Bayswater Uranium Corp. Jan. 7 said results of its 2007 field program from the North and South Thelon Projects located in Nunavut and Northwest Territories, Canada respectively, successfully delineated high priority uranium targets that will be drill-tested in 2008.

"The potential of Bayswater's properties in the Thelon Basin to host significant high grade uranium deposits has been confirmed by our 2007 surveys," Victor Tanaka, Bayswater's chief operating officer, said in a statement Jan. 4.

Bayswater also entered an agreement last year with Stornoway Diamond Corp. to explore the company's 430,738-hectare, or 1,064,353-acre, Itza Lake property for diamonds. Located 80 kilometers, or nearly 50 miles northwest of the hamlet of Baker Lake, Nunavut Territory, marginal to the North Thelon Basin, Itza Lake's diamond potential was recognized in late 2006 through an airborne geophysical survey. It identified a number of circular, magnetic features similar to those associated with kimberlite pipes, the primary host rock for diamonds, Bayswater said.

As the survey covered only about 20 percent of the current property, which was expanded in early 2007, Bayswater said there is strong potential to locate more kimberlite targets. The agreement with Stornoway enables the company to focus on uranium exploration at Itza Lake, while benefiting from the property's diamond potential, Bayswater added.

$25 million for exploration in 2008

The company Jan. 8 said it is planning a C$25 million exploration program in 2008 with drilling on up to 15 projects.

The objective of this major exploration initiative is to at least double resources to 25 million - 30 million pounds, develop many of the company's advanced projects towards production, and to make additional new uranium discoveries. The company is adequately financed to complete this initiative.

Since Bayswater commenced uranium asset acquisitions in late 2005, the company has grown rapidly - having increased its market capitalization from C$1 million to approximately C$130 million today.

Describing itself as a super junior uranium mining company, Bayswater Uranium is the only uranium company to have major landholdings in Canada's most important producing and exploration regions - the Athabasca Basin of Saskatchewan, the Central Mineral Belt of Labrador, and the Thelon Basin in Nunavut and Northwest Territories. The company also owns several advanced uranium properties in the United States that are being fast-tracked to production, its officials say.