VANCOUVER, Feb. 9, 2012 /CNW/ - Mawson Resources Limited ("Mawson") (TSX: MAW) (Frankfurt: MRY). Mr Michael Hudson, President & CEO, announces that the Company has signed a contract with a private landholder to diamond drill at Rompas.
Key points include:
- Contract entitles Mawson to diamond drill on private land that incorporates +500 metres of strike potential at South Rompas;
- Diamond drill contractor has been identified and who will mobilize a drill rig to site in early March 2012.
The agreement covers two areas at South Rompas. The southern area (18.9 hectares) encompasses a 280m trend of the southern extensions of the known mineralized zone. The northern area (24.8 hectares) covers an area of 240m strike in the central zone of the South Rompas project area (Figure 1). According to discussions with landholders, Mawson will commence drilling in the southern area first. The agreement has been made according to the Finnish Mining Act which allows for private agreements to be reached between explorers and landholders. Mawson will specifically drill for and target gold.
Mawson has also identified a diamond drill contractor to mobilize a drill rig to site in early March. An initial 3,000 metre drill program has been planned. The average depth of drill holes will be 100 metres. Further information regarding the details of the program will be released when they are available.
Mr Hudson states: "This is a landmark moment for the Rompas project. The first deep drill hole program has been awaited for some time and although the permitted areas do not contain the highest priority drill targets, the results are expected to significantly enhance our understanding of the mineral system. We shall apply world's best environmental practice as we conduct this first drill program at Rompas."
Mawson holds 833 claims and claim applications for 75,340 hectares at the Rompas Project. A total of 110 exploration claims that cover a surface area of 10,580 hectares and form the core claims at Rompas were granted on October 31, 2010 but do not come into legal force until after a standard appeal process. A key decision point on the appeal process is expected late Q1 2012. The known footprint of mineralization at Rompas is 6 km by up to 270 m wide.
Shares Outstanding: 51,877,753; Cash: approximately C$9.5 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 Mawson's Finnish projects, Mr Terry Lees, VP Exploration for Mawson and Fellow of the Australian Institute of Geoscientists has reviewed and verified the contents of this release.
For further information:
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