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Bayswater Grants Option on Collins Bay Extension Project in Athabasca Basin.

Article Excerpt
Bayswater Uranium Corporation (TSX-V: BAY), (OTC: BYSWF) is pleased to announce that it has executed an Option Agreement "Option" with CanAlaska Uranium Ltd. (TSX.V: CVV) "CanAlaska" to explore Bayswater's Collins Bay Extension uranium project "Project" in the Athabasca Basin. The Project is situated directly adjacent to and following the North-East strike extension of Cameco Corp.'s (TSX: CCO) past-producing uranium mines at Rabbit Lake and Collins Bay, and current producing uranium mine at Eagle Point in the Eastern Athabasca Basin of Saskatchewan. The Collins Bay Extension contains a significant number of exploration targets within the Snowbird and Fife Island areas.

Under the terms of the Option, CanAlaska shall act as the exploration operator and may earn a 51% participating interest in the Project by undertaking a minimum of Cdn$4 million in exploration expenditures within 5 years and issuing a total of CanAlaska 500,000 shares to Bayswater over this period. CanAlaska may increase its participating interest in the Project to a 70% level by successfully undertaking a further Cdn$2 million in exploration expenditures over a period of 3 years. Collins Bay Extension Project CanAlaska's prime focus in the current exploration season is to re-visit and drill test the structurally-controlled uranium mineralization intersected in historical (1984) Minatco drill holes MWLD8 to MWLD13. The best of these holes intersected 0.152% U3O8 over 4...

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