Bayswater Granted Two Concessions in Niger, West Africa
Tuesday, November 27th, 2007
Adjoining Concessions Comprising 1,000 sq km are Companyâ€™s First Properties in Niger.
Bayswater Uranium Corporation has reported that 2 of 16 concessions applied for in two blocks in north central Niger, West Africa have been granted. Bayswater has applied directly for 8 concessions and indirectly, through an agreement with Longview Capital Partners Inc., for an additional 8 concessions in two blocks in the Tim Mersoi Basin, Niger, West Africa. These concessions comprise approximately 8,000 sq km in favourable structural and stratigraphic settings in the region of sandstone type uranium deposits, several of which are currently producing in Nigerâ€”including the Akouta underground mine and Arlit open pit mine operated by Areva.
The two concessions have been granted pursuant to the government of Nigerâ€™s review of its mining code, which delayed granting of concessions. Under the new system, Bayswater reapplied for modified concessions based on additional data and information. Concessions currently applied for include one block of 12 concessions (4 applied for by Bayswater and 8 applied for by Longview under option to Bayswater) located along the stratigraphic extension to the northwest of the mine area in a region of northeasterly trending fault structures as indicated by surficial features and airborne geophysics; and a second block of 4 concessions southwest of the mine area along the extension of favourable faults and other known uranium deposits and prospects. The 2 concessions recently granted are part of the block northwest of the mine area. These concessions are also subject to an agreement with a third party, as previously announced, for assistance in making the applications that involves nominal cash and share payments. The agreement is subject to amendment in the event all the concessions are not granted to Bayswater and is subject to Exchange approval.
Once the process of granting of concessions is completed, Bayswater plans an airborne radiometric and magnetic survey and follow-up prospecting of anomalous targets in order to define uranium targets of interest for subsequent drill testing. Bayswater cannot be certain that all or any of the remaining concessions applied for as above in Niger will be granted as the government system of granting of concessions is still uncertain in some respects. Also, no work is planned on any of the concessions until civil unrest in the country is under control and it is safe to work in Niger.
Other Newsâ€”Hermitage Uranium Belt
Global Gold Uranium reported completing an airborne radiometric and magnetic survey, comprising over 6,396 line km, on the Cochrane Pond property, comprising 148,942 acres, located in the Hermitage Uranium Belt in Southern Newfoundland in September, 2007. Global recently announced that 150 radiometric anomalies were identified and that a prospecting crew had been mobilised to evaluate the anomalies.
Peripheral Hermitage Belt claims owned 100% by Bayswater and comprising approximately 179,000 acres that have not been covered with airborne surveys have been allowed to lapse. Also, Bayswater and Commander Resources have terminated their option on the Murphy claims, comprising about 3,200 acres, due to the lack of encouraging results from exploration on this ground.
The Companyâ€™s exploration activities are conducted under the supervision of George M. Leary, M.Sc. P. Eng. (BC), president of the Company, and Victor Tanaka, B.Sc. P.Geo. (B.C.), CEO of the Company. Both are qualified persons under NI 43-101. George Leary is the qualified person responsible for the technical information in this news release.