Historic drilling includes 21.9 metres @ 0.04% U(3)O(8)
VANCOUVER, Nov. 6 /CNW/ - Mawson Resources Limited ("Mawson") TSXv - MAW;
Frankfurt - MRY. Mr. Michael Hudson, President & CEO, announces the staking of
the Saramaki 1-3 uranium claim applications in the Nilsia district of eastern
central Finland. These claim applications cover 200 hectares.
Saramaki was discovered by private prospectors in 1963, when radioactive
outcrops and boulders were located within a five kilometre long
northeast-southwest trending magnetic anomaly. Follow up work by Outokumpu Oy
included various geophysical and geochemical methods, including 1,425 rock
chip samples which averaged 0.009% U(3)O(8) from 131 pits within a 4000 metre
x 200 metre area.
The radioactive outcrops were drill tested with eight diamond drill holes
by both the Outokumpu Oy and the Geological Survey of Finland between 1965 and
1977. The uranium mineralized horizon was intersected in each drill hole.
Mawson has access to all publicly available exploration data and drill core
from the Geological Survey of Finland and Outokumpu. Historic drill
- M19/52/3333/77/R304: 21.9m @ 0.04 % U(3)O(8) from 82m,
including 3.9m @ 0.05 % U(3)O(8)
and 4.4m @ 0.08 % U(3)O(8);
- Mv/Te-1: 5.6m @ 0.07 % U(3)O(8) from 62m,
including 2.8m @ 0.10 % U(3)O(8)
Uranium at Saramaki is hosted within a breccia along a 4,000 metre long
and up to 200 metre wide apatite bearing gneiss and is similar in style to
uranium mineralization at Mawson's 100%-owned claim application Nuottijarvi 1,
located 150 kilometres away. During summer field programs, Mawson conducted
ground scintillometer traverses which confirmed the scale and size of the
uranium mineralized magnetic trend.
Mr. Hudson states, "Our field teams have quickly advanced Saramaki with
the compilation and identification of the past drill holes and data, and field
confirmation of the extensive mineralized system using scintillometer
traverses and mapping. With only eight holes drilled within the five kilometre
mineralized trend, the area remains essentially unexplored."
Finland is a politically stable country with an excellent infrastructure
and an established mining industry. Government uranium exploration began in
the 1950's and continued until the mid 1980's. The Finnish government is
presently expanding its nuclear energy production by building the world's
largest nuclear reactor at Olkiluoto. Four nuclear power plants are currently
in operation and nuclear power accounts for 26% of electricity in Finland.
Finland imports all of its uranium required for its nuclear reactors.
The qualified person for the Saramaki project, Mark Saxon, Mawson's
VP-Exploration, Director and a member of the Australasian Institute of Mining
and Metallurgy, has reviewed and verified the contents of this release.
In other news, a drill rig will be mobilized to the Klappibacken uranium
project in Sweden within the next week. Additionally, the Company announces
that on November 6, 2007, it granted 55,000 stock options to purchase common
shares at a price of $1.50 per share for 3 years to its IR consultants.
About the Company: Mawson Resources is a leading uranium explorer in
Europe with more than 16 million pounds of U(3)O(8) in CIM-compliant or
historic 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. This news release contains certain
"forward-looking" statements and information relating to the Company that are
based on the beliefs of the Company's management as well as assumptions made
by and information currently available to the Company's management. Such
statements reflect the current risks, uncertainties and assumptions related to
certain factors including, without limitations, competitive factors, general
economic conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental regulation and
supervision, seasonality, technological change, changes in industry practices,
and one-time events. Should any one or more of these risks or uncertainties
materialize, or should any underlying assumptions prove incorrect, actual
results may vary materially from those described herein. Neither the TSX
Venture Exchange nor the Frankfurt Deutsche Borse have reviewed the
information contained herein and, therefore, do not accept responsibility for
the adequacy or accuracy of this news 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: