VANCOUVER, April 3 /CNW/ - Mawson Resources Limited ("Mawson") TSXv -
MAW; Frankfurt - MRY.
Michael Hudson, President & CEO, reports that the company's third
quarter, which ended February 28, 2007, has been an active one on the
corporate, acquisition and drill fronts.
Drilling commenced, and is continuing, at the Tasjo and Klappibacken
uranium projects in Sweden. Initial results released from Tasjo indicated
multiple near-surface uranium and rare earth-mineralized horizons, which
averaged five metres true thickness over an area of 100 metres by 500 metres.
The consistency of grade, the strike extent and the shallow depth of uranium
mineralization are most encouraging, says Hudson. Further drill results from a
larger area at Tasjo will be available soon. The first drill results from the
Klappibacken project are expected within the next six weeks.
The entry of Mawson into Spain was marked with the acquisition of the
past-producing Don Benito historic uranium-mining centre. Additional European
acquisitions included the Stensjodalen uranium prospect in Sweden, which has
demonstrated high uranium grades up to 5.1% U(3)O(8) from surface outcrops.
Further information will also be released in a timely manner on new projects
that have been identified in the three countries where Mawson is now actively
exploring for uranium (Sweden, Finland and Spain).
The Company closed two private placements during the quarter, raising a
total of C$8.69 million dollars. The Company is now well-funded for future
exploration and acquisitions, with more than C$17 million cash held at the end
of the quarter.
Mawson also continues to refocus on exploring and developing its advanced
resource uranium projects in Sweden and Spain. To this end, the Company has
signed a letter of intent with a private, arm's length Australian company to
farm out four non-core, early stage uranium projects in Sweden - namely the
Asnebogruvan, Norr Dottern, Harrejokk and Sjaule projects. Further information
regarding each property may be found at www.mawsonresources.com. Pursuant to
the Letter of Intent, in consideration for a cash payment of US$50,000, the
third party will have the right to enter into a binding agreement by April 22,
2007. The third party may earn an initial 51% interest in the projects by
incurring US$1 million in-ground expenditure in April 2011, with certain
minimum expenditures that are required to be met annually. The third party may
move to a 75% interest by fully funding any project to successful feasibility.
Mawson's free-carried interest shall remain at 49% until completion of a
Bankable Feasibility Study. The agreement is subject to TSX exchange approval.
The Company is also in advanced discussions with third parties to unlock
the value of Mawson's non-uranium projects and to continue to refocus Mawson
as a uranium explorer, moving to development in the shortest possible time.
The qualified person for Mawson's Swedish, Finnish and Spanish
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.
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 wel 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 Relations Consultants - Mining Interactive,
Nick Nicolaas, (604) 657-4058; Wayne Melvin (604) 619-6327, Email: