The Central Mineral Belt, Labrador Uranium Project is well underway with surface exploration, including prospecting, geophysical and soil sampling surveys over selected uranium targets, and drilling. To date a total of 19 drill holes, each averaging about 200 metres in length, have been completed on the Stipec River and Anna Lake targets. The Company is encouraged in that new uranium prospects, currently being evaluated, have been located within the Company’s vast landholdings, and about half of the drill holes completed to date have encountered anomalous radioactivity. Assay results are pending from samples submitted from many of these drill holes. In addition, an airborne radiometric and magnetic survey by NOVATEM Inc. has commenced on 797 100% owned claims in three blocks staked to cover favourable uranium targets marginal to the Company’s land holdings subsequent to our 2006 survey and follow-up work. Follow-up of priority radiometric anomalies from this survey is planned for this year.

Thelon Basin, Nunavut/Northwest Territories

North Thelon Basin, Nunavut

A 16,000 line kilometre fixed-wing airborne radiometric and magnetic survey is almost complete on newly acquired land <http://www.bayswateruranium.com/i/misc/Thelon-Acquisition.jpg > in the Itza area (approximately 3,215 square kilometres) for an initial evaluation of the uranium and diamond potential of this region. This area was acquired as a result of the 2006 airborne survey which identified a number of circular magnetic features <http://www.bayswateruranium.com/i/misc/Itza-Kimberlites.jpg > within the Itza claim block last year. These magnetic features are interpreted to represent possible clusters of kimberlite pipes—host rock for diamonds. Earlier this month, the Company entered into an agreement with Stornoway Diamond Corporation (TSX: SWY <http://finance.yahoo.com/q?s=swy.to > ) to explore the 430,738 hectare (1,064,353 acres) Itza Lake property for diamonds. The Company plans to follow-up priority radiometric anomalies from this survey with prospecting, mapping and possibly ground geophysics to identify targets for drilling in 2008.

At Bayswater’s other properties in the North Thelon Basin, exploration crews are conducting detailed mapping, prospecting, geochemical and ground geophysical surveys (radiometric and magnetic) to follow-up the numerous radiometric anmalies identified by last year’s airborne surveys as announced April 11, 2007
http://www.bayswateruranium.com/s/NewsReleases.asp?ReportID=180582&_Type=News-Releases&_Title=Bayswaters-North-Thelon-Basin-Properties-Yield-Positive-Uranium-Values

This program is being undertaken on the Company’s 100% owned claims and on the 50/50 joint ventured permits with Strongbow Exploration Inc. (TSX-V: SBW ). The objective of the program is to identify targets for drilling in 2008. Bayswater has budgeted approximately $2.2 million for its North Thelon Basin properties in 2007 and first half of 2008.

South Thelon Basin, Northwest Territories

A 20,000 line-kilometre airborne fixed-wing radiometric and magnetic survey was completed on the Company’s 100% owned holdings on the west and southeast margins of the South Thelon basin to identify uranium targets.

Preliminary results from this survey have been obtained and approximately 25 high priority radiometric targets have been identified. Geological and prospecting crews are currently evaluating these anomalous targets. In addition, our geological and prospecting crews are conducting follow-up exploration on historical radiometric anomalies and other targets identified within the internal portion of the South Thelon basin in areas of indicated basement conductor’s as a result of last year’s deep penetrating MegaTem II survey.

A 9,500 line kilometre VTEM helicopter-borne geophysical survey has been completed in the central internal portion of the South Thelon Basin in areas not flown last year. The area surveyed mainly encompasses 100% owned land but also covers part of the land holdings subject to the option from Uranium North as well as lands subject to the joint venture with Strongbow Exploration. Preliminary results are expected in early September; ground follow-up of favourable basement conductive zones identified as a result of the survey will commence once the results of the survey has been reviewed and assessed.

As previously reported, a 2 to 3 kilometre wide, conductive trend, comprised of two subparallel conductors, cuts through the northwest section of Bayswater’s 100% owned CL property. These conductive anomalies are interpreted as part of the same 70 km long conductive trend (known as F- and G-) that extends northward from the adjacent Boomerang uranium property where joint venture partners Cameco Corporation (TSX: CCO <http://finance.yahoo.com/q?s=CCO.TO&d=t> ) and Uravan Minerals Inc. (TSX-V: UVN <http://finance.yahoo.com/q?s=uvn.v&d=t> ) are conducting a drilling program. This major conductive trend is a strong drill target with the potential to host unconformity-type, high-grade uranium deposits similar to uranium deposits located in the geologically analogous Athabasca Basin. Winter-spring ground geophysics has been conducted on this target to assist in identifying drill targets. Further ground geophysics is planned this summer on this anomalous feature as well as on other basement conductors identified from the 2006 MegaTem II suvey.

The objective of the above survey’s and follow-up ground exploration is to identify drill targets—both shallow targets around the margin of the basin and deeper targets internally within the basin. Bayswater has budgeted $6.6 million for its South Thelon Basin Project in 2007 and the first half of 2008. Of this budget about $1.5 million is allocated for drilling—subject to obtaining the requisite permits.

Athabasca Basin, Saskatchewan

Condor Consultants Inc. are processing final data from the 14,000 line km helicopter-borne VTEM survey, completed earlier this year on the Company’s large Athabasca Basin landholdings; results are expected to be received in mid September. This survey is one of the largest airborne electro-magnetic (EM) programs carried out in the Athabasca Basin by any company to date. The objective of the survey is to locate and define basement conductor anomalies, target areas for hosting high-grade uranium mineralization. Bayswater’s 100% owned properties consists of two large claim blocks comprising 1.7 million acres that cover major fault structures and geological settings that are favourable environments for high-grade, unconformity deposits. According to geological consultants MPH, this area of the Athabasca Basin has never been drilled. Based on positive data results, follow-up ground geophysical and geological surveys are planned to evaluate drill targets. An initial drilling program to test priority targets would follow this winter. Bayswater has budgeted $4.5 million for exploration, including $1.0 million for drilling, on its Athabasca Basin properties in 2007 and first half of 2008.

Bayswater Renews Investor Relations Agreement with Longview Capital Partners Incorporated

Bayswater is also pleased to announce that it has renewed its investor relations agreement with Longview Capital Partners Incorporated ("Longview") a Vancouver-based firm with a particular focus on natural resources, renewable energies and related technologies. Longview is a company listed on the TSX Venture Exchange (TSX-V: LV <http://finance.yahoo.com/q?s=lv.v&d=t> ), having a common director of Bayswater. Longview is a full and comprehensive provider of corporate finance and investor relations services, and will assist Bayswater in fostering productive, continuing dialogues with analysts, brokers, potential investors, current shareholders and other financial professionals.

As consideration under the investor relations agreement, Longview will receive fees $12,500 per month. The investor relations agreement with Longview shall have an initial six month term ending on December 15, 2007, renewable at the option of Bayswater for a further six month period ending on June 15, 2008 on the same terms. The investor relations agreement is subject to the approval of the TSX Venture Exchange.

Photography Contract

Bayswater has entered into a services agreement with a private consultant pursuant to which Bayswater will acquire an image package pertaining to Bayswater’s North American properties for $60,000 payable through the issuance of 50,000 common shares at a price of $1.20 per share, subject to the approval of the TSX Venture Exchange. The image package will be utilized to further develop Bayswater’s web site and to further develop media presentations regarding Bayswater.

About Bayswater Uranium Corporation - The Super JuniorTM Uranium Company

Bayswater Uranium Corp. is a rapidly-growing international uranium exploration and development company. As 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 is a leader in uranium exploration in Canada, the world’s largest producer of uranium. The Company also owns several advanced uranium properties in the United States that are being fast tracked to production. Bayswater combines a balanced portfolio of exploration and development projects with the uranium expertise of its technical and managerial teams. The result is a Super JuniorTM Uranium Company with the share liquidity and market capitalization to provide value to both the retail and institutional investor. To capitalize on the strong growth of the nuclear industry and to continue to add shareholder value, Bayswater is pursuing additional merger and acquisition opportunities that complement and/or add to the Company’s existing assets and business model. For further information visit www.bayswateruranium.com.