12e 07-APR-10
http://www.canadianbusiness.com/markets/cnw/article.jsp?content=20100407_092502_3_cnw_cnw
Drilling at Bayswater's Kilgore Gold Project Discovers Additional Significant Bulk-Tonnage Intercepts
Latest Results Expected to Increase Size and Grade of Kilgore Deposit; Engineering Firm to be Engaged to Conduct Prefeasibility Study
VANCOUVER, Mar 23, 2010 (BUSINESS WIRE) -- Bayswater Uranium Corporation (CA:BYU 0.55, -0.01, -1.79%) , (BYSWF 0.53, -0.02, -4.06%) reports it has received additional positive drill results from the Kilgore Gold Project ("Kilgore") in Clark County, Idaho. Otis Gold Corp (CA:OOO 0.55, +0.01, +1.85%) ("Otis"), that has the option to earn up to a 75% interest in Kilgore from Bayswater, has announced significant bulk-tonnage and potentially open-pittable intercepts from the last five holes of its 2009, 12-core hole, 3,122-metre drill program. Highlights of these final five "200 series" drill holes, listed in Table 1 below, include bulk-tonnage intercepts of 64.0 metres (m) of 1.89 grams per tonne gold (g/t Au) in hole 09 OKC-206 and 50.0 m of 1.02 g/t Au in hole 09 OKC-205, including high-grade intercepts of 7.7 m of 12.70 g/t Au in hole 09 OKC-206 and 3.0 m of 8.42 g/t Au in hole 09 OKC-205.
These results in combination with other significant bulk-tonnage intercepts determined for a number of Otis's other holes drilled in the Kilgore deposit Mine Ridge core target area (see October 13 and December 15, 2009 news releases) indicate mineralized thicknesses and average grades that are noticeably greater than those constituting the majority of the intervals comprising the historic Kilgore NI 43-101 compliant resource (Otis March 2, 2009 News Release). As a result, Otis expects that there is a strong possibility to increase the overall size, grade, and economic viability of the Kilgore deposit, thus Otis is in the process of selecting an engineering firm to conduct a prefeasibility study on the bulk-tonnage deposit.
Table 1. Kilgore 200 Series Drill Hole Highlights
Hole Number From (m) To (m) Thickness (m) Au g/t
09 OKC-202 43.3 54.0 10.7 1.02
99.7 118.0 18.3 0.78
09 OKC-204* * 60.0 155.6 95.6 1.46
Includes 66.8 77.0 10.2 9.80
09 OKC-205 73.4 123.4 50.0 1.02
Includes 120.4 123.4 3.0 8.42
209.1 247.2 38.1 1.07
09 OKC-206 58.5 122.5 64.0 1.89
Includes 98.1 105.8 7.7 12.70
** Previously reported interval
Previously reported drill hole 09 OKC-204 which contains 95.6 m of 1.46 g/t Au and 10.2 m of 9.80 g/t Au (December 15, 2009 News Release) has been included in Table 1 because of its direct spatial association with the above holes.
With this News Release, assay results from all 15 completed 2008 -- 2009 Kilgore drill holes have been announced, all of which contain substantial intervals of gold mineralization. A detailed review of Table 2 reveals that many of these holes contain significant bulk-tonnage intercepts, all in the Mine Ridge area, with thicknesses of between 50-metres and nearly 120-metres, and with average grades generally ranging between 1 and 6 g/t Au. Visible gold is present in high-grade veins associated with dikes interspersed in the bulk-tonnage mineralization in a number of the holes (08 0KC-191, 193, and 194, and 09 OKC-197, 199, 204, and 206).
All holes were drilled in the Mine Ridge area, the core of the existing Kilgore deposit, to infill previously untested areas and test for thick intercepts of bulk-tonnage mineralization. This area was only partially drill-tested on relatively wide-spaced intervals by Bear Creek, Pegasus Gold, Placer Dome U.S., and Echo Bay Mines between 1983 and 1996, while exploring the property for a bulk-tonnage gold deposit (see June 10, 2008 News Release).
Locations of the final five holes, which total 1,385 metres of drilling, and their corresponding assay intercepts, are shown in a drill-hole location map and two geologic sections available on the Otis Gold Corp. website at www.otisgold.com/projects/kilgore/.
The north-trending section through the Mine Ridge area shows a roughly 50-metre thick or greater section of mineralization that remains open in numerous directions. The west-trending section located normal to the southern end of the north-trending section reveals mineralization roughly 60 metres below the surface that is up to nearly 120-metres thick, 170-metres wide, and remains open in various directions. Further expansion drilling is planned in these areas and as final in-fill and extension work during 2010. This upcoming drilling, which constitutes 6,000 metres of core drilling in the Kilgore resource area and an additional 2,000 metres of RC drilling to test CSAMT anomalies under the sinter cap at the nearby Dog Bone Ridge gold target area (see February 16, 2010 news release), is currently in the planning and permitting stages.
Table 2 lists the assay results of all 2008 -- 2009 Kilgore Gold Project drill holes.
Table 2. Kilgore Gold Project 2008 - 2009 Significant
Drill-Hole Intercepts
Hole Number From (m) To (m) Thickness (m) Au g/t
08 OKC-191 41.8 97.2 55.4 6.15
Includes 41.8 43.1 1.3 60.53
63.6 65.6 2.0 4.64
73.1 81.4 8.3 13.09
95.4 97.2 1.8 54.15
08 OKC-192 28.0 38.7 10.7 1.32
Includes 37.2 38.7 1.5 7.71
89.0 103.6 14.6 2.27
Includes 89.0 92.9 3.9 6.07
Includes 89.0 91.1 2.1 9.05
08 OKC-193 79.6 134.6 55.0 1.46
Includes 79.6 81.9 2.3 8.24
128.9 134.6 5.7 3.33
Includes 132.0 134.6 2.6 24.18
08 OKC-194 25.8 26.8 1.0 3.43
186.8 192.9 6.1 54.69
09 OKC-195 29.8 50.2 20.4 0.77
Includes 39.5 48.7 9.2 1.12
140.8 142.3 1.5 1.29
154.5 165.5 11.0 1.15
178.9 180.4 1.5 1.17
191.1 194.2 3.1 1.06
09 OKC-196 44.1 57.0 12.9 0.66
158.9 160.6 1.7 1.31
168.2 170.5 2.3 1.15
228.0 229.0 1.0 1.34
09 OKC-197 101.2 186.0 84.8 1.37
Includes 161.8 186.0 24.2 2.84
Includes 161.8 180.0 18.2 3.37
Includes 169.4 172.2 2.8 9.15
09 OKC-198 55.8 57.2 1.4 1.34
68.6 166.1 97.5 0.83
Includes 68.6 123.4 54.8 1.14
Includes 71.6 99.1 27.5 1.61
Includes 71.6 74.4 2.8 8.80
137.2 144.9 7.7 1.04
164.3 166.1 1.8 1.19
09 OKC-199 29.6 30.9 1.3 2.11
55.5 174.3 118.8 0.75
Includes 65.5 105.8 40.3 1.32
Includes 89.3 105.8 16.5 2.43
Includes 89.3 98.8 9.5 11.60
164.7 174.3 9.6 1.74
09 OKC-200 74.4 75.9 1.5 1.22
98.1 151.2 53.1 0.76
Includes 114.9 131.2 16.3 1.41
09 OKC-201 Lost hole - abandoned at 96.6m - didn't reach
intended target depth
09 OKC-202 43.3 54.0 10.7 1.02
89.0 90.5 1.5 1.19
99.7 118.0 18.3 0.78
217.0 218.5 1.5 1.03
09 OKC-203 14.3 18.9 4.6 0.80
29.6 31.1 1.5 1.63
40.2 46.3 6.1 1.39
61.6 69.2 7.6 0.65
09 OKC-204 60.0 155.6 95.6 1.46
Includes 61.9 77.0 15.1 6.84
Includes 66.8 77.0 10.2 9.80
Includes 73.7 77.0 3.3 29.74
09 OKC-205 73.4 123.4 50.0 1.02
Includes 120.4 123.4 3.0 8.42
166.4 169.5 3.1 1.30
193.9 200.0 6.1 1.07
209.1 247.2 38.1 1.07
259.4 265.5 6.1 2.19
364.5 366.0 1.5 1.18
09 OKC-206 58.5 122.5 64.0 1.89
Includes 98.1 105.8 7.7 12.70
Note: 4 core holes drilled 2008 and 12 core holes drilled 2009
Analysis and Otis QA/QC Program
All assay work was performed by ALS Chemex Labs, Vancouver, B.C., which has ISO 9001:2008 quality management system certification and ISO 17025:2005 Vancouver Lab technical capability accreditation. A 50-gram pulp of all samples was assayed for gold by Fire Assay/AA finish methods. Certified reference materials, duplicates, and blanks were inserted into the sample stream for quality control. Check assays on pulps were carried out on approximately 7% of the samples by Inspectorate Labs, Reno, Nevada, with all check assay values found to be within acceptable limits.
True bulk-tonnage widths are estimated to be between 95% and 100% of the drilled interval, based on their estimated dip and continuity of mineralization between drill holes. The HQ3-size core drilling was performed by Cabo Drilling (America), Blaine, Washington, employing a Boyles Hydra 56 -- Pac Track core rig outfitted with a triple-tube core recovery system and face-discharge bits.
John R. Carden, Ph.D., Lic. Geo., a Qualified Person with Otis Gold Corp., as defined by National Instrument Policy 43-101, is responsible for the technical information contained in this News Release.
In June 2008, Bayswater and Otis entered into an option/ joint venture agreement whereby Otis can earn up to a 75% interest in the Kilgore Gold Project, and two additional gold properties, Hai and gold Bug, also located in Idaho. For the terms of the agreement refer to Bayswater's June 10, 2008 news release.
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 President
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
Bayswater Uranium Corporation
John Gomez, 604-687-2153
Manager, Investor Relations
http://www.marketwatch.com/story/drilling-at-bayswaters-kilgore-gold-project-discovers-additional-significant-bulk-tonnage-intercepts-2010-03-23?siteid=nbsh
Ur-Energy Announces New Venture at its Hauber Project with Bayswater Uranium
Last Update: 12/1/2009 10:43:30 AM
DENVER, COLORADO, Dec 01, 2009 (MARKETWIRE via COMTEX) -- Ur-Energy Inc. (URE)(URG)(Ur-Energy" or the "Company") is pleased to announce that Bayswater Uranium Corporation (BAY)("Bayswater") has joined the Company's wholly-owned subsidiary, Hauber Project LLC (the "Hauber Project"), as an earn-in member and Manager.
The Company's properties at the Hauber Project, in Crook County Wyoming, include 205 unpatented lode mining claims and one State of Wyoming Uranium Lease, for a combined total of approximately 5160 acres. The properties occur in an area of identified uranium occurrences in the Lakota and Fall River formations, and are along the trend of the nearby historic Hauber mine, operated by Homestake Mining from 1958 to 1966. During that period, Homestake produced over 2.6 million pounds of U3O8 by underground mining methods.
Pursuant to the terms of the operating agreement, Bayswater has joined the Hauber Project as the earn-in member and Manager, and can earn a 75% interest by incurring eligible exploration expenditures of US$1 million dollars over a four-year period. The first year's expenditures will include at least two core drill holes for the purpose of testing the in situ recovery (ISR) amenability through selected mineralized zones.
Bill Boberg, President and CEO of Ur-Energy, stated, "We are pleased Bayswater has joined us at the Hauber Project, and look forward to the NI 43-101 resource report that Bayswater has commissioned from International Nuclear. As with our other strategic alliances, this relationship will allow us to advance our exploration properties on multiple fronts, while maintaining the focus on bringing our Lost Creek Project into production."
Ur-Energy successfully ventured its Bootheel and Buck Point properties in the Shirley Basin Wyoming with Crosshair Exploration & Mining Corp, which earlier this year completed its earn-in to The Bootheel Project, LLC, having incurred more than US$3 million at the Bootheel property which included extensive drilling and the successful completion of an NI 43-101 resource report.
About Ur-Energy
Ur-Energy is a uranium exploration and development company currently completing mine planning and permitting activities to bring its Lost Creek Wyoming uranium deposit into production while also planning and permitting a two-million-pounds-per-year in situ uranium processing facility. Ur-Energy engages in the identification, acquisition and exploration of uranium properties in both Canada and the United States. Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol "URE" and on the NYSE Amex under the symbol "URG". Ur-Energy's corporate office is located in Littleton, Colorado and its registered office is in Ottawa, Ontario. Ur-Energy's website is www.ur-energy.com .
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., completion and timing of exploration programs at Hauber Project; risks associated with project development; or the need for additional financing) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; capital and other costs varying significantly from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
Contacts:
Investor/Public Relations
info@ur-energyusa.com
Ur-Energy Inc.
Bill Boberg, President and CEO
1-720-981-4588, ext. 223
1-866-981-4588
bill.boberg@ur-energyusa.com
Analysts Spark New Round of Uranium M&A Possibilities
Wednesday January 16, 2:32 pm ET
http://biz.yahoo.com/iw/080116/0349360.html
NEW YORK, NY and TORONTO--(MARKET WIRE)--Jan 16, 2008 -- With the price of uranium up at $90 lb compared to the fourth quarter low of $75 last year, the valuation of uranium in situ, or in place, has declined which could set the stage for a new round of merger and acquisition activity.
Last year, Bayswater Uranium Corp. (CDNX:BAY.V - News) (Other OTC:BYSWF.PK - News) completed two acquisitions that gave it 13 million pounds of uranium in situ and announced last week that it planned an "aggressive $25 million exploration initiative to at least double resources to 25 - 30 million pounds."
The Canadian mining industry has long been considered the leading North American market where investment banking activity in the mining sector outweighs the action on the U.S. stock exchanges, so it's a pretty good bet to watch the mining companies listed there.
In a report issued January 10, 2008, CannacordAdams lowered its in situ value for uranium deposits to $7.95 lb while noting that the price per pound was around $90, which sets the stage for new action going into the first half of the year as lackluster attitudes develop in the United States due to the floundering dollar and economic slowdown.
In a separate report issued on January 8, 2008, Australia's Austock Securities Ltd. raised its forecast spot price for uranium to $90 lb, from $85 lb, through to 2013.
TradeTech LLC, an industry pricing service, said that last week uranium traded at $89 a pound for immediate delivery.
Fueling the bullish opinions between Canadian and Australian investment banks is the fact that demand for uranium, used for nuclear fuel, is outpacing growth in supply.
Looking forward, in the U.S. the number of applications for nuclear plant construction is at an all-time high with over 30 applications now in the pipeline. But those plants are years away from being completed and meanwhile, Canada's uranium miners are working overtime to expand production within a four to six year window when demand in the United States will begin to come online. Worldwide, the number of nuclear power plants in development outpaces the rate in the U.S., promising to support $90lb+ prices well into the next decade.
"Bayswater's amalgamation with Kilgore Minerals last year, and its recent takeover of Northern Canadian Uranium has provided the Company with several advanced uranium properties, including the Alzada Project in Montana, the Elkhorn Project in Wyoming, the Mountain West Project in Nevada and the Samit Project in Mali, all of which will be a focus of confirmation and step-out drilling in 2008 in order to bring resources into NI 43-101 compliance and increase resources," the Company stated in that Jan, 8, 2008 release.
The junior mining company has adequate cash-on-hand to complete its plans outlined in that announcement.
Note to Editors: "News Features" are stories provided to publishers copyright-free for print or online display at no charge. All we ask is that publishers include our byline (AXcess News) as the source, and a link to our Web site: http://axcessnews.com. If you are interested in displaying our news on a regular basis, please contact our editorial department at: 502-868-9007.
Contact:
Contact:
AXcess News
http://axcessnews.com
502-868-9007
--------------------------------------------------------------------------------
Source: AXcess News
Bayswater Expands Amanda Uranium Zone -- Part of a Potentially Large Uranium System at Wisker Valley, Newfoundland
Wednesday December 5, 8:15 am ET
http://biz.yahoo.com/iw/071205/0336152.html
VANCOUVER, BC--(MARKET WIRE)--Dec 5, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) (Other OTC:BYSWF.PK - News) reports that airborne surveys, mapping and prospecting have confirmed the discovery of a large felsic volcanic breccia complex hosting extensive uranium mineralization at the Wisker Valley Uranium Project in Newfoundland. The "Amanda Zone," previously discovered by the prospectors who optioned their claims to Bayswater, is one of several uranium targets associated with the breccia complex. Recent work by Bayswater crews on the Amanda Zone has extended and traced the mineralized zone over a 1.5 km x 250 m area. Best results from previous sampling to date have returned uranium assays in numerous grab samples ranging from 0.1% to 0.89% U3O8. Assays are pending from an extensive sampling program, including trenching, on the Amanda Zone and from widespread samples collected on other targets located within the area of the breccia complex and throughout the property. Drilling is planned for the first part of 2008 on the Amanda Zone.
Highlights
-- Amanda Zone traced for 1.5 km by 250 meters with uranium assays up to
0.89% U3O8
-- 44 Priority radiometric targets identified
-- Newly discovered gold zone assays up to 104 g/t Au
-- Drilling expected to begin in early 2008
The Wisker Valley Uranium Project, located on the Baie Verte Peninsula of Newfoundland, consists of 1611 claims, either under option to acquire a 100% interest or owned 100% by the Company. The property covers an area of 40,275 hectares of highly prospective and radioactive Silurian volcanics previously unexplored for uranium.
During November 2007, Bayswater completed a 4800 line kilometer airborne radiometric and magnetic survey with flight line spacings of 100 meters at Wisker Valley. The airborne data is currently being processed and final map products are being prepared by NovaTem Inc. A preliminary assessment indicates that the survey has been very effective in signaturing the Amanda Zone and delineating additional moderate to highly radioactive targets located throughout the property for ground follow-up. A total of 44 anomalous radiometric targets have been identified -- 14 of which are considered to be high priority. The Company plans to bring these targets to the drill stage and carry out drill testing on new uranium zones during 2008.
Of particular interest is the close spatial relationship of high radioactivity to circular features detected from the magnetic data. These features are currently interpreted to be ring dyke structures associated with collapsed calderas. The large volcanic hosted uranium mineralized systems associated with Streltsovka caldera complex in Russia and the McDermitt caldera in Nevada are considered potential analogies for the Wisker Valley mineralization.
The Wisker Valley uranium mineralization 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.
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.
In addition to the numerous uranium targets outlined on the Wisker Valley property, a high grade epithermal style gold system (the "Road Showing") has been identified in a structurally controlled zone likely associated with volcanism on the property. The Road Showing is exposed in cleaned outcrop of a gravel pit. It consists of a series of closely spaced quartz veins containing significant gold grades across widths of up to 10 metres. Assay results from 32 grab samples taken from outcrop and float 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.
An aggressive exploration program has been on-going over the past couple of months on the Wisker Valley Uranium Project, including backhoe trenching on the Amanda Zone. As a result of inclement weather, continued prospecting and geological mapping have been suspended until spring 2008. Line-cutting, soil geochemical and ground geophysical work are all expected to be completed on an eighty kilometer grid by the end of 2007. Bids have been received for a drill program expected to commence in the first quarter of 2008. Initial drilling will focus on the Amanda Zone and Road Showing.
The Company's exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), president of the Company, and Vic Tanaka, B.Sc. P.Geo. (B.C.), COO of the Company. Both are qualified persons under NI 43-101. George M. Leary, president of the Company, is the qualified person responsible for the technical information in this news release.
About Bayswater Uranium Corporation -- The Super Junior Uranium Company(TM)
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 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(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. Bayswater is listed on the TSX Venture Exchange under the symbol "BAY." The Company's website is http://www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
India running out of Uranium
This is a big deal. Uranium over 100 bucks sooner than we think.
http://www.stockhouse.ca/blogs.asp?page=viewpost&blogID=916&postID=40028
6.9% Uranium - Thats Huge!
Looking back on the releases from Bayswater labrador project they have pulled some eye popping Uranium samples at 6.9% and now they have drilled it and awaiting assays any day now. Time to get in before you miss the boat.
Gotta love it.. Its a total BUY in this range before the drill results come pouring out and sends us shooting much much higher!!
BAYSWATER'S KANAIRIKTOK BAY URANIUM PROSPECT IN CENTRAL MINERAL BELT, LABRADOR YIELDS 6.9% U3O8
Dines signals BUY in his newsletter on Friday.
Uraniums first uptick signals: BUY! BUY! BUY!
Bayswater Purchases Uranium Properties in New Mexico and Utah
Thursday August 16, 5:04 pm ET
http://biz.yahoo.com/iw/070816/0291873.html\
VANCOUVER, BC--(MARKET WIRE)--Aug 16, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) is pleased to announce it has entered into two letter agreements dated August 11, 2007 with private corporate entities (the "Vendors") whereby Bayswater has been granted an option to acquire a 100% interest in certain mineral claims located in New Mexico and in Utah.
Both of these properties have potential for roll front and structurally controlled uranium deposits associated with favourable sandstone units on the margin of the Colorado Plateau -- known for its uranium deposits, many of which have been in production previously. Data is currently being compiled on both properties to determine drill programs. Field work is planned on both prior to any drilling. Drilling is planned for 2008 on both projects.
Pursuant to the letter agreement concerning the New Mexico property, Bayswater is obligated to issue to Vendors an aggregate of 1,000,000 common shares and pay an aggregate of US$500,000 in staged payments over a four-year period, of which an initial 100,000 common shares and US$25,000 is payable upon receipt of the approval of the TSX Venture Exchange. All cash and share payments will be paid 50% to each of the two corporate Vendors in accordance with their interests in the New Mexico property.
Pursuant to the letter agreement concerning the Utah property, Bayswater is obligated to issue to Vendors an aggregate of 500,000 common shares and pay an aggregate of US$250,000 in staged payments over a four year period, of which an initial 500,000 common shares and US$12,500 is payable upon receipt of the approval of the TSX Venture Exchange. All cash and share payments will be paid 50% to each of the two corporate Vendors in accordance with their interests in the Utah property.
The agreements are subject to the approval of the TSX Venture Exchange, and the shares payable under the respective agreements, when issued, will be subject to a four-month hold period.
About Bayswater Uranium Corporation - The Super Junior(TM) Uranium Company
Bayswater Uranium Corp. 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 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(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. Bayswater is listed on the TSX Venture Exchange under the symbol BAY. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Bayswater Upgraded to Tier 1 Issuer Status
Thursday August 16, 7:45 am ET
http://biz.yahoo.com/iw/070816/0291548.html
VANCOUVER, BC--(MARKET WIRE)--Aug 16, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) is pleased to report the Company has been advised by the TSX Venture Exchange ("the Exchange") that its listing classification has been upgraded from Tier 2 to Tier 1.
Tier 1 is the Exchange's premier tier and is reserved for the Exchange's most advanced Issuers with the most significant financial resources. Tier 1 Issuers benefit from decreased filing requirements and improved service standards.
"We are pleased to be part of a select group of companies with premier listing status," said George Leary, President of Bayswater Uranium Corp. "Our top classification is a reflection of our dynamic growth, strong financial position, and excellent management team."
Bayswater's trading symbol remains BAY.
In other news, the Company advises that it has determined not to proceed with the granting of 1,600,000 options as announced on August 3, 2007 and has cancelled such options.
About Bayswater Uranium Corporation -- The Super Junior™ Uranium Company
Bayswater Uranium Corp. 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 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. Bayswater is listed on the TSX Venture Exchange under the symbol BAY. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
AXcess News: Lil' Darling of Canadian Juniors Builds Momentum
Tuesday August 7, 11:00 am ET
http://biz.yahoo.com/iw/070807/0287204.html
NEW YORK, NY--(MARKET WIRE)--Aug 7, 2007 -- Gaining attention lately has been one of Canada's fastest growing uranium junior mining stocks, Bayswater Uranium Corp. (CDNX:BAY.V - News), which fresh off a merger that expanded its properties into the U.S., has announced yet two other deals with three other companies.
A joint venture with Silver Spruce Resources Inc. and Universal Uranium provides Bayswater an option to acquire a 50% interest in 34 mineral claims located in the Central Mineral Belt region of Labrador, Newfoundland.
The deal was announced Friday, August 3, 2007. Two days earlier, Bayswater reported it had entered into a joint venture with Ucore Uranium Inc. on 829 claims to bring its commanding land interests in the Central Mineral Belt to 18,507 claims (1,143,254 acres), the largest landholder in this historic uranium region.
In between these deals, Bayswater announced August 2nd that half of the 19 holes recently drilled on its existing properties in the Central Mineral Belt encountered radioactivity which implies potentially a discovery. Results are expected in September.
According to Zeal, LLC, which tracks mining stocks, uranium has reached an all-time high of $136 per pound. Zeal's Scott Wright on Friday said, "There is a massive imbalance in the uranium trade where mined supply comes 70m lbs short of annual demand. And with the stockpiles that have been filling this gap quickly dwindling, this uranium shortfall must be picked up by the miners."
Wright noted that, "In July, uranium shed $16, or 12 percent, and that many uranium stocks fell as a result." Bayswater closed its merger with Kilgore Minerals Ltd. in mid-July and finished the month up 8 percent, giving up some of those gains in early August, though still holding a 4 percent premium over the same period last month to buck the downward trend Zeal outlined in its latest report.
Note to Editors: "News Features" are stories provided to publishers copyright-free for print or online display at no charge. All we ask is that publishers include our byline (AXcess News) as the source, and a link to our Web site: http://www.axcessnews.com. If you are interested in displaying our news on a regular basis, please contact our editorial department at: 502-868-9007.
Contact:
Contact:
Eric Stevenson
502-868-9007
Email Contact
--------------------------------------------------------------------------------
Source: AXcess News
Bayswater & Silver Spruce/Universal Uranium Joint Venture Claims Covering a Portion of & Adjoining the Stipec River Uranium Trend of Bayswater in the Historic Central Mineral Belt Uranium District, Labrador
Friday August 3, 7:45 am ET
http://biz.yahoo.com/iw/070803/0286049.html
VANCOUVER, BC--(MARKET WIRE)--Aug 3, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) is pleased to announce it has entered into a letter agreement dated July 20, 2007 with Silver Spruce Resources Inc. (CDNX:SSE.V - News) ("Silver Spruce") and Universal Uranium Ltd. (CDNX:UUL.V - News) ("Universal"), whereby Bayswater has been granted an option to acquire a 50% interest in 34 mineral claims (8.5 sq km or 2100 acres) located in the Central Mineral Belt region of Labrador, Newfoundland (the "Property"), which is currently held 50% by Silver Spruce and 50% by Universal. Pursuant to the Letter Agreement, Bayswater is obligated to issue to Silver Spruce and Universal an aggregate of 200,000 common shares (of which 100,000 shares will be issued to Silver Spruce and 100,000 shares will be issued to Universal) and expend $100,000 upon the Property by July 31, 2008.
Upon issuing the shares and making the required expenditures, Bayswater will be deemed to have exercised its option and acquired a 50% interest in the Property, with Universal and Silver Spruce each holding a 25% interest in the Property and a joint venture will be formed between the parties of which Bayswater shall be the operator.
The agreement is subject to the approval of the TSX Venture Exchange, and the shares payable under the Agreement, when issued, will be subject to a four month hold period.
Bayswater has recently completed an airborne EM and magnetic survey over the Stipec River Joint Venture lands and is planning further prospecting, rock and soil sampling and possibly drilling of favourable targets this year. In a news release dated July 12, 2007, the Company reported that: "The EM survey identified a 12 kilometre long southwesterly trending conductive zone coincident with the Stipec River trend of uranium prospects (Zone A, B, C, D and E). Numerous surface grab samples in 2006 from various prospects along this trend commonly assayed 0.1% to 0.4% U3O8." This favourable conductive zone occurs partly on the Stipec River Joint Venture land; however, the bulk of the favourable zone and all known uranium prospects are on claims in which Bayswater has a right to acquire a 100% interest from Longview Capital Partners Inc. (CDNX:LV.V - News), under an option agreement. To date 9 drill holes have been completed on the Stipec River Zone A and E Prospects on land subject to the Bayswater/Longview option. Assay results are pending from a number of radioactive zones identified in drill core from this drilling.
These additional Stipec River Joint Venture claims as above, plus the 829 claims (207 sq km or 51,210 acres) announced August 1, 2007 subject to the Makkovik River Joint Venture with Ucore Uranium Inc. (CDNX:UCU.V - News) along the eastern extension of the historic Labrador uranium district, bring Bayswater's total land interests in the Labrador Central Mineral Belt to 18,507 claims (4626 sq km or 1,143,254 acres), the largest landholder in the region. A map showing the location of these joint venture lands can be viewed on the Company's website at http://www.bayswateruranium.com/i/Full/Bayswater-Land-Aug-3.gif.
About the Labrador Central Mineral Belt
The Central Mineral Belt 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 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. (Toronto:AXU.TO - News), and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. (CDNX:CXX.V - News). Collectively nearly 100 million pounds of NI 43-101 compliant uranium resources has 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 -- the largest landholder in the Central Mineral Belt -- has interests in 4626 sq km of strategic land holdings; whereas, Aurora controls about 800 sq km and Crosshair approximately 640 sq km. Bayswater is aggressively pursing uranium targets within its landholdings with the objective of discovery of new uranium resources.
About Bayswater Uranium Corporation -- The Super Junior™ Uranium Company
Bayswater Uranium Corp. 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 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 is pursuing additional merger and acquisition opportunities that complement and/or add to the Company's existing assets and business model. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Bayswater & Ucore Joint Venture Mutual Claims in Previously Exempt Area for Staking in Labrador Uranium District
Wednesday August 1, 12:01 pm ET
http://biz.yahoo.com/iw/070801/0285134.html
VANCOUVER, BC--(MARKET WIRE)--Aug 1, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) is pleased to announce it has entered into a letter agreement dated July 27, 2007 with Ucore Uranium Inc., (CDNX:UCU.V - News) whereby Bayswater and Ucore will form a joint venture in respect of their mutual uranium properties, comprising a combined total of 829 claims, located in previously exempted land for exploration along the northeastern extension of the Central Mineral Belt uranium district, Labrador (the "Properties" and otherwise referred to as the Makkovik Project). Each party will have the exclusive option for a period up to August 31, 2008 to enter into a joint venture in respect of the Properties, by contributing to a first year budget on the Properties of $400,000. Bayswater shall contribute 66 2/3% to the first year budget and Ucore shall contribute 33 1/3% to the first year budget. Bayswater will be the operator of the Makkovik Project during the option period and pursuant to the joint venture, once formed. Upon completion of the first year work program, as contributed to by the parties as noted above, Bayswater and Ucore will form a joint venture and each of Bayswater and Ucore shall be deemed to have acquired an undivided 50 % interest each in and to the Properties. The agreement is subject to the approval of the TSX Venture Exchange.
The Makkovik Project area is characterized by anomalous uranium contents in lake sediment samples and by local uranium occurrences to the northeast of the Jacques Lake and Otter Lake uranium occurrences of Aurora Energy Resources Inc. The Company is planning to commence an airborne radiometric and magnetic survey of the project area claims by NovaTem immediately and will subsequently carry out follow-up prospecting of priority radiometric anomalies this summer.
About Bayswater Uranium Corporation -- The Super Junior(TM) Uranium Company Bayswater Uranium Corp. 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 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(TM) 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 is pursuing additional merger and acquisition opportunities that complement and/or add to the Company's existing assets and business model. For further information visit http://www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Standard & Poor's Announces Changes in the S&P/TSX Venture Composite Index
Tuesday July 24, 5:17 pm ET
http://biz.yahoo.com/cnw/070724/s_p_tsx_index_changes.html?.v=1
TORONTO, July 24 /CNW/ - Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Tuesday, July 24, 2007:
- Amorfix Life Sciences Ltd. (TSXVN:AMF) will be removed from the
index. The company will graduate to trade on the TSX under the same
ticker symbol.
- Kilgore Minerals Ltd. (TSXVN:KAU) will be removed from the index.
Pursuant to a plan of arrangement with Bayswater Uranium Corporation
(TSXVN:BAY), the shares of Kilgore Minerals Ltd. will be delisted
from the TSX Venture Exchange.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP - News), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 7,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, BusinessWeek, McGraw-Hill Education and J.D. Power and Associates. The Corporation has more than 240 offices in 36 countries. Sales in 2005 were $6.0 billion. Additional information is available at http://www.mcgraw-hill.com.
For further information
Tony North, (416) 507-3200, sp_index@standardandpoors.com
Dave Guarino, (212) 438-1471, dave_guarino@standardandpoors.com
--------------------------------------------------------------------------------
Source: Standard & Poor's Canadian Index Operations
Bayswater and Kilgore Shareholders Approve Merger
Wednesday July 18, 9:00 am ET
http://biz.yahoo.com/iw/070718/0279399.html
VANCOUVER, BC--(MARKET WIRE)--Jul 18, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) and Kilgore Minerals Ltd. (CDNX:KAU.V - News) are pleased to announce that the shareholders of both companies have approved the arrangement (the "Arrangement") as announced March 20, 2007 and amended June 7, 2007 at Special Meetings held July 16, 2007. The plan of Arrangement was approved by approximately 99% of the votes cast by shareholders voting in both companies.
The TSX Venture Exchange has conditionally accepted the Arrangement, and necessary approvals from the British Columbia Supreme Court have been received. The Arrangement will result in the merger of Bayswater and Kilgore under the name "Bayswater Uranium Corporation," with trading as a single company anticipated within 7 - 10 days.
The new company, Bayswater Uranium Corporation, becomes a well-positioned, small-cap uranium explorer highlighted by large, strategic exploration properties in Canada's most important uranium regions -- the Athabasca Basin (1.7 million acres); the Thelon Basin (4.3 million acres), and the Central Mineral Belt (1.1 million acres) -- and with advanced-stage uranium properties in the United States.
George Leary, President and CEO of Bayswater, stated, "This merger is another exciting chapter in Bayswater's young history, creating a leading uranium company with a balanced portfolio of exploration and advanced-stage properties. The diversified asset base enables us to continue to create shareholder value through discovery, resource delineation and production development."
Mr. Norman Burmeister, P. Eng., President and Chief Executive Officer of Kilgore, commented, "I am pleased that shareholders of both companies have given such strong support to this merger, recognizing that combining Kilgore and Bayswater will result in a dynamic company with capabilities and expertise across a broad spectrum."
About Bayswater Uranium Corporation -- The Super Junior(TM) Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the uranium expertise of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor.
For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Bayswater Starts Drilling for Uranium in Central Mineral Belt, Labrador
Thursday July 12, 8:15 am ET
http://biz.yahoo.com/iw/070712/0277037.html
VANCOUVER, BC--(MARKET WIRE)--Jul 12, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) reports that two drill rigs have started drilling at the Company's 1.1 million acre property in the Central Mineral Belt of Labrador. This first phase program comprises approximately 10,000 metres of drilling to test up to 10 uranium targets discovered in 2006-including the Stipec River trend of prospects and the Anna Lake, Kanairiktok Bay, Dandy, and Stomach Lake prospects. This phase of drilling is primarily reconnaissance in nature -- designed to test various targets as a first pass within our land holdings. Currently one drill is active on the Stipec River Zone A prospect and the second has commenced drilling on Anna Lake. The average length of the drill holes in this phase of drilling is expected to be about 150 to 200 metres -- which means we will drill a minimum of about 50 test holes in this phase of drilling on our various targets.
Other uranium prospects and radiometric anomalous targets are being further explored and evaluated for drill testing, including a recent discovery by Bayswater prospectors of a new uranium showing within the Company's land holdings northeast of Anna Lake, in this round of drilling.
Based on results of our first phase of drilling and ongoing evaluation of numerous airborne radiometric targets requiring further work, an additional 10,000 metres of drilling is tentatively planned as a second phase, bringing our total to 20,000 metres of drilling this year in the Central Mineral Belt, one of the larger exploration drill programs in the region.
In addition, an exploration program of prospecting, rock and soil sampling, mapping and ground geophysical surveys is being undertaken to evaluate numerous uranium targets of interest and to follow-up results of a recently completed 5,700 line km airborne electromagnetic (EM) geophysical survey. The EM survey identified a 12 kilometre long southwesterly trending conductive zone coincident with the Stipec River trend of uranium prospects (Zone A, B, C, D and E). Numerous surface grab samples in 2006 from various prospects along this trend commonly assayed 0.04% to 0.4% U3O8. Drilling is underway to test this target. The EM survey also identified a number of other favourable conductive targets that are being further assessed and evaluated.
The Anna Lake prospect is characterized by an extensive radioactive boulder train with 11 grab samples, taken from over 2000 radioactive gossanous garnet-biotite schist boulders, that assayed 0.132% to 3.05% U3O8 (samples were taken by both Brinco in the 1970's and Bayswater in 2006). Boulders are typically angular to sub-rounded and indicate a proximal bedrock source area. The boulder train occurs along the southeast margin of a NE-SW trending linear, narrow magnetic high in association with a radiometric anomaly. Limited drilling by Brinco in the 1970s at one potential source area of the boulders returned 0.118% U3O8 over 1.5 metres and 0.10 % U3O8 over 2.0 metres respectively in two separate, closely spaced drill holes. Mineralized boulders are typically gossanous and show evidence of appreciable original sulphide content, including pyrite. An induced polarization survey is currently underway by Bayswater to evaluate the distribution of potential sulphidic zones in the Anna Lake target area. Initial results from this survey have been very encouraging with several anomalous chargeable zones identified. One highly chargeable anomaly traced for over 700 metres and open along strike occurs adjacent to the above holes drilled by Brinco. This target is currently being drill tested by Bayswater.
Both the Stipec River trend of prospects, located about half way between the Michelin deposit to the east and the Moran Lake deposit to the west, and the Anna Lake prospect, located about 10 km west of the Melody Hill prospect of Aurora, are located along the northern margin of the historic uranium district in the Central Mineral Belt of Labrador.
Data sets from both the airborne EM survey, completed, and ground geophysical surveys, currently underway, are being reviewed, processed and evaluated in order to assist in selecting drill targets and prospecting follow-up targets.
With about 1.1 million acres of largely contiguous landholdings along and adjacent to Labrador's historic Central Mineral Belt uranium district -- representing the largest land position in the region -- the Labrador Central Mineral Belt Uranium Project is one of Bayswater's key projects. The Company's large landholdings have potential for Olympic Dam and Rossing type uranium deposits. In 2007, Bayswater plans to spend approximately $7 million in Labrador.
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 in respect to a government contribution towards the cost of drilling on the Anna Lake prospect.
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 kilometres north of Goose Bay, has a long history of uranium and base metals exploration. Uranium was first discovered in the belt in the 1950's. 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. (Toronto:AXU.TO - News), and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. (CDNX:CXX.V - News). Collectively nearly 100 million pounds of NI 43-101 compliant uranium resources has 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 -- the largest landholder in the Central Mineral Belt -- has interests in 4486 sq km of strategic land holdings; whereas, Aurora controls about 800 sq km and Crosshair approximately 640 sq km. Bayswater is aggressively pursing uranium targets within its land holdings with the objective of discovery of new uranium resources.
About Bayswater Uranium Corporation - The Super Junior(TM) Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the uranium expertise of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor.
For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager
Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Bayswater: Kilgore Acquires Extensive Database for Mountain West Uranium Property, Nevada
Tuesday July 10, 12:56 pm ET
http://biz.yahoo.com/iw/070710/0276074.html
VANCOUVER, BC--(MARKET WIRE)--Jul 10, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) reports that Kilgore Minerals Ltd. (CDNX:KAU.V - News) has acquired an extensive database on its wholly owned Mountain West Property in Elko County, Nevada. The data was acquired from Pathfinder Mines Corporation, former owner and operator of the property. The package was acquired for an initial cash payment, with a further cash payment to be made when and if Kilgore receives a Nevada Mine Permit for any property in the Mountain City Nev-Idaho 15' quad sheet. The Purchase Agreement also included the grant of a Right of First Offer to UG USA, Inc., concurrent with the signing of the Purchase Agreement, under which Kilgore has entered into an Agreement for the Sale of Uranium Concentrates with UG USA, Inc. The Right of First Offer applies to the first 1,000,000 pounds of uranium concentrate production from the Mountain West Property, at a 1% discount to the prevailing spot price of uranium. Pathfinder and UG USA are affiliates of Areva.
The data documents exploration activities from 1967 to 1983 during which period 359 drill holes were completed. Work in the last few years was essentially assessment work. In 1977, Pathfinder calculated a total "geological reserves" of 333,600 tons averaging 0.178% eU3O8* or 1,189,000 pounds eU3O8*. Open pit "indicated reserves" were computed to be 303,600 tons at an average grade of 0.153% eU3O8* or 927,400 pounds eU3O8* and an additional open pit "inferred reserve" of 35,000 tons at a grade of 0.14% eU3O8* or 98,000 pounds eU3O8*. These are historical estimates, and as a qualified person has not done sufficient work to classify the historical estimates as current mineral resources, Kilgore is not treating the historical estimates as current mineral resources as defined in NI 43-101, and they should therefore not be relied upon. The work was completed by competent and experienced operators, and management of Kilgore considers the work and conclusions relevant to the evaluation of the project. Pathfinder concluded that there was significant potential for the discovery of addition uranium mineralization.
* The denotation "eU3O8*" means U3O8 assay as determined by the extrapolation of radioactivity in the sample to the actual uranium content. The actual uranium content (usually determined by chemical assay) can be higher or lower than the "e" uranium value if the deposit is out of equilibrium. This is often the case with relatively young mineralization such as the mineralization at the Mountain West property. Preliminary equilibrium work by Pathfinder suggested that the actual, or chemical, uranium values are 30% higher than the values as determined by the probe, or "e" values.
The acquisition of this database is an important step in advancing this project. Management believes that the identified resources are significant and that there is excellent potential to discover and develop additional uranium resources on the property. Accordingly, permitting of a comprehensive program of confirmation, infill and exploratory drilling on the property has been initiated.
As previously announced, Bayswater and Kilgore are completing a merger which is expected to close within the next couple of weeks subject to shareholder and final regulatory approvals.
About Bayswater Uranium Corporation - The Super Junior(TM) Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the uranium expertise of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Bayswater Enters Into Agreement With Stornoway to Explore Diamond Targets at Itza Lake Property, Nunavut
Tuesday July 10, 8:30 am ET
http://biz.yahoo.com/iw/070710/0275710.html
VANCOUVER, BC--(MARKET WIRE)--Jul 10, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) is pleased to announce the Company has entered into an agreement with Stornoway Diamond Corporation (Toronto:SWY.TO - News) to explore Bayswater's 430,738 hectare (1,064,353 acres) Itza Lake property for diamonds. Located 80 kilometres northwest of the hamlet of Baker Lake, Nunavut, marginal to the North Thelon Basin, Itza Lake's diamond potential was recognized late last year through an airborne geophysical survey that identified a number of circular, magnetic features, similar to those associated with kimberlite pipes, the primary host rock for diamonds. As the survey covered only about 20% of the current property, which was expanded in early 2007, there is strong potential to locate further kimberlite targets. The agreement with Stornoway enables Bayswater to focus on uranium exploration at Itza Lake while benefiting from the property's diamond potential.
Under the terms of the Letter Agreement, Stornoway can earn a 60% interest in the diamond rights at Itza Lake by issuing $75,000 worth of Stornoway shares to Bayswater and incurring $4,000,000 in exploration expenditures over five years -- a minimum of $500,000 must be spent before September 1, 2008. Furthermore, Bayswater will receive 25,000 shares of Stornoway or $40,000 in cash, at Stornoway's election, for each geographically distinct, in-situ kimberlite body, up to a maximum of ten bodies, identified on the property. Bayswater will receive a further 50,000 shares or $200,000 in cash, at Stornoway's election, for each kimberlite which returns greater than 75 carats per hundred tonnes (based on diamonds recovered on a 0.85 mm square mesh sieve) from a minimum one tonne sample.
Upon Stornoway earning its 60% interest, Bayswater has thirty days to elect to form a joint venture whereby Stornoway will contribute 60% and Bayswater shall contribute 40% of all future expenditures on the property. Provided Stornoway earns a 60% interest and Bayswater elects not to form a joint venture within thirty days, Stornoway has a further thirty days to elect to proceed to earn a further 20% interest in the diamond rights to the Itza property (bringing its total property interest to 80%) by funding all work towards the completion of a bankable feasibility study on the property. Provided Stornoway earns an 80% interest in the diamond rights to Itza, the partners shall enter into a joint venture whereby each partner will contribute its pro-rata share of all future expenditures on the property.
George Leary, President of Bayswater, states, "This partnership enables Bayswater to increase Itza's value while keeping our exploration efforts focused on the property's excellent uranium potential. It also serves as a deal model for our other properties where we also have discovered potential diamond targets including the Central Mineral Belt in Labrador, and in the South Thelon Basin." Added Mr. Leary, "As a well financed diamond explorer with extensive experience in the Arctic, Stornoway makes an ideal partner to explore and develop the diamond potential of the Itza Lake properties."
Eira Thomas, CEO of Stornoway, comments, "We're delighted to have the opportunity to explore for diamonds at Itza Lake. The initial anomalies identified by Bayswater's first survey are attractive targets; since only a portion of the property has been covered, there is excellent opportunity to find additional targets through more extensive detailed airborne surveys."
Bayswater's large Itza Lake property is comprised of a continuous land package consisting of 1,024,353 acres owned 100% by Bayswater and a 40,000 acre permit area held under the Canada Uranium Joint Venture with Strongbow Exploration Inc. (CDNX:SBW.V - News). The land package is located close to diamond company De Beers' land holdings in the region.
A property map showing the magnetic clusters can be viewed at http://www.bayswateruranium.com/i/misc/Itza-Kimberlites.jpg
About Bayswater Uranium Corporation -- The Super Junior™ Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the uranium expertise of its technical and managerial teams with a large, highly prospective and diverse property base. 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.
For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Bayswater: Airborne Survey Commences at Cochrane Pond Uranium Property, Newfoundland
Friday July 6, 9:00 am ET
http://biz.yahoo.com/iw/070706/0274619.html
VANCOUVER, BC--(MARKET WIRE)--Jul 6, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) and Commander Resources Ltd. (CDNX:CMD.V - News), collectively the "Companies," report that Global Gold Uranium LLC ("Global Gold Uranium"), a wholly owned subsidiary of Global Gold Corporation (OTC BB:GBGD.OB - News) ("Global Gold"), has commenced an airborne radiometric and magnetic survey over the Cochrane Pond uranium property located in the Hermitage Uranium Belt of southern Newfoundland. The survey, funded and operated by Global Gold, is expected to take approximately four weeks to complete and will be followed by a prospecting program.
The 5,000 line kilometre survey will cover most of the 600 square km Cochrane Pond property which is owned 50:50 under a Joint Venture between Commander and Bayswater. The claims were staked jointly by the Companies in early 2006 to cover favourable geology after uranium discoveries were made on Commander's adjacent Hermitage Property. The Cochrane Pond Property is underlain by metasedimentary and metavolcanic rocks considered favourable for uranium mineralization. To date no significant exploration work for uranium has been done on the property.
Under an agreement reported on April 13, 2007, Global Gold Uranium may earn an initial 51% interest in the property over a four year period by making total cash payments to the Companies of US$700,000, issuing 350,000 shares of Global Gold and completing exploration expenditures of $3.5 million. The first year's committed work expenditure is $500,000. Global Gold Uranium must then increase its interest to 60% by either completing the next $2 million in exploration or by funding and delivering to the Companies a feasibility study on the property, or the interests will flip such that the Companies will hold 51% and Global Gold Uranium 49% in and to the Property.
Details of the terms of the option agreement between the Companies and Global Gold Uranium can be found in Bayswater's news release dated April 13, 2007. For further information about Cochrane Pond and the Hermitage Uranium Belt visit http://www.bayswateruranium.com/s/HermitageUranium.asp.
About Bayswater Uranium Corporation - The Super Junior™ Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the uranium expertise of its technical and managerial teams with a large, highly prospective and diverse property base. 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. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Bayswater: Kilgore Reports Filing of Technical Report
Friday June 22, 1:30 pm ET
VANCOUVER, BC--(MARKET WIRE)--Jun 22, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) announces that Kilgore Minerals Ltd. (CDNX:KAU.V - News) has filed on SEDAR (www.sedar.com) a report (the "Report") dated June 6, 2007 entitled Kilgore Minerals Ltd. - Montana & Wyoming Uranium Properties - National Instrument 43-101 Technical Report prepared by James R. Guilinger of World Industrials Minerals, LLC ("WIM"). As previously announced, Bayswater and Kilgore are completing a merger.
The Report contains WIM's evaluation of Kilgore's properties located in the Powder River Basin in Crook County, Wyoming and extending into Carter County, Montana, based upon its assessment of the available historical data concerning the properties. As a qualified person has not done sufficient work to classify the historical estimates relating to the Acadia Claim Group and the Mindy Claim Group as current mineral resources, the company is not treating the historical estimates relating to those properties as current mineral resources as defined in NI 43-101, and those historical estimates should not be relied upon. The documented work was undertaken by companies including Kerr McGee Corporation, Amoco Minerals, Exxon Minerals, American Nuclear, Uranium Resources Inc. and Homestake Mining Co. The technical information in this news release is based upon the Report.
[continued in following link]
http://biz.yahoo.com/iw/070622/0269996.html
Bayswater Provides Exploration Update
Thursday June 21, 7:15 am ET
http://biz.yahoo.com/iw/070621/0269256.html
VANCOUVER, BC--(MARKET WIRE)--Jun 21, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) is pleased to provide an exploration update on its projects.
Central Mineral Belt, Labrador
Bayswater has completed its review of 2006 exploration work and preparation for its 2007 program is now complete. A first phase drilling program comprising 10,000 metres with two drills is scheduled to start around the end of the month. Drilling will test up to 10 uranium targets including Stipec River, Anna Lake, Dandy, Kanairiktok Bay, Stomach Lake and other uranium prospects, and targets discovered in 2006 as previously reported in news releases dated August 28, October 6 and November 8, 2006 and most recently January 18, 2007. In addition, an aggressive program of prospecting, rock and soil sampling, mapping and ground geophysical surveying will be undertaken to further evaluate numerous uranium targets of interest and to follow-up results of a recently completed 5,700 line km airborne electromagnetic (EM) geophysical survey. Permitting is in place for the 2007 program; however, as the program evolves, additional permitting is anticipated to be required for selected targets. Mobilization of crews and equipment has commenced and field work is scheduled to start July 1, 2007. The planned 2007 project expenditure for Labrador is about $7.0 million, which includes up to 20,000 metres of drilling. Bayswater holds the largest land position in the Central Mineral Belt with interests in approximately 1.1 million acres.
Athabasca Basin, Saskatchewan
Initial processed data from the 14,000 line km helicopter-borne VTEM survey, completed earlier this year on the Company's large Athabasca Basin land holding, is expected to be received by early July. This survey is one of the largest airborne electro-magnetic (EM) programs carried out in the Athabasca Basin by any company to date. The objective of the survey is to locate and define basement conductor anomalies, target areas for hosting high-grade uranium mineralization. Bayswater's 100% owned properties consists of two large claim blocks comprising 1.7 million acres that cover major fault structures and geological settings that are favourable environments for high-grade, unconformity deposits. According to geological consultants MPH, this area of the Athabasca Basin has never been drilled. Based on positive data results, follow-up ground geophysical and geological surveys are planned to evaluate drill targets. An initial drilling program to test priority targets would follow this winter. Bayswater has budgeted $4.5 million, including $1.0 million for drilling, for exploration on its Athabasca Basin properties in 2007 and first half of 2008.
Thelon Basin, Nunavut/Northwest Territories
North Thelon Basin, Nunavut
On the North Thelon Basin Project, exploration crews will be mobilized before the end of June to carry-out detailed mapping, prospecting, geochemical and ground geophysical surveys (radiometric and magnetic) to follow-up the numerous radiometric anomalies identified by last year's airborne surveys as announced April 11, 2007. This program will be carried out on both the Company's 100% owned claims and on the 50/50 joint ventured permits with Strongbow Exploration Inc. (CDNX:SBW.V - News) Final reports on the results of the 2006 airborne survey and limited ground follow-up have been received from Paterson, Grant & Watson Limited, consulting geophysicists, and from geological consultants Aurora Geosciences Ltd.
Also, the Company has undertaken more detailed compilation work of prior work on our properties in order to facilitate an effective follow-up program this summer. The objective of the upcoming program is to identify targets for drilling in 2008.
Also in July, an airborne radiometric and magnetic survey will be conducted over the newly acquired land in the Itza area (approximately 3,215 square kilometres) for an initial evaluation of the uranium and diamond potential of this region. This new area was acquired as a result of the 2006 airborne survey which identified a number of circular magnetic features within the Itza claim block last year. These magnetic features are interpreted to represent possible clusters of kimberlite pipes-host rock for diamonds. Bayswater is planning to farm-out a portion of its diamond interests. Bayswater has budgeted $2.2 million for its North Thelon Basin Project in 2007 and first half of 2008.
South Thelon Basin, Northwest Territories
VTEM geophysical surveying, totaling over 7,000 line km of a planned 9,500 line km survey, has now been completed in the central internal portion of the South Thelon Basin in areas not flown last year. The survey area mainly encompasses 100% owned land but also covers part of the land holdings subject to the option from Uranium North as well as lands subject to the joint venture with Strongbow Exploration. Ground follow-up of favourable basement conductive zones identified as a result of the survey will commence once the results of the survey has been reviewed and assessed. The remainder of the survey will be completed this summer depending on results from the area flown to date. Also, airborne radiometric and magnetic surveys, which have just commenced, will be conducted on the Company's 100% owned holdings on the west and southeast margins of the basin.and on a small portion of the land holdings subject to the option from Uranium North. Radiometric anomalies and other targets, including known high grade uranium occurrences on the Company's land holdings along the west margin of the basin, will be followed up by prospecting and ground geophysics this year. The objective of these surveys and follow-up ground exploration planned for this summer is to identify drilling targets -- both shallow targets around the margin of the basin and deeper targets internally within the basin.
At Bayswater's adjoining 100% owned CL property, follow-up ground geophysical surveys on targets identified by last year's airborne MEGATEM survey, has confirmed the existence of a 2 to 3 kilometre wide, parallel conductive trend that cuts through the northwest section of the property. These conductive anomalies are interpreted as part of the same 70 km long conductive trend (known as F- and G-) that extends northward to our property boundary from the adjacent Boomerang uranium property where joint venture partners Cameco Corporation (Toronto:CCO.TO - News) and Uravan Minerals Inc. (CDNX:UVN.V - News) are planning a 20 - 25 hole drilling program this year. This major conductive trend, including where it extends onto Bayswater claims, is a strong drill target with the potential to host unconformity-type, high-grade uranium deposits similar to uranium deposits located in the geologically analogous Athabasca Basin. Bayswater has budgeted $6.6 million, including $1.5 million for drilling, for its South Thelon Basin Project in 2007 and first half of 2008.
In anticipation that this year's exploration programs will define numerous drill targets, the Company has applied for drilling permits for a portion of its properties. However, given the Mackenzie Valley Environmental Impact Review Board's controversial recommendation to decline UR Energy's (Toronto:URE.TO - News) drilling permits, it is unknown whether drilling permits will be received. The area affected by the ruling covers approximately 55% of Bayswater's interests in the South Thelon Basin, as well as adjoining properties held by the Cameco/Uravan joint venture who were granted drilling permits last year. A claim map of the South Thelon Basin is available at http://www.bayswateruranium.com/i/Full/sthel_claims.gif.
In other news, the Company reports that it has applied for three gold permits under a wholly owned subsidiary in Italy. These permit areas are considered to have potential for high sulphidation gold targets.
About Bayswater Uranium Corporation - The Super Junior(TM) Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the uranium expertise of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Northern regulator denies Ur-Energy's bid to drill for uranium in NWT
Published: Wednesday, May 9, 2007 | 1:49 PM ET
Canadian Press
(CP) - A northern regulator has recommended that a small uranium exploration project should be denied the go-ahead to proceed.
The Mackenzie Valley Environmental Impact Review Board has announced that Ur-Energy's (TSX:URE) plan to drill up to 20 holes this summer should be rejected. The board says such activity would harm the cultural and spiritual value of the area to nearby Dene.
The project is in the watershed of the Thelon Basin in the southeastern Northwest Territories that is revered for its pristine landscape and abundant wildlife.
But it is also coveted for its mineral wealth and dozens of other miners hold hundreds of claims and leases in the area.
Indian Affairs Minister Jim Prentice will make the final decision on the board's recommendation.
http://www.cbc.ca/cp/business/070509/b050959A.html
Bayswater Provides Update on Kilgore Merger
Tuesday May 8, 7:15 am ET
http://biz.yahoo.com/iw/070508/0248837.html
VANCOUVER, BC--(MARKET WIRE)--May 8, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) reports that its due diligence review is almost complete with respect to the proposed merger with Kilgore Minerals Ltd. (CDNX:KAU.V - News). Following the expected satisfactory due diligence, including an independent Fairness Opinion, Tax Review, Land Title Report and Viability Report on uranium exploration, development and mining in certain states in the United States all of which are completed or nearing completion, and signing of a definitive Arrangement Agreement, an Information Circular detailing the transaction will be sent to shareholders of both Bayswater and Kilgore for approval. The transaction is also subject to the approval of the TSX Venture Exchange. Closing of the transaction is anticipated to occur in July, 2007.
In conjunction with the Company's review of Kilgore's uranium projects, Kilgore is proceeding with preparation of an independent NI 43-101 technical report on all of Kilgore's uranium properties in Montana and Wyoming in order to document historical resources as stated in a joint news release with Kilgore dated March 19, 2007. This technical report will also recommend an initial program for advancing the project. Some of the historical resources -- particularly those deposits in Nevada and Montana, offer short term production potential which the Company intends to fast track to feasibility as soon as possible.
Once the merger with Kilgore closes, the combined company will be a dynamic leading uranium company with a balanced portfolio of exploration and advanced-stage properties. The diversified asset base provides potential for growth through discovery, resource delineation, feasibility and production. This attractive asset mix will appeal to a wider range of retail and institutional investors.
About Bayswater Uranium Corporation -- The Super Junior™ Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. 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. For further information visit http://www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Bayswater Completes Major Survey at Athabasca Basin Uranium Property
Wednesday April 18, 7:15 am ET
New Surveys Underway in South Thelon Basin
VANCOUVER, BC--(MARKET WIRE)--Apr 18, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) reports that airborne surveys have been completed over the Company's 1.7 million acre property in the Athabasca Basin, Saskatchewan. Approximately 14,000 line kilometres of helicopter-borne VTEM systems were flown, one of the largest airborne electro-magnetic (EM) programs carried out in the Athabasca Basin, the world's highest producing region of uranium. Data from the deep-penetrating surveys is being compiled for interpretation. The objective of the surveys is to locate and define basement conductor anomalies, target areas for hosting high-grade uranium mineralization.
Bayswater's 100% owned property in the Athabasca Basin consists of two large claim blocks that cover major fault structures and geological settings that are favourable environments for high-grade, unconformity deposits. Interpreted depth to the basement unconformity -- target level for uranium deposits -- is from 400 metres to over 1,000 metres. While most of the uranium deposits in the Athabasca Basin have been discovered around the margin of the Basin, where depth to the basement unconformity is relatively shallow (less than 500 metres), technology now enables geophysical surveys to penetrate deeper into the earth, to identify uranium targets at levels not previously probed. AREVA Resources Canada Inc. and UEX Corp's (Toronto:UEX.TO - News) Shea Creek deposits, located 50 kilometres west of Bayswater's property, is an example of high-grade uranium at relatively deep levels in the basin as these deposits have been discovered between 665 metres to 917 metres.
Based on interpretation of survey data as well as existing information, follow-up ground geophysical and geological surveys are planned to identify drill targets. Condor Consulting Ltd., specialists in the field of airborne electromagnetics, has been contracted to perform detailed interpretation of survey results from the Athabasca Basin as well as the Thelon Basin. This year an initial drilling program is planned to test priority targets. The 2007 exploration budget for the Athabasca Basin is approximately $4,500,000. Further information is available from the Company's Website at http://www.bayswateruranium.com/s/AthabascaUranium.asp.
Bayswater also reports that VTEM geophysical surveys have recently commenced in the central internal portion of the South Thelon Basin in areas not flown last year with MEGATEM -- another deep penetrating electromagnetic system. The survey will comprise about 10,000 line kilometres. Ground follow-up of favourable basement conductive zones identified as a result of the surveys will commence once the results of the surveys have been reviewed and assessed. In addition, follow-up ground geophysics has started on the favourable basement conductor targets identified as a result of the MEGATEM survey flown over a portion of the Company's land holdings last year. Ground survey work is designed to define targets for drill testing.
The South Thelon Basin VTEM survey as described above mainly covers 100% owned Bayswater ground. However, the survey also covers ground in two claim blocks held under the Canada Uranium Joint Venture with Strongbow Exploration Inc. (CDNX:SBW.V - News). Under the terms of the Joint Venture, Strongbow has elected to designate these two claim blocks as an "Earn-In Project" whereby Bayswater is required to spend the first $600,000 in exploration expenditures in order to maintain its 50% interest. In addition, the survey also covers ground not surveyed last year with MEGATEM forming part of the earn-in optioned ground from Uranium North (CDNX:UNR.V - News) whereby Bayswater has a right to earn an 80% interest in the property's uranium rights.
About the Thelon Basin, NWT/NU, Canada
Located in the Northwest Territories and Nunavut, Canada, the Thelon Basin represents an under-explored, major sandstone basin that shares many geological characteristics with the Athabasca Basin, approximately 350 km to the south in Saskatchewan. Numerous high-grade unconformity-style uranium deposits have been identified within the Athabasca Basin, and mining of these deposits currently generates approximately one third of the world's uranium production. Similarities between the Athabasca and Thelon Basins include the age and character of favorable host and basement rocks, major basement structural features and, importantly, known occurrences of unconformity-type uranium mineralization. The most advanced uranium deposits within the Thelon Basin area are AREVA Resources Canada Inc's Kiggavik, Andrew Lake and END deposits (the Kiggavik Trend), host to approximately 131 million pounds of contained U3O8. Bayswater Uranium is the largest landholder in the Thelon Basin with interests in approximately 4.5 million acres representing more than 1/3 of the available exploration land in the Basin. In the South Thelon Basin, Bayswater's extensive properties holdings include land adjacent to areas being explored by Cameco (Toronto:CCO.TO - News), Uravan (CDNX:UVN.V - News) and Ur-Energy (Toronto:URE.TO - News). For 2007, Bayswater has budgeted a $6.8 million exploration program in the South Thelon to identify and evaluate uranium targets, including up to 10,000 metres of drilling.
About Bayswater Uranium Corporation - The Super Junior Uranium Company(TM)
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. 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. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
http://biz.yahoo.com/iw/070418/0240304.html
Bayswater and Commander Option Cochrane Pond Property, Newfoundland
Friday April 13, 8:30 am ET
http://biz.yahoo.com/iw/070413/0238400.html
VANCOUVER, BC--(MARKET WIRE)--Apr 13, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) and Commander Resources Ltd. (CDNX:CMD.V - News), collectively the "Companies," report they have entered into an agreement with Global Gold Uranium LLC ("Global Gold Uranium"), a wholly owned subsidiary of Global Gold Corporation (OTC BB:GBGD.OB - News) ("Global Gold") whereby Global Gold Uranium may earn up to a 60% interest in the Companies' 2,600 claim, 61,000 hectare Cochrane Pond property located in southern Newfoundland (the "Property"). The Companies own the Property under a 50:50 Joint Venture. Commander is the Operator. The claims were staked jointly by the Companies in early 2006 to cover favourable geology after uranium discoveries were made on Commander's adjacent Hermitage Property. No significant exploration work has been done on the Property.
Under the agreement, Global Gold Uranium may earn an initial 51% working interest in the Property over a four year period by making total cash payments to the Companies of US$700,000, issuing 350,000 shares of Global Gold and completing exploration expenditures of $3.5 million (the "Initial Option"). Of the total cash payments, USD$200,000 is payable upon signing and approval, and of the total shares, 150,000 shares are to be issued on signing and approval. The first year's committed work expenditure is $500,000.
Once Global Gold Uranium has vested a 51% in the Property through the Initial Option, Global Gold Uranium shall continue funding the project by either; (a) completing the next $2 million in exploration on the Property over a maximum two (2) year term; or (b) funding and delivering to the Companies a feasibility study on the property within a maximum of three (3) years. Following completion of either (a) or (b), Global Gold Uranium will have increased its interest in and to the Property to 60% (the "Second Stage"). Should Global Gold Uranium fail to complete the Second Stage by completing either (a) or (b), the interest will flip such that the Companies will hold 51% and Global Gold Uranium 49% in and to the Property.
Once Global Gold Uranium has vested the Second Stage, a joint venture will be formed, 60% as to Global Gold Uranium and 40% as to the Companies. The project will be funded pro-rata by Global Gold Uranium and the Companies according to their retained interest. If either Global Gold Uranium's or the Companies' interest is diluted below 10%, that party's interest will convert to a Royalty.
Either party may, at any time up to the commencement of commercial production, elect to convert their respective interest to a 2% gross uranium sales royalty in the case of a uranium deposit or a 2% NSR in the case of a non-uranium deposit ("Royalty"). In either case, 50% of the Royalty obligation may be purchased at any time prior to commercial production for a $1,000,000 cash payment.
Commander will be the Operator for the first year of the agreement, unless Global Gold Uranium chooses otherwise on or before May 1, 2007.
About Bayswater Uranium Corporation -- The Super Junior(TM) Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit: http://www.bayswateruranium.com
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
Bayswater Discovers Possible Kimberlite Targets in Thelon Basin, NU/NWT and Central Mineral Belt, Labrador
Thursday April 12, 7:30 am ET
VANCOUVER, BC--(MARKET WIRE)--Apr 12, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) is pleased to announce that airborne geophysical surveys flown in 2006 over its properties in the Thelon Basin, NU/NWT have revealed a number of circular magnetic features that are interpreted to represent possible clusters of kimberlite pipes. These features were initially noted at one of Bayswater's properties within the North Thelon Project area, located northwest of Baker Lake in Nunavut. Kimberlite is the primary host rock for diamonds.
The geophysical survey on the North Thelon property that detected these initial anomalies measured magnetic and radiometric fields along lines 200 metres apart. A number of the identified kimberlite targets are located outside but close to Bayswater's existing property boundaries. Accordingly, Bayswater has recently staked a total of 2,237 square kilometers of mineral claims, and has acquired six prospecting permits totaling approximately 978 square kilometers surrounding these features.
These new mineral tenures are in addition to Bayswater's pre-existing land position in the North Thelon of 3,455 square kilometers, and bring the Company's total land position in the North Thelon Basin area to 6,670 square kilometers (1,648,186 acres). The newly acquired mineral claims and permits also have considerable potential for uranium as they are situated along the northeastern margin of the Thelon Basin with known major basement fault structures and areas of favourable Amer Group sediments north of the Kiggavik Trend of uranium deposits.
Bayswater's newly acquired land package in the North Thelon is in close proximity to diamond company De Beers' large land holdings, and is considered to have high potential for diamonds. A map of the magnetic clusters and new landholdings will be posted on the Company's website.
Bayswater has completed a re-evaluation of all airborne magnetic data acquired by the Company over the past year (over 70,000 line kilometres). In addition to the targets in North Thelon as above, a number of single line magnetic features of interest have been noted in the South Thelon project in the Northwest Territories as well as a large cluster of circular magnetic highs within the Company's Labrador land holdings.
The majority of these surveys were flown at 400 metre and 200 metre line spacings and therefore significant potential remains for additional targets to be identified by more detailed magnetic surveys. During 2007, Bayswater is planning to follow up some of these anomalies with more detailed airborne magnetic surveys as well as very limited orientation and evaluation sampling. In addition, Bayswater has commissioned airborne magnetic and radiometric surveys over the newly acquired properties in the North Thelon Basin area as part of an initial evaluation of the uranium and diamond potential of these areas.
George Leary, Bayswater's president and CEO, commented, "The discovery of these magnetic features adds a new dimension to our properties. Many of these properties have never been tested by large-scale, state-of-the-art airborne geophysical surveys, and we are keeping an open mind as to the results that come out of our surveys. We are fortunate in that we have considerable in-house diamond exploration expertise as Vic Tanaka, our COO, has extensive experience in diamond exploration in Canada and Greenland, and was responsible for acquiring the original assets of Diamonds North Resources. Also, Ken Armstrong, a director of Bayswater, was involved with the development of the original resource models at the Diavik Diamond Mine. I have to emphasize, however, that Bayswater remains firmly focused on uranium exploration, and we therefore are evaluating option-joint venture and/or spin-off strategies to maximize the value of these discoveries for our shareholders."
Bayswater Uranium is the largest landholder in the Thelon Basin with interests in approximately 4.5 million acres. For 2007, an $8.1 million exploration program is planned in the North and South Basin region to identify and evaluate uranium targets, including up to 10,000 metres of drilling. Bayswater is also the largest land holder in the Central Mineral Belt, Labrador uranium district with interests in approximately 1.1 million acres and a 2007 exploration budget of $6.3 million intended to identify and evaluate uranium targets, including up to 20,000 metres of drilling.
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. Victor Tanaka is the qualified person responsible for the technical information in this news release.
About Bayswater Uranium Corporation - The Super Junior™ Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. 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. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
http://biz.yahoo.com/iw/070412/0237944.html
Bayswater's North Thelon Basin Properties Yield Positive Uranium Values
Wednesday April 11, 12:13 pm ET
VANCOUVER, BC--(MARKET WIRE)--Apr 11, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) is pleased to provide an update on its North Thelon Project located northwest of Baker Lake in Nunavut, Canada. Bayswater's land holdings in this project area consist of 3,455 square kilometres (853,761 acres) of mineral claims and permits. Two of the properties (Permit Areas 1 and 2) consist of 10 prospecting permits that are part of the Canada Uranium Joint Venture in which Strongbow Exploration Inc. (CDNX:SBW.V - News) holds a 50% interest, and the remaining 5 properties (Amer Lake East, Amer Lake West, Itza Lake, Kiggavik Central and Kiggavik Southwest) are owned 100% by Bayswater.
The properties were acquired due to the documented presence of moderate and high-grade uranium mineralization associated with the margin of the Thelon Basin, interpreted to be an analogue of the Athabasca Basin located in Saskatchewan, approximately 350 kilometres to the south. The Athabasca Basin hosts the world's highest-grade unconformity related uranium deposits.
The Kiggavik Central and Southwest blocks cover major structures that are known to be strongly altered and to cross-cut late stage uraniferous granites. This geological setting is analogous to the Kiggavik, Andrew Lake and END deposits located just a few kilometres northeast of Bayswater's properties. These near surface deposits, owned by AREVA Resources Canada Inc., host historical resources of 119.3 million lbs U3O8 at a grade of 0.53% U3O8.
The remaining claim blocks and permit areas are situated approximately 50 kilometres to the north, and cover uranium-rich sedimentary rocks of the early Proterozoic Amer Belt near the unconformity with the overlying sandstones of the Thelon Formation. The two uranium deposit model types being sought after in these properties are Athabasca-style unconformity type mineralization and sediment hosted uranium mineralization similar to that found in deposits that are past and present producers in the Franceville Basin in Gabon, the Katanga System in Congo and Zambia, and the Tim Mersoi Basin in Niger.
A total of 21,994 line km of fixed wing magnetic and radiometric geophysical surveying were flown during the summer of 2006 at 200 metre line spacing over the seven properties. A large number of high priority radiometric anomalies were defined by this survey, and a brief prospecting and soil sampling program was carried out in the fall of 2006 to evaluate a limited number of these anomalies. The majority of the radiometric anomalies defined by the 2006 surveys have not yet been ground truthed. A review of all data available for the North Thelon properties has been completed. Significant results from each of these properties are summarized below.
For further information on the North Thelon Uranium Project, refer to previous news releases dated August 8, September 1 and 21 and March 7, 2007.
Permit Area 1
* Major regional faults cross-cut the unconformity between the Thelon sandstone and Amer group metasediments and Archean gneisses.
* Abundant linear conductive zones documented in assessment data are interpreted to represent favourable graphitic horizons within the Amer group metasediments.
* Several angular boulders of hematized and brecciated Thelon sandstone and conglomerate discovered during the 2006 prospecting program yielded assays between 313 and 415 ppm U.
* A number of uraniferous boulder trains have been reported by previous workers in the southeastern portion of the property.
* Significant airborne radiometric anomalies require follow up ground truthing.
Permit Area 2
* The favourable structural and stratigraphic setting for uranium mineralization noted in Permit Area 1 is also present here.
* One rusty boulder of hematized granite discovered during 2006 yielded assay of 619 ppm U.
* Significant airborne radiometric anomalies require follow up ground truthing.
Amer Lake East
* Uranium values in Amer Group sediments ranging from 200 to 6420 ppm occur along a zone some 5 km long in the southern part of the property.
* Thrust contact between favourable Amer Group metasediments and basal quartzite is characterized by a cluster of soil samples anomalously enriched in uranium and base metals.
* Significant airborne radiometric anomalies require follow up ground truthing.
Amer Lake West
* A 2006 grab sample of a previously discovered showing yielded a grade of 3,042 ppm U (0.35% U3O8).
* Cluster of historic uranium occurrences are located within the property with reported values of 0.177% U3O8 and 8.48% 3O8 for two of the occurrences.
* Significant airborne radiometric anomalies require follow up ground truthing.
Itza Lake
* Significant boulder train with reported assay values ranging from 0.10 to 0.96% U3O8 extending off the northwest side of the property for some 20 km indicating a source area within the Itza Lake property.
* 2500 ppm uranium value in a rock sample in or closely associated with an EM conductive zone in the southeastern portion of the property.
* Amer mylonite zone is projected to cross-cut favourable Amer Lake metasediments.
* Significant airborne radiometric anomalies require follow up ground truthing.
Kiggavik Central
* Major E-W trending clay altered & hematized fault zones including western extension of North Sissons Fault Zone which hosts the Andrew Lake deposit.
* Significant airborne radiometric anomalies require follow up ground truthing.
Kiggavik Southwest
* Major structures indicated by the 2006 magnetic survey.
* Significant airborne radiometric anomalies require follow up ground truthing.
Scheduled to commence in early summer, the objective of the 2007 exploration program at the North Thelon Project will be to carry out detailed mapping, prospecting, geochemical and geophysical surveys in order to establish drill targets. It is anticipated that drilling will take place in late summer 2007 or 2008.
Bayswater's exploration activities are conducted under the supervision of Gordon Davidson, P.Geol, Vice-President of Exploration, a qualified person under NI 43-101. George M. Leary, M.Sc. P. Eng. (BC), President of the Company, is the qualified person responsible for the technical information in this news release.
About the Thelon Basin, NWT/NU, Canada
Located in the Northwest Territories and Nunavut, Canada, the Thelon Basin represents an under-explored, major sandstone basin that shares many geological characteristics with the Athabasca Basin, located in Saskatchewan, approximately 350 km to the south. Numerous high-grade unconformity-style uranium deposits have been identified within the Athabasca Basin, and mining of these deposits currently generates approximately one third of the world's uranium production. Similarities between the Athabasca and Thelon Basins include the age and character of favorable host and basement rocks, major basement structural features and, importantly, known occurrences of unconformity-type uranium mineralization. The most advanced uranium deposits within the Thelon Basin area are AREVA Resources Canada Inc.'s Kiggavik, Andrew Lake and END deposits (the Kiggavik Trend), host to approximately 131 million pounds of contained U3O8. Bayswater Uranium is the largest landholder in the Thelon Basin with interests in 3.7 million acres representing approximately 1/3 of the available exploration land in the Basin. For 2007, an $8.1 million exploration program is planned for the Thelon Basin (North and South regions) to identify and evaluate additional uranium targets, including up to 10,000 metres of drilling. Other companies exploring the Basin include Cameco (Toronto:CCO.TO - News) and US-based Ur-Energy Inc. (Toronto:URE.TO - News).
About Bayswater Uranium Corporation -- The Super Junior(TM) Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information contact:
John Gomez
Manager
Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
http://biz.yahoo.com/iw/070411/0237514.html
Uranium Investing Conferences Focus on Picking Market Winners
Wednesday March 21, 12:57 pm ET
VANCOUVER, BC--(MARKET WIRE)--Mar 21, 2007 -- U3O8 Media Inc., in association with Carriere Consulting Group and Academy & Finance SA, are pleased to present Uranium Investor Forums in Zurich (March 27, 2007) and Geneva, Switzerland (March 29, 2007).
Experts, including Dr. Thomas L. Neff, senior researcher at MIT's Center for International Studies since 1975 and President of Nuclear Security Associates, LLC, will provide valuable information to help investors understand the uranium industry, uranium supply and demand to 2025, and the relation between production and uranium enrichment, and the investment opportunities in enrichment capabilities.
Investors will also hear from experts on subjects ranging from U.S. uranium consumption, factors likely to influence U.S. nuclear power plant construction, the ever-changing political climate toward nuclear energy and what new opportunities have been created by the trend toward nuclear energy in the U.S. International investors will learn how to invest and benefit from these trends by investing in uranium exploration and development companies.
In addition, forum attendees will learn about investment opportunities in promising junior, mid-tier and near-production uranium companies. Senior executives from ten of the fastest growing uranium companies will be on hand to answer investor questions about investing in the burgeoning uranium exploration industry.
"We are pleased to be involved in these important conferences that are designed to assist investors profit from the rapidly growing uranium market," says John Gomez, President U3O8 Media Inc. "Investors will gain insight on the market from industry experts and have the opportunity to meet with management of some of the world's most dynamic uranium companies."
The ten invited participating companies are Augen Capital Corp. (CDNX:AUG.V - News), Bayswater Uranium Corp. (CDNX:BAY.V - News), Crosshair Exploration & Mining Corp. (CDNX:CXX.V - News), Forum Uranium Corp. (CDNX:FDC.V - News), Forsys Metals Corp., Monster Copper Corp., Powertech Uranium Corp., Strathmore Minerals Corp., Uranium Energy Corp., and Xemplar Energy Corp.
About Academy & Finance SA
Since 2000, Academy & Finance SA has been organizing conferences and seminars in the field of finance and specifically private wealth management. Since its creation, Academy & Finance SA has organized 150 conferences for a total of 2500 clients in Geneva, Luxembourg, Brussels, Lugano, Zurich, Monaco and Paris. The financial daily newspaper L'Agefi is one of the shareholders of Academy & Finance SA, and is a press partner.
About Carriere Consulting Corp.
Carriere Consulting Corp. (www.carriereconsulting.com) creates custom Investor Relations programs for resource companies working to expand their investor base into Europe, and through its Geneva based partner, Academy & Finance, organizes exclusive commodity specific investment conferences.
About U308 Media Inc.
U3O8 Media Inc's Website www.u3o8.biz delivers original market analysis, breaking news, and insightful editorial on the economic, political, and environmental issues fueling the reemerging uranium industry. U3O8.biz provides valuable market and company research, as well as a listing of leading public mining and exploration companies at the forefront of the uranium business.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information, visit the conference website at:
http://www.academyfinance.ch/ or contact:
John Gomez
President
U3O8 Media Inc.
Tel. (604) 723-9382
Robert Carriere
President
Carriere Consulting Group
Tel: (604) 671-4142
--------------------------------------------------------------------------------
Source: U308 Media Inc.
http://biz.yahoo.com/iw/070321/0229371.html
Bayswater and Kilgore Merging Into Promising Uranium Play
By Todd Flagg
20 Mar 2007 at 04:07 PM GMT-04:00
St. LOUIS (ResourceInvestor.com) -- Uranium explorer Bayswater Uranium Corporation [TSXv:BAY] and Kilgore Minerals Ltd. [TSXv:KAU] announced a merger Tuesday, to create a company with 10 million pounds of historical uranium resources and have $40 million of operating cash.
News of the merger caused share prices to increase for both companies. Bayswater share price increased 8 cents per share or 5%. Kilgor Minerals increased by 7 cents per share or 4.7%.
Robert Bishop, editor for the Gold Mining Stock Report, said the merger will combine the exploratory project of Bayswater with the resource-rich assets of Kilgore.
"The merger of Kilgore and Bayswater is a marriage of a deep value play with a broadly diversified exploration company, a company with a far-off-the-market's-radar-screen profile with a company whose market profile has been high and now can be expected to be higher," said Bishop.
The resulting company will control Bayswater's dominant land explorations in four sites in Canada and one in Africa, as well as Kilgore's four sites in the United States that have historical uranium resources with near-term production potential. The merger will also combine base metal and gold asset mines in Ireland and California.
Based on a 1:1 share exchange, the premium that Bayswater commanded over Kilgore peaked out at 89% on February 23, and commonly traded in a band between 45 and 65%. At the time of the announcement the premium stood at 7.4%, according to Bishop.
"For those unhappy with the seemingly disappearing premium, it's worth noting that Kilgore made another new annual high this morning-$1.73-and Bayswater is currently trading 32% below its high of one month ago," he said.
What Bayswater brings to the table is seven projects in various stages of development.
The Labrador, Canada project is a searching for the right to obtain 1.1 million acres in the Central Mineral Belt uranium district. A $3.2 million exploration program comprising airborne surveys and follow-up prospecting in 2006 identified numerous uranium mineralized zones which will be drill tested this year.
Its Athabasca Basin project is 1.7 million acres produced 62.5 million pounds U3O8, and the high grade Shea Creek uranium deposits. A $4.5 million exploration program is planned for 2007 including a deep penetrating VTEM survey in order to identify favourable basement conductors, followed by targeted ground geophysics, prospecting and up to 10,000 metres of drilling.
The Thelon Basin project is 3.7 million acres representing 33% of the available ground in the basin. An $8.1 million exploration program is planned for 2007 to identify additional favourable targets by airborne geophysical surveys and to evaluate targets by ground geophysics, prospecting and up to 10,000 metres of drilling.
The company’s Newfoundland project is in 418,000 acres in southwest Newfoundland. An airborne survey over a portion of the property in 2006 identified numerous low level radiometric anomalies. Further airborne surveying is planned for 2007 with follow-up prospecting of high priority targets and drilling if warranted.
The Niger, West Africa project is searching for the rights to acquire 100% interest in 2.0 million acres in two separate blocks of prospective uranium exploration concessions are anticipated to be granted shortly. Once the concessions are granted, Bayswater plans a $1.8 million program of airborne surveying and follow-up prospecting and mapping to define drill targets.
Aggressive planned exploration expenditures of approximately $20 million on Bayswater's uranium properties in Canada and Niger in 2007 should significantly advance projects towards the resource stage, according to the company.
According to the Kilgore Mineral Ltd. website, the company has 12 uranium properties in the U.S. The average grade of U308 being pulled from the sites is 0.141%. Of the four main sites in Montana, Nevada and California, Kilgore and historical uranium reserves of about 10 million pounds.
Bishop said that Kilgore’s release of uranium before the market of “approximately 10 million pounds ... is a conservative figure that can be expected to grow substantially.”
"I believe this is a conservative figure that can be expected to grow substantially, assuredly from within Kilgore's existing portfolio, as well as from any measure of success on Bayswater's aggressive 2007 exploration program," he said.
According to Bishop, the Bayswater/Kilgore merger is a case of “opposites attract.” He said that Kilgore has been a company of unknown assets, but always a considered a good value under president Norm Burmeister.
The merger will combine the solid assets of Kilgore with the exploritory and financial backing of Bayswater, a company's whose stock price has ebbed and flowed during the past three years.
“Those who have recovered at least their investment from Kilgore can either go for the ride with the new Bayswater, post-merger in May, or take profits into strength. Except perhaps for those who have deferred any profit-taking in Kilgore, there is no urgency to take money off the table,” Bishop said.
“As in the past, the stock can be expected to be a volatile trader, and taking money out of Kilgore should be limited to periods when the market is rewarding Bayswater for the market visibility that Kilgore never enjoyed,” he added.
Bishop also said it's also not a great leap to expect that the combined company could obtain a listing on a more senior stock exchange, perhaps even in the U.S.
“It will be Kilgore's assets, not Bayswater's collection of speculations that will make this possible,” he said.
The merger comes at time when the price of uranium is going through the roof. The spot uranium price has risen 152% since starting 2006 at $36/lb. So far this year, the price has jumped almost 26% now at $91/lb.
The demand for uranium has increased largely because of the boom for nuclear energy. Twenty-nine nuclear-power plants are being built worldwide with over 100 more in the planning stages.
China's plans call for 15 to 30 new nuclear plants by 2020, while India is building seven more plants and has been promised U.S. help to triple its collection by 2020. Japan, already with 59 reactors, plans to build 11 more by 2010.
http://www.resourceinvestor.com/pebble.asp?relid=30000
Bayswater and Kilgore Merging to Form Dynamic Leading Uranium Company
Mon Mar 19, 9:40 PM
Email Story IM Story Printable View VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 19, 2007) - Bayswater Uranium Corporation (TSX VENTURE: BAY.V) and Kilgore Minerals Ltd. (TSX VENTURE: KAU.V) -
Bayswater Uranium Corporation (TSX VENTURE: BAY.V) and Kilgore Minerals Ltd. (TSX VENTURE: KAU.V) are pleased to announce that they have entered into a Letter Agreement to merge. The combined corporate entity will create a major player in the uranium exploration sector highlighted by large, strategic exploration-landholdings in major uranium districts in Canada, the largest uranium producing country in the world; and by advanced uranium properties in the United States with approximately 10 million pounds of historical uranium resources having near term production potential and substantial upside for discovery and definition of additional resources as detailed below:
Average
Pounds Average % Thickness
Property U3O8 U3O8 (ft.)
--------------------- ------------ ----------- -----------
Cochrane, Montana 3,589,684 0.128 9.24
Snow, Montana 1,220,596 0.150 6.45
132,000 0.121 6.31
Mountain West, Nevada 927,400 0.153
98,000 0.140
Juniper, California 4,018,000 0.193
Bayswater Closes $25 Million Brokered Private Placement
Thursday March 8, 1:29 pm ET
VANCOUVER, BC--(MARKET WIRE)--Mar 8, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) (the "Company") is pleased to announce that it has closed the brokered private placement previously announced on January 23, 2007 issuing 4,336,800 units of the Company (the "Units") at a price of $1.45 per Unit and 11,375,000 flow-though units (the "FT Units") at a price of $1.65 per FT Unit, raising aggregate gross proceeds of $25,057,110 (the "Offering").
Each Unit comprises one common share and one half of one transferable common share purchase warrant (each whole such purchase warrant, a "Warrant"). Each FT Unit comprises one flow-through common share and one half of one transferable Warrant. Each Warrant is exercisable into one additional common share at an exercise price of $1.85 per common share until September 8, 2008.
The Offering was brokered by Pacific International Securities Inc. (the "Agent"). The Agent has received a commission of 7.0% of the gross proceeds of the Offering paid in a combination of cash and Units. The Agent and its selling group have also received 1,571,180 compensation options (the "Compensation Options"). Each Compensation Option entitles the holder to acquire one additional common share at an exercise price of $1.70 per common share until September 8, 2008.
All of the securities issued under the private placement are subject to a four-month hold period expiring on July 9, 2007.
The gross proceeds raised from the issuance of the FT Units will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2007 taxation year. Net proceeds of the Offering will be used to fund exploration on the Company's Canadian uranium projects including the Central Mineral Belt-Labrador, Athabasca Basin-Saskatchewan, Thelon Basin-Northwest Territories and Nunavut and the Hermitage Belt-Southern Newfoundland; and for a uranium exploration project in Niger, West Africa once the concessions are granted to the Company and for general working capital purposes.
About Bayswater Uranium Corporation -- The Super Junior Uranium Company(TM)
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior Uranium Company(TM) with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit http://www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
Warning: The Company relies upon litigation protection for "forward-looking" statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
mthus,
February 07, 2007
Bayswater Uranium has a positive share structure including a significant number of shares held by institutions, and approximately eleven million dollars in working capital:
Shares outstanding: 71,926,538
Warrants and options: 14,715,360
Fully Diluted: 86,641,898
[from company web page]
sumisu
PS. Thanks for the question; I will include this information in the iBox.
Bayswater Provides Update on Projects and Operations
Wednesday March 7, 10:12 am ET
VANCOUVER, BC--(MARKET WIRE)--Mar 7, 2007 -- Bayswater Uranium Corporation (CDNX:BAY.V - News) is pleased to provide a project and corporate update as follows:
1. Five additional claims comprising approximately 12,000 acres have been staked in South Thelon Basin along one of the main basement structures that extends through the central portion of its land holdings. Areva (formerly Cogema) previously held this ground and carried out a detailed EM survey in the 1990's. This ground adjoins land forming part of the Canada Uranium Joint Venture with Strongbow Exploration Inc. Land subject to the JV, exclusive of these newly acquired claims, comprises a total of 164,652 acres in two blocks in South Thelon Basin. VTem surveying is planned to commence on these claims at the beginning of April in order to evaluate this structure for conductive zones favourable for high grade, Athabasca type unconformity uranium deposits.
2. 332 additional claims in one contiguous block have recently been staked by the Company adjoining land along the southeastern margin of its claim block on the Central Mineral Belt Uranium Project, Labrador. The claims cover radiometric anomalies reflecting granitic rocks and zones of radioactive sandstones requiring further prospecting. Further assessment and review of the results of the airborne survey and follow-up prospecting are continuing from last seasons work. Numerous targets throughout Bayswater's large land holding require further prospecting which will be undertaken this summer.
3. The Company is still waiting for final results from its very limited follow-up prospecting program last year in North Thelon Basin. Preliminary results indicate anomalous uranium contents were obtained from grab samples, with assay values ranging from about 0.02% to 0.30% U3O8, collected from a number of the airborne radiometric anomalous zones examined. Once the data and final report is received the Company will report the results in greater detail.
4. A compilation of previous exploration and government data from the Company's North Thelon Basin properties and the Athabasca Basin property are currently underway. This data will provide further information in regards evaluating these properties and targets developed for detailed exploration.
5. The airborne VTem survey in Athabasca Basin, currently underway over the Company's 1.7 million acre land holding as reported in a news release dated January 24, 2007, is to date about 60% completed. Two Geotech helicopter systems are currently operating in the field. This survey will comprise at least 14,000 line km making it one of the largest airborne EM surveys ever carried out in this prospective basin. The survey should be completed by the end of March at which time both helicopter systems will commence surveying the central basin portion of the Company's land holdings in South Thelon Basin that were not flown last year. The survey in South Thelon Basin will comprise about 10,000 line km. Ground follow-up of favourable basement conductive zones indentified as a result of these surveys will commence once the results of the surveys have been reviewed and assessed. In addition, follow-up with ground geophysics will commence shortly on the Company's favourable basement conductor targets identified as a result of a Fugro MEGATEM survey flown over a portion of the land holdings last year. Aurora Geosciences out of Yellowknife has been contracted to carry out this work commencing in early April, 2007. The survey work will be designed to define targets for future drill testing. Also, a fixed wing survey consisting of magnetometer, radiometric and VLF surveys will be flown over the Company's landholdings around the margins of the southern Thelon Basin once the snow has melted in early to mid June, 2007. Further ground follow-up of all prospective targets is planned for this summer.
6. The Company reports that the exploration syndicate with Gold-Ore Resources Ltd and Santoy Resources Ltd., with which it was an equal partner in the exploration of two concessions in Gualemala, has been terminated and the land holdings in Guatemala will be allowed to lapse. Exploration on this property failed to identify targets of interest.
7. The Company also reports that Janice Davies has resigned as corporate secretary. Marion McGrath has been appointed in her place as corporate secretary. The Company thanks Ms. Davies for her long and devoted service to Pathfinder and more recently to Bayswater subsequent to the merger last year. This change was made necessary due to the need to centralize administrative functions as a result of the Company recently hiring a full time controller who works from the iOCorporate Services office in Vancouver.
8. Closing of the Company's brokered private placement to raise up to $20 million as announced January 23, 2007 is scheduled to close March.8, 2007.
About Bayswater Uranium Corporation - The Super Junior(TM) Uranium Company
As the only uranium explorer 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 Uranium Corp. is well positioned to be a market leader in uranium exploration. Bayswater combines the experience of its technical and managerial teams with a large, highly prospective and diverse property base. The result is a Super Junior(TM) Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. For further information visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information contact:
John Gomez
Manager, Investor Relations
Telephone: (604) 687-2153
--------------------------------------------------------------------------------
Source: Bayswater Uranium Corporation
http://biz.yahoo.com/iw/070307/0223884.html
Followers
|
1
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
37
|
Created
|
03/07/07
|
Type
|
Free
|
Moderators |
Shares outstanding: 71,926,538 Warrants and options: 14,715,360 Fully Diluted: 86,641,898~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ BAYSWATER URANIUM CORP. FILINGS & PUBLIC DOCUMENTS with SEDAR
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |