Mawson vends gold and base metal claims for equity in First Fortune

    VANCOUVER, Aug. 2 /CNW/ - Mawson Resources Limited ("Mawson") TSXv - MAW;
Frankfurt - MRY. Michael Hudson, President & CEO, is pleased to announce the
completion of two transactions that enable Mawson to focus on the exploration
and development of its advanced uranium assets in Europe, whilst maintaining
exposure to the Company's substantial gold and base metal exploration
    Mawson has finalized two agreements, the first to purchase joint venture
partner equity interests in the Company's gold projects and the second to vend
these gold projects plus additional base metal projects to the TSX Venture
Exchange listed First Fortune Investments Inc ("First Fortune", TSX.v: "FRF").
In consideration for the transaction, Mawson will receive 6,000,000 common
shares in First Fortune and C$250,000 cash. In addition, Mawson retains a 2%
NSR on all properties not included in the agreement with North Atlantic
Natural Resources AB ("NAN" - a subsidiary of Lundin Mining AB).
    The gold assets were consolidated via agreement with NAN, to buy out
NAN's 49% and 100% interests in the Vargbacken and Stenberget gold projects
which were previously subject to an earn-in Joint Venture with Mawson.
Consideration for the purchase is C$250,000 with future production from these
two claims subject to a 2% NSR royalty.
    The Letter of Understanding ("LOU") signed with First Fortune vends 25
exploration claims and 1 mining lease ("the Claims") comprised of 15 gold
claims ("Gold Claims") and 11 base metal claims. Seven of the Gold Claims are
the subject of a prior option and joint venture agreement ("Joint Venture
Agreement") dated August 24, 2006 between First Fortune and Mawson. The Joint
Venture Agreement will terminate on completion of this transaction. Completion
of the transaction is subject to regulatory approval. On Closing of the
transaction, Mawson will own approximately 19% of First Fortune on an
undiluted basis.
    The Gold Claims represent the largest property holding in the Skellefte
gold mining district of northern Sweden with 76,000 Ha of claims. The Gold
Claims cover 60 km of the 130 km long Skel efte "Gold Line". This trend is an
emerging gold camp which already contains two operating gold mines and one
project in final feasibility. The Gold Claims represent large tracts of
under-explored ground along strike from major gold projects. Three advanced
gold projects are contained within the Claims, including the Vargbacken
project where drilling has been sufficient to calculate a NI 43-101
CIM-compliant estimate of an Indicated Resource of 1.2 million tonnes @ 1.44
g/t gold (56.7 Koz of gold) and an Inferred Resource of 0.9 million tonnes @
1.68 g/t gold (48.12 Koz of gold) at a 0.6 g/t cut off. The initial disclosure
of the resources was first announced by Mawson on August 16, 2006.
    The base metal assets include Mawson's Caledonide properties in North
Western Sweden as well as the Vena copper-cobalt-zinc-silver project in
central Sweden located 7 kilometres north of the Zinkgruvan mine and
    Mr. Hudson comments "Mawson's focus is firmly on the exploration and
development of its advanced European uranium assets. The Company has sought to
share exploration risk by joining with quality partners to explore non-core
assets. The acquisition of this gold and base metal portfolio now places First
Fortune at the leading edge of exploration in Sweden. Mawson will continue to
support First Fortune's strong, Swedish-based management team, which now has
the opportunity to continue to create further value for Mawson by expanding
the known resources and making new discoveries along the Gold Line."
    The qualified person as defined by National Instrument 43-101 is 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"
    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,,
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:

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