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Mawson
Resources Limited ("Mawson") TSX - MAW;
Frankfurt - MRY. Mr Michael Hudson, President &
CEO, announces the company has completed the summer and autumn exploration
program as previously disclosed at the Company's 100% owned Rompas gold-uranium project in Finland and provides
guidance as to timing of assay results.
During
the last 5 months the company has completed: <<
- A 1,300 soil and bedrock
channel sample program over an area of 8km by
500m;
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- A 1,000 sample regional
geochemical and prospecting survey. Geochemical
samples were collected at sample sites located on 1km by 1km grid over
the entire 95,000 hectare land holding;
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- A 3,279 line km heliborne magnetic and radiometric geophysical survey
over an area of approximately 21km by 8km;
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- Detailed lithological,
alteration and geomorphological mapping and
prospecting, with the aim to map the key structural, geological and
alteration signatures associated with gold and uranium mineralization.
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Approximately 2,000
samples remain to be returned from the assay
laboratory. Fifty percent of
these samples are channel and chip samples from
296 individual sites within the mineralized gold and uranium trend at Rompas.
The remainder of the pending assays are soil and
till samples. To date only
283 grab sample assays have been reported during this field season within the
mineralized trend (Mawson Press Release Oct 12,
2010). The flow of results has
been slower than anticipated due to delays associated with the transport of
the samples out of the European Union.
As a matter of protocol, Mawson's
assay contractor, ALS Chemex, crushes and grinds
("prepares") samples that
fall below a certain radioactive threshold in their Swedish facilities.
Samples above this threshold are transported directly, without preparation,
to
ALS Chemex's facilities in Vancouver for
assay. Over the last 4 weeks, air
transport authorities in Germany have detained samples in Frankfurt. This has
been due to radiation levels exceeding those normally associated with
exploration samples for approximately 120 unprepared channel and chip
samples. The issue has been
resolved and the samples are now being
transported to Vancouver for analysis.
Results are expected to flow shortly
and will be reported once received.
Assays reported to date from Rompas show
a strong correlation between bonanza gold and high uranium grades.
Mr
Hudson states, "Mawson has undertaken and
completed all work programs
at the Rompas discovery as previously
outlined. Issues associated with
transporting samples to the laboratory have now been resolved. Approximately
90% of results remain to be released from almost 300 new discovery sites
within the 6 kilometre long mineralized trend at Rompas and we eagerly await
releasing results as they become available."
Additionally, in Peru the
Company continues with its work at the Alto
Quemado project. Mapping and surface sampling is now
complete. Over the last
month at the Santa Maria porphyry, 93 regularly spaced pits have been dug and
sampled within an area of 800m x 700m down to bedrock. Furthermore, the
Company has rehabilitated and sampled all adits and
shafts constructed by
informal miners from 2001-2007 within the high grade gold structures that lie
adjacent to the porphyry zone. A
compilation of results from the work program
over the last 4 months at Alto Quemado will soon be
made.
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. Areva NC
holds 11% of the Company
and provides Mawson with an active technical
partner.
In addition, the Company
is exploring for gold and copper in the highly
prospective Cordillera of Peru, with a focus on a new gold-copper 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:
49,747,253. Cash: approximately C$14 million.
<<
On behalf of the Board, "Michael Hudson" Michael Hudson, President &
CEO
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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.
Mawson
samples are analyzed by Au-ICP21, ME-MS41u, PGM-ICP27 and ME-MS61u
techniques by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver,
Canada. The qualified person for Mawson's Finnish
projects, Erkki Vanhanen,
Finnish Exploration Manager for Mawson with a
designation of European
Geologist for the European Federation of Geologists (EFG), has reviewed and
verified the contents of this release.
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