Bayswater Uranium reports that it has executed an option agreement with CanAlaska Uranium on the Collins Bay Extension uranium project, Athabasca Basin.

The geological trends mapped in the Eagle Point-Collins Bay uranium mines and surrounding areas extend to the north and east onto the Collins Bay Extension property. Historical exploration dating from the late 1960’s was controlled by large corporations, such as by Gulf Minerals, E&B Explorations, Minatco Ltd (now part of AREVA), SMDC and Cameco.

Bayswater Uranium’s President, George Leary states:

“This Agreement enables us to continue to advance the Collins Bay Extension Project while we focus on our advanced-stage properties and opportunities. We’re delighted to partner with CanAlaska as they have considerable exploration experience in the Athabasca Basin.”

CanAlaska Uranium’s President, Peter Dasler comments:

“CanAlaska has been focusing its 2009 summer exploration on drill testing near-surface uranium targets on the Northern Rim of the Athabasca Basin, on its Black Lake, Fond Du Lac and Grease River projects. The opportunity to combine these logistical operations on a readily accessible project, which has associated road and power infrastructure, is significant. The Collins Bay Extension Project hosts multiple zones of known uranium mineralization, and on Fife Island, at least one zone of ore-grade values. This latter target has not been investigated since 1984. The publicly available updates on style and geology of the mineral deposits at the current mines in the trend, coupled with the advanced modern geophysical modeling that CanAlaska staff is regularly carrying out, provides us with the knowledge to define very strong exploration targets on the project. It is fortuitous that CanAlaska has the funding and personnel in place to advance this significant exploration opportunity.”

For complete details of this press release, click this link.

To view  Bayswater’s company profile, click here.

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