VANCOUVER, Oct. 22 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW;
Frankfurt - MRY. Mr. Michael Hudson, President & CEO, announces that the
Company has entered into a Deed of Variation Agreement with Hodges Resources
Ltd ("Hodges"; ASX:HDG) to vary terms of the Joint Venture Agreement that
covers 4 of Mawson's earlier stage uranium projects in Sweden. Under the Deed
of Variation Agreement, Mawson agreed to reduce the future expenditure
required by Hodges to keep the Joint Venture in good standing, in
consideration for which Hodges has issued 1,000,000 common shares to Mawson,
which represents approximately 2% of Hodges' issued capital.
The total earn-in commitment required to be invested by Hodges was
reduced from US$1,000,000 to US$550,000, over the 4 year Joint Venture period.
Hodges has the right to earn up to 51% by spending US$450,000 over the coming
three years (US$100,000 in 2008/09; US$150,000 in 2009/10 and US$200,000 in
2010/11) having met the original first year earn-in commitment early 2008.
Hodges may earn up to 75% by fully funding any project to successful bankable
Mr Hudson states, "Given the reduced access to funds in the current
markets, Mawson is pleased to accept a significant equity stake in Hodges as
compensation for varying the earn-in terms and we look forward to the future
upside this may bring to the Mawson shareholders. The time commitment for
Hodges to explore the Swedish properties remains in place, ensuring that
adequate work programs will be undertaken. Hodges is well funded to carry out
their exploration efforts and we look forward to further developing our joint
venture relationship in Sweden."
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; Wayne Melvin, (604) 619-6327, Email: