VANCOUVER, Jan. 22 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW;
Frankfurt - MRY. Michael Hudson, President & CEO, provides an update on
Mawson's operational and corporate plans for 2009 which will conserve the
Company's strong cash position while expanding its current uranium resource
base through active exploration programs, new acquisitions and taking
advantage of potential corporate growth opportunities.
The exploration and G&A budget for 2009 is forecast to be CDN$2 million,
reduced from approximately CDN$5M during 2007/08. Exploration work programs
will focus on the Company's most advanced projects in the Hotagen district in
Sweden and Don Benito district in Spain.
Mr Hudson states, "With CDN$11 million in cash held with a large Canadian
commercial bank, zero debt, an annual budget of CDN$2 million, a uranium
resource base proximal to the world's largest consumers of nuclear power and a
strong technical team, Mawson is extremely well positioned for growth over the
coming years. We owe it to our shareholders to be both realistic about current
market conditions yet also commit to maintaining the momentum of work programs
on our highest quality exploration projects in Sweden and Spain. Mawson will
seek to identify high quality growth projects and will take a
highly-disciplined and value-focused approach before making any future
Mawson's exploration focus in Sweden continues to be the Hotagen project,
which includes the Company's Klappibacken project with a NI43-101-compliant
indicated resource of 3.3 million pounds at 0.08% uranium oxide ("U3O8").
Recent results include discovery of sixty-six uranium mineralized outcrops
within Mawson's exploration claims over an area of 8 kilometres by 7
kilometres surrounding the Klappibacken project. Sampling results from these
outcrops included forty assays above 0.05% U3O8, which ranged from 0.05% U3O8
to 8.04% U3O8 and averaged 0.79% U3O8. The discovery of these uranium
mineralized outcrops is significant considering that outcropping rock accounts
for less than 10% of the surface area in the Hotagen district, with the
remainder of the area blanketed under a thin 1-2 metre soil veneer.
In 2009, the Company plans a one hundred hole, deep till drill program
surrounding the Klappibacken deposit in March-April. The Company also plans to
construct a 3.5 kilometre access road and remove the soil covering the outcrop
area at Klappibacken and diamond drilling will continue at Hotagen during the
summer. A detailed airborne radiometric and magnetic survey over the Hotagen
area is scheduled during the year.
The Company holds 3 granted investigation permits for 23,828 hectares and
one investigation permit application for 8,889 hectares in Spain.
Mawson's Don Benito Uranium exploration investigation permits in Spain
were granted in November 2008. The Don Benito Uranium Investigation Permits
lie in the La Haba district, Extremadura region of south-western Spain, in one
of two principal historic uranium mining and processing areas in the country.
The potential for further uranium discoveries along strike from the La Haba
mine area, within the granted areas is demonstrated by the presence of 26
surface anomalies discovered by ground scintillometer surveying along the 32
kilometres of uranium host horizon. The Don Benito uranium claims surround the
La Haba open pit uranium mine and resource area which ceased operation in
1990. The mine and resource area are currently held within the 3,865 hectare
La Haba State Mineral Reserve to which Mawson has no entitlement. Spanish
Mining Law states that on lifting of a State Mineral Reserve, the mineral
rights will fall to the holder of the overlying granted permits, which in this
case would be Mawson.
In 2009, Mawson plans to initiate exploration by flying an airborne
radiometric and magnetic survey over the large land package. The Company has
completed digitizing of the exploration and mining database from more than 150
kilometres of drilling and all previous mining information from the Don Benito
project. Work will commence on the database to redefine known mineralized
areas and prospective new target areas. Additionally, the Company remains in
close discussion with the Spanish authorities regarding the Mineral State
Reserve area. Consolidation of mineral tenure in the Don Benito area is one
key for the successful development of the project and will determine Mawson's
ultimate work programs in Spain for the year.
The qualified person for Mawson's uranium exploration projects, Mark
Saxon, Director and Vice-President of Exploration for Mawson, and a member of
the Australasian Institute of Mining and Metallurgy, has reviewed and verified
the contents of this release.
About the Company: Mawson Resources holds significant uranium resources
in the nuclear energy reliant countries of Spain, Sweden and Finland. As the
European Union reduces its reliance on carbon-based energy sources, Mawson is
well placed as the Company develops its exploration portfolio towards the
sustainable production of uranium in the shortest possible time frame.
On behalf of the Board,
Michael Hudson, President & CEO
Forward Looking Statement. The statements herein that are not historical
facts are forward-looking statements. These statements address future events
and conditions and so involve inherent risks and uncertainties, as disclosed
under the heading "Risk Factors" in the company's periodic filings with
Canadian securities regulators. Actual results could differ from those
currently projected. The Company does not assume the obligation to update any
forward-looking statement. The TSX Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Investor Information: www.mawsonresources.com,
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7; Company Contact: Mariana
Bermudez, (604) 685-9316; Investor Relation Consultants - Mining Interactive,
Nick Nicolaas, (604) 657-4058, Email: email@example.com