Bayswater Uranium: Major Landholdings + Experience

Tue, Sep 2, 2008

Overview

Bayswater Uranium Corp. is an international exploration company with a diversified property portfolio that includes interest in several advanced gold properties in Idaho. The properties were acquired as part of the merger with Kilgore Minerals in 2007. In the summer of 2008, Bayswater entered into a joint venture with Otis Capital Corp. (Otis) whereby Otis can earn up to 75% interest in the properties by evaluating their gold mining potential. This allows Bayswater to focus on uranium exploration.

Chief Properties

Kilgore Gold, Idaho

The property covers 3,000 acres in southeast Idaho and was extensively drilled by several major mining companies between 1983 and 1998. An NI 43-101 resource estimate based on the results of this drilling was completed in 2002, which outlined indicated and inferred gold resources. Kilgore Minerals continued drilling in 2004 and 2006; results designated a zone of mineralization known as the “Elsa Zone” and outlined several new targets. Otis has budgeted $600,000 for its first phase work program at the property which will follow-up on high-grade intercepts and assess different mine development options.

Project Highlights

NI 43-101 resource estimate of 218,000 ounces of gold at an average grade of 0.031 opt indicated and 269,000 ounces of gold at an average grade of 0.028 opt inferred; non NI 43-101 compliant resource estimate of 706,000 ounces of gold
Several targets remain to be tested and there is significant potential for resource expansion
Otis has budgeted $600,000 for its first phase of work

Hai

The Hai property is comprised of seven located lode claims which cover historical gold workings known as the Little Chief Extension. The claim group is part of a larger area that was the subject of modern exploration in the mid 1990’s. Potentially ore-grade mineralization was encountered in drill holes and surface samples but sufficient work was not completed to determine the economic significance of this mineralization.

Gold Bug

The Gold Bug property is situated approximately three miles from the Hai property and is comprised of nine located lode claims. The claims cover an area of extensive eluvial gold placer workings in an area which is believed to be favourable for the occurrence of large tonnage, low-grade gold mineralization similar to the style of gold mineralization at Beartrack and other gold deposits in the region.

Management

George M. Leary, M.Sc., P.Eng. – President, CEO & Director
Victor Tanaka, B.Sc. P.Geo. – COO, Executive Vice President & Director
Gordon Davidson, B.Sc.(Hons), P.Geol. – VP Exploration, Canada
Keith Laskowski, M.Sc. – VP Exploration, US

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Share Information

Share Structure

Shares Outstanding:	154,101,230
Options:	13,834,490
Warrants:	4,275,000
Fully Diluted:	172,210,720
Current Cash:
Stock Exchange:	TSXV: BAY

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