VANCOUVER, BC--(MARKET WIRE)--Jul 24, 2008 -- Bayswater Uranium Corporation (CDNX:BAY.V - News), (Other OTC:BYSWF.PK - News) reports that further to its June 10, 2008 news release, the TSX Venture Exchange has approved Otis Capital Corp's (CDNX:OOO.V - News) Qualifying Transaction as well as an option/joint venture agreement with the Company whereby Otis can earn up to a 75% interest in Bayswater's Kilgore Gold Project, and two additional gold properties, Hai and Gold Bug, located in Idaho, USA. Bayswater has received a first payment of US$100,000 and 500,000 common shares of Otis per terms of the option/joint venture agreement.

About Bayswater Uranium Corporation -- The Super Junior(TM) Uranium Company

Bayswater Uranium Corporation 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 feasibility and 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 Junior(TM) 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 plans to focus on the development of its resource properties and to evaluate early stage projects for further discoveries. Other acquisition opportunities will continue to be assessed all with a corporate vision of building a major international uranium company. Bayswater is listed on the TSX Venture Exchange under the symbol "BAY." The Company's website is www.bayswateruranium.com.

 
On behalf of the Board of:
BAYSWATER URANIUM CORPORATION

George M. Leary
President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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