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Additional information

Additional	Information
Market:	TSX-V
Sector:	General Mining
Epic:	BAY
News:	Latest news
Web Site:	Bayswater Uranium
Other Articles:	23-08-201020-11-2008

Bayswater Uranium – Significant New Uranium Trend at Boiteau Lake

by Sam Kiri

 It looks like the worst is over for Uranium. The metal fell from its dizzy heights and was trading at one time just above $40/lb. Matters have improved since then and uranium is now trading at $53/lb. Uranium bulls are rubbing their hands in glee. Recession fears and weak economies have not really taken away the fundamentals for Uranium.

Against this backdrop, development efforts by Canadian Venture and OTC BB listed Bayswater Uranium (TSX-V: BAY, OTCBB: BYSWF) comes as no surprise. BAY just reported the discovery of a 5 km long, new uranium-bearing mineralized trend located approximately one kilometer northwest of Boiteau Lake in the Company’s 100% owned CMB Uranium Property of Labrador.

Four new bedrock uranium showings have been discovered along a five kilometer structural corridor as interpreted from airborne magnetics, landsat imagery, air photo interpretation and ground investigation. This structural feature can be traced across the Company’s property for some 12 kilometers and only limited work along this trend has been performed to date. Based on 28 rock samples collected, 23 samples returned values greater that 0.10% U3O8 with the best sample from outcrop assaying 0.723% U3O8.

The Northwest Boiteau Lake uranium showings are hosted within mid paleoproterozoic rock units containing a variety of lithologies including mafic volcanics, sandstones, schist, gneiss and pegmatites. The belt of supracrustal rocks are believed to be equivalents to the Moran Lake and Lower Aillik Groups that has seen extensive development efforts by several other established uranium companies including Mega Uranium.

The company’s assets are located in the Central Mineral Belt of Labrador, which has a long history of uranium and base metals exploration. Exploration and development activity remains unabated in the area. Collectively, over 145 million pounds of NI 43-101 compliant uranium resources have been reported in the Central Mineral Belt by Aurora, Crosshair and Silver Spruce, a figure that is expected to increase significantly in the coming years through increases to existing resources, as well as new uranium discoveries. BAY is the largest landholder in the Central Mineral Belt with interests in 2,376 sq km of strategic landholdings.

This naturally is all good news for BAY. Market woes have not dented its development efforts and the company is working towards establishing a NI 43-101 compliant resource at its Anna Lake discovery and in making additional uranium deposit discoveries. Unlike many other junior exploration companies, BAY is well financed and has over $7 million to finance its drill programmes. More news is expected from BAY as the company continues with its exploration efforts.

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