Bayswater To Drill At Collins Bay

Bayswater Uranium Corporation (TSX-V: BYU), (OTC: BYSWFD) has announced that a drilling program is planned at the Company’s Collins Bay Extension uranium project located in the Athabasca basin of Saskatchewan.

The project is adjacent to the current-producing underground Eagle Point uranium mine and the past-producing open pit mines of Collins Bay and Rabbit Lake operated by Cameco Corporation (TSX: CCO) and its predecessors.

A minimum of six core holes are planned and will include drilling to test structurally-controlled uranium mineralization intersected in historical (1984) Minatco drill holes MWLD8 to MWLD13. The best of these holes intersected 0.152 per cent U3O8 over four metres (over three pounds per ton U3O8) along an offset structure on the northern part of Fife Island, in an area designated as the Vic Zone. The drill target is at shallow depth (110 metres) and will test areas adjacent and below the intersected mineralization. Additional drill holes are planned for the on-strike extension of the structural splay.

The drilling program will be under the operatorship of CanAlaska Uranium Ltd. (TSX.V: CVV) that may earn a 51% participating interest in the project by undertaking a minimum of $4 million in exploration expenditures within 5 years and issuing a total of 500,000 CanAlaska shares to Bayswater over this period.

In September, 2009, CanAlaska’s field crews mapped and sampled uranium mineralization in the Fife Island area located north of the Eagle Point mine, and along the same geological trend, in preparation for the winter drill program.

The Collins Bay Extension contains a significant number of exploration targets within the Fife and Snowbird Island areas. Further information on the project is available on the Company’s website at http://www.bayswateruranium.com/projects/collinsbayextension.html.

About Bayswater Uranium Corporation

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.

Posted Jan. 27 .10

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