Mawson Announces 2009 Program - Maintaining Cash and Momentum
Vancouver, Canada - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Michael Hudson, President & CEO, provides an update on Mawson's operational and corporate plans for 2009 which will conserve the Company's strong cash position while expanding its current uranium resource base through active exploration programs, new acquisitions and taking advantage of potential corporate growth opportunities.
The exploration and G&A budget for 2009 is forecast to be CDN$2 million, reduced from approximately CDN$5M during 2007/08. Exploration work programs will focus on the Company's most advanced projects in the Hotagen district in Sweden and Don Benito district in Spain.
Mr Hudson states, "With CDN$11 million in cash held with a large Canadian commercial bank, zero debt, an annual budget of CDN$2 million, a uranium resource base proximal to the world's largest consumers of nuclear power and a strong technical team, Mawson is extremely well positioned for growth over the coming years. We owe it to our shareholders to be both realistic about current market conditions yet also commit to maintaining the momentum of work programs on our highest quality exploration projects in Sweden and Spain. Mawson will seek to identify high quality growth projects and will take a highly-disciplined and value-focused approach before making any future investment."
Mawson's exploration focus in Sweden continues to be the Hotagen project, which includes the Company's Kläppibäcken project with a NI43-101-compliant indicated resource of 3.3 million pounds at 0.08% uranium oxide ("U3O8"). Recent results include discovery of sixty-six uranium mineralized outcrops within Mawson's exploration claims over an area of 8 kilometres by 7 kilometres surrounding the Kläppibäcken project. Sampling results from these outcrops included forty assays above 0.05% U3O8, which ranged from 0.05% U3O8 to 8.04% U3O8 and averaged 0.79% U3O8. The discovery of these uranium mineralized outcrops is significant considering that outcropping rock accounts for less than 10% of the surface area in the Hotagen district, with the remainder of the area blanketed under a thin 1-2 metre soil veneer. In 2009, the Company plans a one hundred hole, deep till drill program surrounding the Kläppibäcken deposit in March- April. The Company also plans to construct a 3.5 kilometre access road and remove the soil covering the outcrop area at Kläppibäcken and diamond drilling will continue at Hotagen during the summer. A detailed airborne radiometric and magnetic survey over the Hotagen area is scheduled during the year.
The Company holds 3 granted investigation permits for 23,828 hectares and one investigation permit application for 8,889 hectares in Spain.
Mawson's Don Benito Uranium exploration investigation permits in Spain were granted in November 2008. The Don Benito Uranium Investigation Permits lie in the La Haba district, Extremadura region of south-western Spain, in one of two principal historic uranium mining and processing areas in the country. The potential for further uranium discoveries along strike from the La Haba mine area, within the granted areas is demonstrated by the presence of 26 surface anomalies discovered by ground scintillometer surveying along the 32 kilometres of uranium host horizon. The Don Benito uranium claims surround the La Haba open pit uranium mine and resource area which ceased operation in 1990. The mine and resource area are currently held within the 3,865 hectare La Haba State Mineral Reserve to which Mawson has no entitlement. Spanish Mining Law states that on lifting of a State Mineral Reserve, the mineral rights will fall to the holder of the overlying granted permits, which in this case would be Mawson. In 2009, Mawson plans to initiate exploration by flying an airborne radiometric and magnetic survey over the large land package. The Company has completed digitizing of the exploration and mining database from more than 150 kilometres of drilling and all previous mining information from the Don Benito project. Work will commence on the database to redefine known mineralized areas and prospective new target areas. Additionally, the Company remains in close discussion with the Spanish authorities regarding the Mineral State Reserve area. Consolidation of mineral tenure in the Don Benito area is one key for the successful development of the project and will determine Mawson's ultimate work programs in Spain for 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
1305 -- 1090 West Georgia St., Vancouver, BC, V6E 3V7
Company Contact: Mariana Bermudez +1 (604) 685 9316
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Nick Nicolaas +1 (604) 657 4058
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.