Bayswater Uranium Corporation (TSX-V: BYU), (OTC: BYSWF) reports that CanAlaska Uranium Ltd. (TSX.V – CVV) has provided preliminary results of summer exploration surveys on the Collins Bay Extension Project in the Athabasca Basin.
CanAlaska's geophysical staff carried out detailed waterborne seismic surveys across the large target south of Blue Island. This profiling was extended in the shallow offshore area east of the Rabbit Lake Mine, where CanAlaska had previously completed sediment sampling (see map at http://www.bayswateruranium.com/Images/CBEBath.pdf). This sampling, in Pow Bay, was to test for the source of a uranium boulder train reported to be located south of the bay. The map image shows the well-developed structural break which is associated with the Rabbit Lake fault system in the Pow Bay area. This map also shows a distinct channel of uranium enrichment trending north-easterly across the bay, following the postulated trend of the Rabbit Lake fault system. This trend, which also corresponds to features from CanAlaska's winter gravity survey, can be drill-tested with shallow holes during the winter season.
Further offshore, the large airborne Blue Island electromagnetic anomaly matches a rapid change in the bathymetric survey, surrounding the location of CanAlaska drill hole CBX006. This drill hole identified a 200 metre faulted offset in the basement rocks, underlain by breccias, and localized uranium mineralization. Processing of the seismic data, along with integration of historical lake bottom sediment sampling, will commence within the next week, with final detailed images available for winter drill targeting in early December 2010. CanAlaska's seismic survey ties into the 1993 Goldak seismic survey and extends a major paleovalley, interpreted as a possible fault or shear zone, which ties into the Blue Island anomaly (see map).
Peter Dasler, M.Sc., P Geo. is CanAlaska’s Qualified Person for the information provided 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 in Wyoming, the Company’s focus is to put Reno Creek into production in the shortest period possible. The Company’s Elkhorn/Alzada Project, located approximately 100 miles northeast of Reno Creek, is a planned development project for possible future US production. 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 the 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 news release.
John Gomez, 604-687-2153
Manager, Investor Relations