Bayswater Uranium Corporation (TSX-V: BYU), (OTC: BYSWF) reports that Otis Gold Corp (“Otis”) has started a 6,000-metre, 30-core hole drilling program at Bayswater’s Kilgore Gold Project, Clark County, Idaho, in which Otis can earn up to a 75% interest. Drilling will be on-going throughout the entire 2010 field season, with program completion slated for early December.
Drilling will be conducted on a 24-hour basis and will be spread between a minimum of 30 holes located throughout four quadrants encircling the deposit’s central Mine Ridge deposit area. The program is designed, in part, to convert inferred resource material into the drill indicated category and to drill in-fill and step-out holes to both upgrade the current resource and to test for further resource expansion, as well as closure, where the deposit remains open. Part of the drilling will also focus on in-filling and off-setting higher-grade historic intercepts near and along the Cabin Fault and its contact with an adjacent Tertiary rhyolite dome, the possible source of mineralization for the Kilgore gold system. The program will also concentrate on off-setting and extending to the south higher-grade intercepts found by Otis during its 2008 and 2009 drilling of the Kilgore deposit Mine Ridge core target area.
Approval of Otis’s drill plan was granted by the U.S. Forest Service – Caribou-Targhee National Forest on May 6, 2010, only two weeks after the date of its submission. Timberline Drilling Inc., Coeur d’Alene, Idaho, will be conducting the HQ-size core drilling employing two Sandvik DE140 core drills, with the first drill scheduled to arrive on site June 14 and the second to arrive approximately one week thereafter. The program is budgeted at US$2.0 million. Results from the drilling will be released as they become available, and a new Mine Ridge resource estimate will be prepared following completion of the drill program.
Drilling at the adjacent Dog Bone Ridge target area is currently in the assessment and permitting stage. Details of this drill program will be released as they become available.
Otis can earn up to a 75% interest in the Kilgore Gold Project from Bayswater by fulfilling the terms of an agreement dated June 4, 2008 (see Bayswater news release dated June 10, 2008 for further information).
John R. Carden, Ph.D., P. Geo., a Qualified Person (QP) with Otis, as defined by National Instrument Policy 43-101, is responsible for the technical information contained in this 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 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 is to put Reno Creek into production in the shortest time frame possible. As well, Bayswater is the only uranium company to have major landholdings in each of Canada's most important producing and exploration regions - 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.
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION
George M. Leary
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.
John Gomez, 604-687-2153
Manager, Investor Relations