Mawson Registers Agreements for the Alto Quemado Gold-Copper Project in Peru and Commences Drill Permitting
Mawson Resources Limited ("Mawson") (TSX:MAW) (Frankfurt:MRY) (OTCPINK:MWSNF). Mr Michael Hudson, President & CEO, announces the Company has renegotiated terms of the underlying agreement with Alto Quemado Mining Company SAC ("AQMC"), the vendor of the Alto Quemado gold-copper project in the mineral-rich Southern Peru Mineral Belt. The new agreements have been registered against the exploration claims by the Peruvian authorities.
As previously announced by Mawson on 9 September 2010, the Company secured the right to acquire 100% of the stock of the optionor, Altynor Peru SAC ("Altynor") from arm's length third parties. Altynor holds an option to purchase 100% of the Alto Quemado gold-copper project from Alto Quemado Mining Company SAC ("AQMC"). The 100% acquisition terms are based on making staged payments of US$50,000 on signing, US$550,000 on receipt of permits to drill and US$900,000 should the option with AQMC be triggered.
The renegotiated terms state that Altynor must make a payment of €5.12M in 48 months to acquire 100% of the mining rights from AQMC. AQMC retain a net smelter return payable at a rate between 1 to 3%, dependent on the price of gold. Altynor holds the first right of refusal to purchase the NSR from AQMC.
"The new terms of the agreement provide 4 years before significant option payment fall due, and are better aligned with the timeframe required to make a significant discovery. Now we have finalized our agreements with AQMC, we look forward to advancing permitting to enable the project to be drill tested late in 2011. We have completed extensive field work at Alto Quemado which has significantly increased our understanding of the property. Results from this work program will be released shortly." said Mr Hudson.
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.
In addition, the Company is exploring for gold and copper in the highly prospective Cordillera of Peru, with a focus on a new high grade gold 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: 50,845,753. Cash: approximately C$13 million.
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.
The qualified person for the Alto Quemado project, Terry Lees, VP President Exploration for Mawson, and a Fellow of the Australian Institute of Geoscientists, has reviewed and verified the contents of this release.