Bayswater Uranium Corporation (TSX-V: BAY),
(OTC: BYSWF) is pleased to announce that it has
executed an Option Agreement �Option� with CanAlaska Uranium Ltd.
(TSX.V: CVV) �CanAlaska� to explore Bayswater�s Collins Bay
Extension uranium project �Project� in the Athabasca Basin. The
Project is situated directly adjacent to and following the
North-East strike extension of Cameco Corp.�s (TSX: CCO)
past-producing uranium mines at Rabbit Lake and Collins Bay, and
current producing uranium mine at Eagle Point in the Eastern
Athabasca Basin of Saskatchewan. The Collins Bay Extension contains
a significant number of exploration targets within the Snowbird and
Fife Island areas.
Under the terms of the Option, CanAlaska shall act as the
exploration operator and may earn a 51% participating interest in
the Project by undertaking a minimum of Cdn$4 million in
exploration expenditures within 5 years and issuing a total of
CanAlaska 500,000 shares to Bayswater over this period. CanAlaska
may increase its participating interest in the Project to a 70%
level by successfully undertaking a further Cdn$2 million in
exploration expenditures over a period of 3 years.
Collins Bay Extension Project
CanAlaska�s prime focus in the current exploration season is to
re-visit and drill test the structurally-controlled uranium
mineralization intersected in historical (1984) Minatco drill holes
MWLD8 to MWLD13. The best of these holes intersected 0.152%
U3O8 over 4 metres (over 3 pounds
per ton U3O8), along an offset structure on the northern part of
Fife Island, in an area designated as the �VIC� zone.
The geological trends mapped in the Eagle Point-Collins Bay
uranium mines and surrounding areas extend to the north and east
onto the Collins Bay Extension property. Historical exploration
dating from the late 1960�s was controlled by large corporations,
such as by Gulf Minerals, E&B Explorations, Minatco Ltd (now
part of AREVA), SMDC and Cameco. These exploration efforts involved
extensive use of then-current geophysical survey techniques and
made multiple uranium discoveries, evidenced by uranium
mineralization in drill holes in four separate areas. Ten areas of
the property produced geological and structural targets. However, a
total of only 73 diamond drill holes were drilled on this extensive
property throughout these years through to 2008. This amounted to
less than one drill hole per 5 square kilometres. This minimal
quantity of physical drilling of the significant targets from the
early exploration provides CanAlaska an excellent opportunity to
test prime exploration targets in a highly productive uranium
exploration territory.
The historical drill holes on the Project were not evenly
distributed, but were concentrated in clusters within the North
Fife area in the north part of the property, the Northern Snowshoe
Island � Greenway Peninsula area in the west-center of the
property, and the Rabbit Lake North area in the south of the
property. These areas remain prime targets for further exploration.
Similarly, the target containing the source of the Pow Bay uranium
mineralized boulder train, north-east of the Rabbit Lake deposit,
is thought to be under the lake-covered portion of the southern
part of the Collins Bay extension property. In all of these areas,
the postulated pre-existing Athabasca sandstone has been removed by
erosion, and the uranium exploration will be for Athabasca
�basement style� unconformity targets, such as the Eagle Point or
Rabbit Lake deposits.
In 2007, Northern Canadian Uranium (NCU), the previous operator
of the property, carried out a small drill program totaling 1,330
meters in 5 holes on a newly identified target, intersecting narrow
intervals of sub-economic mineralization at the northern end of
Snowshoe Island (up to 0.03% U3O8 over 2.0 metres from drill hole
CBE07-06. In 2008, NCU carried out 2,014 line-km of modern VTEM
geophysical surveys over most of the Project, including the area
east of the Pow Bay mineralized boulder train. In late 2007, NCU
was amalgamated with Bayswater Uranium, and Bayswater carried out a
drilling program in early 2008 consisting of 3,510 m of drilling in
12 drill holes. All these holes intersected favourable lithologies
of the basal Wollaston group of metasediments, which host all the
basement hosted unconformity related deposits in the eastern
Athabasca basin, and one hole interested 710 ppm U in a tourmaline
rich pegmatite.
There still remain untested high priority targets on the project
area. The geology and target figures show the strong structural
trends and zones of conductor targets on strike and adjacent to the
know uranium mine mineralization in the Rabbit Lake and Collins
Bay/Eagle Point mineral trends. For further information on the
Collins Bay Extension visit www.bayswateruranium.com.
Since 2005, CanAlaska has successfully carried out over 4,000
line kilometres of marine seismic survey mapping within areas of
the Athabasca Basin. CanAlaska intends to utilize this extensive
experience with seismic surveys to map near shore lake targets
peripheral to the know mines and mineral showings. CanAlaska
intends to carry out an initial drill program on the Fife Island,
�VIC� zone mineralization, commencing in August, 2009.
CanAlaska President Peter Dasler, commented, �CanAlaska has been
focusing its 2009 summer exploration on drill testing near-surface
uranium targets on the Northern Rim of the Athabasca Basin, on its
Black Lake, Fond Du Lac and Grease River projects. The opportunity
to combine these logistical operations on a readily accessible
project, which has associated road and power infrastructure, is
significant. The Collins Bay Extension Project hosts multiple zones
of known uranium mineralization, and on Fife Island, at least one
zone of ore-grade values. This latter target has not been
investigated since 1984. The publicly available updates on style
and geology of the mineral deposits at the current mines in the
trend, coupled with the advanced modern geophysical modeling that
CanAlaska staff is regularly carrying out, provides us with the
knowledge to define very strong exploration targets on the project.
It is fortuitous that CanAlaska has the funding and personnel in
place to advance this significant exploration opportunity.�
Bayswater President George Leary, stated, �This Agreement
enables us to continue to advance the Collins Bay Extension Project
while we focus on our advanced-stage properties and opportunities.
We�re delighted to partner with CanAlaska as they have considerable
exploration experience in the Athabasca Basin.�
About CanAlaska Uranium Ltd. --
www.canalaska.com
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7 --
Frankfurt) is undertaking uranium exploration in twenty 100%-owned
and two optioned uranium projects in Canada's Athabasca Basin.
Since September 2004, the Company has aggressively acquired one of
the largest land positions in the region, comprising over 2,500,000
acres (10,117 sq. km or 3,906 sq. miles). To-date, CanAlaska has
expended over Cdn$50 million exploring its properties and has
delineated multiple uranium targets. The Company's geological
expertise and high exploration profile has attracted the attention
of major international strategic partners. Among others, Mitsubishi
Development Pty., a subsidiary of Japanese conglomerate Mitsubishi
Corporation, has undertaken to provide CanAlaska C$11 mil. in
exploration funding for its West McArthur Project. Exploration of
CanAlaska's Cree East Project is also progressing under a C$19 mil.
joint venture with a consortium of Korean companies led by Hanwha
Corporation, and comprising Korea Electric Power Corp., Korea
Resources Corp. and SK Energy Co, Ltd. Memoranda of Understanding
have also been executed with mining partner East Resources Inc. to
commence exploration on the Poplar and NE Wollaston Projects,
comprising a potential 100,000 metres of drill testing on each
property.
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 �BAY�. For further information
visit www.bayswateruranium.com.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. LearyPresident and CEO
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.
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