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
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.
SOURCE Mawson Resources Ltd.
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