Phase 4 Drilling Program At Elkhorn

VANCOUVER, BC - Bayswater Uranium Corporation reported results from 177 holes, including 28 core holes and 149 rotary holes, from the Phase 4 drilling program carried out during the fall of 2008 at the Elkhorn Project in Wyoming. The Company previously reported the results from Phase 3 drilling carried out in the spring of 2008 on May 20 and August 7, 2008. Phase 3 drilling comprised 312 holes, including 11,071 meters (36,321 feet) around the historical Busfield Mine and the Company's related NI 43-101 compliant resource area of 397,000 lbs U3O8 indicated in 250,000 short tons grading 0.08% eU3O8.
Phase 4 resource drilling was designed to obtain further definition of the Busfield resource area which remained open in several directions and to test for potential expansion of the Vickers historical resource area, comprising 24,568 lbs U3O8 in 14,672 short tons grading 0.084% U3O8 that is not compliant with NI 43-101 and is not to be relied upon, which together are part of a 4,000 foot (1,220 m) long trend of near-surface, sandstone hosted uranium mineralization. Exploration drilling in the Busfield area also involved step out drill hole fences of up to 1/2 mile from know resources along trend to test for potential continuity of the shallow resource areas.
Additional resource definition holes were also drilled at the Quad and Clover historical resource areas, located respectively 6,200 feet (1,890 m) and 2,200 feet (670 m) southwest of the Busfield resource area and former open pit mine. Reported historical resources, not compliant with NI 43-101 and not to be relied upon, of these two areas are respectively 50,839 lbs U3O8 in 16,669 short tons grading 0.153% U3O8 and 33,508 lbs U3O8 in 14,256 short tons grading 0.118% U3O8.
The Company also drilled twelve confirmation holes at the North Elkhorn (Tract 41) area, testing deeper, potentially ISR recoverable uranium targets in the Lakota formation. Historical resources at Tract 41, not compliant with NI 43-101 and not to be relied upon, drilled by Federal Resources in the 1970s are reported at 104,457 lbs U308 in 50,656 short tons grading 0.103% U3O8.
The company's address is 510 Burrard Street, Suite 510, Vancouver, BC V6C 3A8, (604) 687-2153, fax: (604) 669-8336.