VANCOUVER, April 27 /CNW/ - Mawson Resources Limited ("Mawson") (TSX:MAW) (Frankfurt:MRY)
(OTCPINK:MWSNF). Mr Michael Hudson, President & CEO, announces the Company has
renegotiated terms of the underlying agreement with Alto Quemado Mining
Company SAC ("AQMC"), the vendor of the Alto Quemado gold-copper
project in the mineral-rich Southern Peru Mineral Belt. The new
agreements have been registered against the exploration claims by the
As previously announced by Mawson on 9 September 2010, the Company secured the right to acquire 100% of the stock of the
optionor, Altynor Peru SAC ("Altynor") from arm's length third
parties. Altynor holds an option to purchase 100% of the Alto Quemado
gold-copper project from Alto Quemado Mining Company SAC ("AQMC"). The
100% acquisition terms are based on making staged payments of US$50,000
on signing, US$550,000 on receipt of permits to drill and US$900,000
should the option with AQMC be triggered.
The renegotiated terms state that Altynor must make a payment of €5.12M
in 48 months to acquire 100% of the mining rights from AQMC. AQMC
retain a net smelter return payable at a rate between 1 to 3%,
dependent on the price of gold. Altynor holds the first right of
refusal to purchase the NSR from AQMC.
"The new terms of the agreement provide 4 years before significant
option payment fall due, and are better aligned with the timeframe
required to make a significant discovery. Now we have finalized our
agreements with AQMC, we look forward to advancing permitting to enable
the project to be drill tested late in 2011. We have completed
extensive field work at Alto Quemado which has significantly increased
our understanding of the property. Results from this work program will
be released shortly." said Mr Hudson.
About Mawson Resources Ltd (TSX:MAW, FRANKFURT:MRY, PINKSHEETS:MWSNF)
Mawson Resources Ltd is a resource acquisition and development company
with METAL and ENERGY interests.
Mawson has distinguished itself as the leading Scandinavian uranium
exploration company, with advanced projects in Sweden and Finland. As
the European Union moves to reduce its reliance on carbon-based energy
sources and continues to debate energy security, Mawson is well
positioned to provide Europe with the option to fuel its future.
In addition, the Company is exploring for gold and copper in the highly
prospective Cordillera of Peru, with a focus on a new high grade gold
discovery at Alto Quemado.
With a strong cash position and a multi-jurisdiction European and South
American portfolio, Mawson is ideally positioned to enhance its status
as a leader in the uranium and gold industries.
Shares Outstanding: 50,845,753. Cash: approximately C$13 million.
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.
The qualified person for the Alto Quemado project, Terry Lees, VP
President Exploration for Mawson, and a Fellow of the Australian
Institute of Geoscientists, has reviewed and verified the contents of
SOURCE Mawson Resources Ltd.
For further information:
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Company Contact: Mariana Bermudez +1 (604) 685 9316
Investor Relation Consultants - Mining Interactive
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