Bayswater Uranium Corp fka BAY

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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: [phone]

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Source: Bayswater Uranium Corporation