VANCOUVER, Sept. 4 /CNW/ - Mawson Resources Limited ("Mawson") TSXv -
MAW; Frankfurt - MRY. Michael Hudson, President & CEO, reports on the
Company's first quarter, which ended August 31, 2007. Mawson is exploring an
extensive uranium portfolio of 19 projects in three European countries,
including five 100% owned resource-status projects.
Mawson is firmly focused on the exploration and development of its
advanced European uranium assets. The Company will continue to expand on its
current uranium resource base through drilling, new acquisitions and potential
corporate growth opportunities. To this end, the Company has recently
finalized two agreements, purchasing joint venture partner, North Atlantic
Natural Resources AB ("NAN" - a subsidiary of Lundin Mining AB), equity
interests in the Company's gold projects for C$250,000 and subsequently
vending these gold projects plus additional base metal projects to the TSX
Venture Exchange listed First Fortune Investments Inc ("First Fortune",
TSXv: "FRF"). In consideration, Mawson will receive 6,000,000 common shares
and C$250,000 cash. This equity holding represents approximately 19% of First
Fortune's outstanding shares and elevates Mawson as First Fortune's largest
shareholder. In addition, Mawson retains a 2% NSR on all properties not
included in the agreement with NAN.
Mawson's experienced Spanish team has been active during the quarter,
securing addition uranium opportunities and compiling historic data from the
Don Benito project. The Company now holds 11 exploration permits for
82,056 hectares in Spain and further information about each will be released
as it is compiled.
The Company is on track to digitize the database from more than
30 kilometres of drilling, and all previous mining information from the Don
Benito project. The NI43-101, led by Mawson's independent qualified person,
Andrew Browne, will commence in late October. The Company will concurrently
undertake a scoping study to determine the economic parameters of reopening
the Don Benito uranium mine. This study is slated for the first quarter of
During the quarter, the Spanish Mining Authorities ("Junta de
Extremadura") requested the "Guarantee Payment" for granting ("Admision
Definitiva") of the uranium Investigation Permits that cover the Don Benito
uranium project. Mawson lodged this Guarantee Payment on June 27th 2007. The
Company is now confident that the final granting ("Demarcacion") of the Don
Benito Investigation Permits (12684-D and 12686-D) will be complete by year's
end. The project is particularly significant due to the recent uranium mining
history, the presence of substantial infrastructure including power and roads
and the 30 kilometers of resource and reserve drilling.
A team of four geologists and eight field assistants have been active
during the quarter collecting field information from the Hotagen
(Klappibacken, Tresjoarna and Stenberget) and Tasjo areas. One hundred
kilometres of EM geophysical surveying was completed at Tasjo, covering 20
kilometres of strike of the uranium host horizon. At Hotagen, 700 radon caps
and 400 line kilometres of ground scintillometer surveying was completed. The
Company now holds the uranium rights to 34 exploration permits for 37,020
hectares in Sweden.
New drill results were released from the Klappibacken and Tasjo uranium
projects in Sweden. At Klappibacken significant near-surface and high-grade
uranium mineralization was intersected. Best results, calculated with a lower
cut-off of 200ppm U3O8, included:
KLADD0703: 56 metres at 0.10% U3O8 from 20 metres;
including 5 metres at 0.24% U3O8 from 25 metres, and
including 24.7 metres at 0.12% U3O8 from 46.3 metres;
KLADD0702: 23.1 metres at 0.12% U3O8 from 18.6 metres; and
8.6 metres at 0.10% U3O8 from 51.5 metres;
At Tasjo final results were released from a 53-drill hole program.
Uranium was targeted in a mineralized sedimentary horizon from surface to
approximately 40 metres vertical depth, across an area covering 1,100 metres
in strike and 250 metres in width. Drilling was performed on a grid of 25 or
50 metre spacing, on sections separated by 100 metres. Forty-one of the 53
drill holes intersected significant uranium mineralization, with the uranium
host sequence ranging from 0.9 metres to 13 metres thickness and grading
between 100 ppm to 442 ppm U3O8. The mineralized unit averaged 5.0 metres at
246 ppm U3O8.
The Company has been granted further permission to drill the Tasjo
project over a 20 kilometre strike to the northeast and southwest of the
current drill area. At the Klappibacken uranium project, receipt of drilling
approvals was delayed due to the summer break in Sweden. Two drill rigs will
be mobilized to the Klappibacken project once approval has been given. This
program is anticipated to begin in mid to late September. Drilling is planned
to recommence at Tasjo in October.
The Company has also filed an updated NI43-101 technical report on its
Klappibacken, Tasjo and Duobblon uranium properties in Sweden. The technical
report is available for download from SEDAR.
Mawson now has submitted three claim applications for 473 hectares and
holds two granted claim reservations for 1,734 hectares in Finland.
Reconnaissance field work commenced at the Nuottijarvi uranium project in
central Finland, one of that nation's largest known uranium deposits. An
independent contracting group was sought to calculate a NI43-101 compliant
resource for the project on granting, which is anticipated in January 2008.
Mr Hudson states, "Mawson is very well placed as a European uranium
explorer, with a project portfolio that includes both resources and high merit
exploration projects across three countries. Combined with a strong technical
team and adequate funding of C$15.3-million (equivalent to 42c per share), we
look forward to adding further value through discovery and acquisition over
the remainder of the year."
The qualified person for Mawson's uranium 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.
About the Company: Mawson Resources holds significant uranium 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 Relations Consultants - Mining
Interactive: Nick Nicolaas, (604) 657-4058; Wayne Melvin, (604) 619-6327;