Bayswater: Drill Results From Collins Bay Extension Project in Athabasca Basin

23.08.2010  |  Business Wire

Bayswater Uranium Corporation (TSX-V: BYU),
(OTC: BYSWF)
reports that CanAlaska Uranium Ltd. (TSX.V ? CVV)
has provided drill results from Fife Island at the Collins Bay
Extension project in the Athabasca Basin, under option from Bayswater.
The drilling, conducted in April 2010, identified multiple uranium
bearing zones and a best drill intersection of 4.7 metres assaying
0.043% U3O8. Seismic profiling of the Blue Island diatreme target
has commenced to identify targets for further drilling this winter. The
Collins Bay Extension project is situated immediately adjacent to the
current producing underground Eagle Point mine and the past producing
open pit mines of Collins Bay and Rabbit Lake, mined by Cameco
Corporation (TSX: CCO)
and its predecessors.

Uranium mineralization in drill core from hole CBX002 measured 4.7
metres assaying 0.043% U3O8, where stringer zones of uranium
mineralization were identified within a north west trending fault splay
on the Vic zone at Fife Island. This is in the same area where drilling
in 1981 intercepted 4.0 metres of 0.152% U3O8 (in DDH MWL-D-8).
In the following table there are both assay and radiometric probe
results from April′s drilling. Drill holes CBX001 to CBX005 are from the
Fife Island target, and the CBX006C assay is from one of the deeper
fault zones on the Blue Island diatreme target. The first drill hole in
April 2010 was southwest of Blue Island on the western of two circular
geophysical anomalies. Drill hole CBX006 showed strong evidence of an
extensive disruptive geological event associated with the circular
features, with brecciation continuing to the end of the drill hole. The
probe results are from zones where there was limited, or no recovery of
core.

Seismic survey profiling of the lake and basement terrain across the
Blue Island target is underway. This profiling will be used to identify
major structures within the diatreme in preparation for winter 2010-2011
drilling. Preliminary results indicate that modeling will be able to
provide significant detail on the target.

Peter Dasler, President of CanAlaska commented, 'The Blue Island target
is a large new feature in this area of the Athabasca Basin, and we are
pleasantly surprised by the amount of breccia intersected in the drill
hole. Other areas of the Athabasca Basin have circular structures
associated with brecciation, alteration and uranium mineralization. This
is a discrete target, and it is very encouraging that the first drill
hole has given us evidence of uranium mineralization associated with the
breccias.'

Peter Dasler, M.Sc., P Geo. is CanAlaska′s Qualified Person for 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

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.