2005 News Releases

December 01, 2005

Mawson Resources Cuts 13M @ 6.3 g/t Gold at Vargbacken, Sweden

Vancouver, Canada -- Mawson Resources Limited ("Mawson") TSXv -- MAW; Frankfurt - MRY. Mr Michael Hudson, President, is pleased to present an update and announce results from the first two reverse circulation "RC" drill holes from the ongoing drill program at the Vargbäcken project in Sweden. A total of 5 reverse circulation ("RC") holes for 847m have now been drilled with two holes remaining to complete the program. The results from the first two holes, RC60 and RC61, are presented in the attached Table 1. Further results will be released as they become available.

Best RC drill results when applying a 0.5 g/t gold cut-off grade include:

  • RC61: 13m at 6.3 g/t gold from 165m including 1m at 43.7 g/t gold from 169m;
  • 1m at 7.7 g/t gold from 154m;
  • 4m @ 2.0 g/t gold from 106m;
  • RC60: 6m at 2.1 g/t gold from 35m including 2m at 5.0 g/t gold from 37m;
  • 4m at 3.1 g/t gold from 83m including 1m at 9.0 g/t gold from 83m.

Gold at Vargbäcken is visible, free and coarse grained, and occurs in multiple high grade "bonanza" structures within a 30-40m wide gold mineralized halo. The potential of this mineralized halo is demonstrated by applying a lower cut-off grade of 0.2 g/t gold where RC61 intersected 86m at 1.4 g/t gold from 92m. It is not yet possible to make a conclusive statement defining true widths in the reported down-hole intercepts.

The aim of the current drill program is to extend the gold mineralized at depth below the current drilled area. In the case of RC60 and RC61, mineralization has been extended 60m below previous intersections to a vertical depth of 100m. Higher grade gold mineralization has been drill delineated over 350m strike and from surface to the extent of RC drilling and the project will therefore be evaluated in the future for open pit mining. Scout drilling and rock chip sampling has identified gold mineralization over a 1 kilometre trend to the north and south of Vargbäcken.

Previous RC drill results at Vargbäcken (see Mawson Press Releases Nov-29-2004, Dec-14-2004 and June-29-2005) have included:

  • 3m at 10.4 g/t gold, 10m at 8.6 g/t gold including 1m at 56.4 g/t gold and 14m at 19.8 g/t gold including 2m at 72.6 g/t gold in RC34;
  • 3m at 10.0 g/t gold and 16m at 3.3 g/t gold in RC43; and
  • 11m at 3.9 g/t gold from 163m in RC53.

Mr Hudson comments, "These new results represent the discovery of new bonanza gold bearing structures in the northern half of the Vargbäcken prospect with grades up to 43.7 g/t gold over one metre. Combined with RC drill results received over the last year, the Vargbäcken project is developing at an encouraging pace for the Company."

The qualified person for the Vargbäcken project is Mark Saxon, a Director and V.P.-Exploration for Mawson, and a member of the Australasian Institute of Mining and Metallurgy. Mr. Saxon has reviewed and verified the contents of this release.

On behalf of the Board,

"Michael Hudson"
Michael Hudson, President & CEO

Investor Information
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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 Börse have reviewed the information contained herein and, therefore, do not accept responsibility for the adequacy or accuracy of this news release.

Table 1 -- Vargbäcken Reverse Circulation Drill Hole Results June 2005, 0.5 g/t Gold Lower Cut

Location Drill Hole From (m) To (m) Width1(m) Gold2 (g/t)
Section 95N RC60 6 8 2 2.9
35 41 6 2.1
including 37 39 2 5.0
68 70 2 1.6
83 87 4 3.1
including 83 84 1 9.0
Section 50N RC61 40 42 2 1.8
60 63 3 1.5
106 110 4 2.0
131 133 2 1.0
135 137 2 1.7
142 145 3 1.2
154 155 1 7.7
165 178 13 6.3
including 169 170 1 43.7
Note 1: Calculated using a 1m minimum thickness and a 0.5 g/t gold lower cut. No upper cut applied.
Note 2: Gold analyzed by 1kg bottle roll technique with leachwell accelerant and an atomic absorption spectroscopy finish by ALS Chemex Ltd's laboratory in Piteå, Sweden. Duplicates, repeats, blanks and known gold standards were inserted according to standard industry practice.