Bayswater Finds New Uranium Occurrences and Defines Drill Targets Along Significant Uranium Trend at Boiteau Lake, Central Mineral Belt, Labrador

November 2, 2009 7:30 AM EST

Highlights

    --  54 of 69 rock samples collected during 2008/2009 return assays greater
        than 0.10% U3O8
    --  40 outcrop samples return average grade of 0.27 % U3O8
    --  Best sample assayed 1.48 % U3O8
    --  High priority drill targets delineated for 2010 field season
    --  Two large coincident geochemical, geophysical and bedrock uranium
        targets delineated

VANCOUVER--(BUSINESS WIRE)-- Bayswater Uranium Corporation (TSX-V: BAY), (OTC: BYSWF) is pleased to announce the results of the 2009 exploration program on its Boiteau Lake Uranium Property located within the Central Mineral Belt of Labrador. An aggressive program of grid establishment, soil geochemistry, geological mapping, prospecting and ground geophysical surveying was carried out during the summer of 2009 along a 3.5 km portion of a larger mineralized trend and associated structural corridor discovered during 2008 as first announced in a news release dated November 20, 2008.

The 2009 ground exploration program has confirmed the presence of a large and significant uranium mineralized system characterized by numerous bedrock uranium showings along an extensive structural corridor on the Boiteau Lake Property. During the field program, four new bedrock mineralized zones were located within the gridded portion of a 12 kilometer long favourable structural corridor cutting through the Company's claims. 54 of 69 samples collected during the 2008/2009 programs have assayed above 0.10 % U3O8 with the best sample returning a value of 1.48 % U3O8 . Table 1 summarizes all uranium assays from the sampling program to date.

Sample    Type       %        Sample    Type       %        Sample    Type       %
#                    U3O8     #                    U3O8     #                    U3O8

2009 Sampling Program

50203     Float      0.081    50217     Float      0.254    50232     Outcrop    0.330

50204     Float      0.126    50218     Outcrop    0.096    50233     Float      0.665

50205     Float      0.078    50219     Float      0.330    50234     Outcrop    0.088

50206     Float      0.290    50220     Outcrop    0.122    50235     Float      0.112

50207     Float      0.135    50221     Outcrop    0.139    50236     Outcrop    0.254

50208     Float      0.166    50222     Float      1.100    50237     Outcrop    0.197

50209     Float      0.156    50223     Float      0.032    50238     Outcrop    0.216

50210     Float      0.175    50224     Outcrop    0.004    50239     Float      1.480

50211     Outcrop    0.521    50226     Float      0.061    50240     Outcrop    0.046

50212     Outcrop    0.312    50227     Float      0.124    50241     Outcrop    0.045

50213     Outcrop    0.237    50228     Float      0.712    50276     Outcrop    0.024

50214     Float      0.660    50229     Outcrop    0.729    50277     Outcrop    0.120

50215     Float      0.011    50230     Outcrop    0.674    50326     Float      0.096

50216     Float      0.320    50231     Outcrop    0.480    50327     Outcrop    0.083

2008 Sampling Program

49656     Outcrop    0.723    49726     Outcrop    0.374    50132     Boulder    0.07

49657     Outcrop    0.615    50028     Outcrop    0.355    50711     Outcrop    0.133

49658     Outcrop    0.262    50029     Outcrop    0.11     50712     Outcrop    0.407

49659     Outcrop    0.263    50030     Outcrop    0.235    50713     Outcrop    0.14

49660     Outcrop    0.409    50031     Outcrop    0.16     50714     Outcrop    0.386

49661     Outcrop    0.387    50128     Outcrop    0.22     50715     Outcrop    0.357

49662     Outcrop    0.142    50129     Boulder    0.092    50716     Boulder    0.28

49663     Outcrop    0.241    50130     Boulder    0.163    50717     Outcrop    0.049

49725     Boulder    0.332    50131     Boulder    0.061    50718     Boulder    0.334

Table 1: All assays from the 2008/2009 Boiteau Lake Sampling Program

The Boiteau Lake Uranium Trend occurs along a well defined, major northeast trending structural feature as defined by airborne magnetic (TMI) data, landsat imagery, airphoto lineations and ground investigation. The trend represents an entirely new discovery of uranium mineralization within the Central Mineral Belt that has never been drill tested. Uranium is generally related to zones of intense fracturing, alteration and carbonate veining within rocks of the mid-paleoproterozoic Joe's Pond Formation. The Joe's Pond Formation consists of a variety of lithologies including mafic volcanics, sandstones, conglomerates, chert, argillites, schist, gneiss and pegmatites.

The 2009 exploration efforts were concentrated along a 3.5 kilometer portion of a much larger 12 kilometer structure that passes through the center of the Bayswater claims. The results of detailed ground work over this portion of the structure were successful in outlining two significant zones of mineralization. Other lower priority zones were also identified. The uranium mineralization noted in both zones is interpreted to be related to a structural contact that may represent a fault zone. The contact zone is well defined geophysically by a linear magnetic low flanking a magnetic high and also by a zone of low resistivity with an associated high chargeability anomaly that likely reflects sulphide content in the uranium mineralized host unit. Fine grained mafic volcanics and argillites hosting the mineralization are highly fractured, altered, carbonitized and contain minor amounts of sulphides. The following summarizes both priority areas and a compilation map of the grid area is available on the Company's website.

Central Zone - Rocks of the Central Zone are relatively poorly exposed and stripping was required for the purpose of sampling the main uranium occurrence. The main zone has currently been traced over a 100 meter strike length with widths ranging between 2 and 15 meters. Representative sampling during 2008 and 2009 have returned assays from 15 outcrop samples ranging between 0.11% U3O8 to 0.73% U3O8 , with an average grade of 0.36% U3O8. A ground uranium geochemical soil anomaly, in part coincident with the main mineralized zone, has been delineated for over 900 meters. The soil anomaly is also coincident with an induced polarization/resistivity anomaly and ground magnetic features that provide supporting evidence of a potentially continuous mineralized zone, possibly related to the main bedrock occurrence, all of which are localized along the structural contact zone.

Northern Zone - Additional exploration over a bedrock occurrence located during the 2008 field season has led to the discovery of three additional showings along the same trend. Outcrop exposure in this area is again limited by bogs, ponds and vegetation. The Northern Zone is currently defined over a one kilometer strike length by a series of bedrock uranium showings with coincident, induced polarization/resistivity, soil geochemical and magnetic anomalies with similar characteristics to the Central Zone. A total of 10 samples, including 2 one meter channel samples, have been collected from this zone. Seven of the ten samples collected returned assays greater than 0.10% U3O8 with the best result grading 0.374% U3O8 . Assays from the 2 one meter channel samples (50236 and 50237) returned values of 0.254% U3O8 and 0.197% U3O8 respectively. Two boulders of very similar lithology were sampled a short distance to the east and returned values up to 1.48% U3O8.

Uranium mineralization along the Boiteau Lake Trend has now been identified for nearly five kilometers. Additional bedrock uranium mineralization has been identified 1.2 kilometers to the north of the Northern Zone and one kilometer to the south of the Central Zone but only limited work has been performed outside the gridded area to date. Mineralization noted in all occurrences is indicated to be related to the same regional structural feature. Bayswater is currently evaluating its plans for Boiteau Lake for the 2010 field season.

The Company would like to recognize and thank the Newfoundland and Labrador Department of Natural Resources for Junior Exploration Assistance funding towards its exploration program at Boiteau Lake.

The Company's exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), President of the Company, and Victor Tanaka, B.Sc. P.Geo. (B.C.), Chief Operating Officer of the Company. Both are qualified persons under NI 43-101. George Leary is the qualified person responsible for the technical information in this news release.

About the Labrador Central Mineral Belt

The Central Mineral Belt of Labrador, Canada, located approximately 135 kilometers north of Goose Bay, has a long history of uranium and base metals exploration. Uranium was first discovered in the belt in the 1950's. With further exploration in the 1960's and 1970's and rising uranium prices, exploration in the region increased significantly and several uranium deposits were discovered including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco. Today, exploration activity in the region is highlighted by resource drilling at the Michelin and Jacques Lake deposits by Fronteer Development Group Inc. (TSX: FRG) and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. (TSX: CXX). Collectively, over 145 million pounds of NI 43-101 compliant uranium resources have been reported in the Central Mineral Belt by various companies, a figure that is expected to increase significantly in the coming years through increases to existing resources, as well as from new uranium discoveries. Bayswater Uranium is the largest landholder in the Central Mineral Belt with interests in about 532,000 acres in the heart of the belt. At the end of the 2008 field season, Bayswater discovered several new uranium targets, including a 5 km uranium trend at Boiteau Lake, with sample values up to 0.72% U3O8. Further information on the Central Mineral Belt is available at http://www.bayswateruranium.com/projects/cmb.html.

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. 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.

    Source: Bayswater Uranium Corporation

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