2012 News Releases

October 29, 2012

Mawson Grab Samples up to 2,817g/t Gold at Rajapalot, Finland

60 Second Press Release

Vancouver, Canada -- Mawson Resources Limited ("Mawson") TSX -- MAW; Frankfurt -- MXR, PINKSHEETS- MWSNF has discovered bonanza gold grades at the Rajapalot prospect in Finland, returning up to 2,817g/t gold from prospecting grab samples within 3 areas separated by many kilometres. Rajapalot is located 8 kilometres to the east of the Rompas gold project in Northern Finland (Figure 1).

Highlights from this work include:

  • Prospecting grab samples taken from outcrop returned 2,817g/t gold, 2,196g/t gold, 1,245g/t gold, 933g/t gold, 151g/t gold and 135.5g/t gold amongst 36 new grab samples (Table 2);
  • 52 samples from the Rajapalot prospect to date average 152.8g/t gold and range from 0.001g/t to 2,817g/t gold (Tables 1 and 2);

Mr Hudson states, "The second round of prospecting results from Rajapalot demonstrate the scale, prospectivity and extremely high-grade nature of the Rompas-Rajapalot area. Nevertheless, of greater interest is the context of this new discovery with the larger Rompas-Rajapalot project area. At this very early stage of exploration, we now have indications of a mineral system that has deposited high-grade gold within an area approaching 10km by 10km. This is very significant on a global scale. The Company has prioritized prospecting within the Rajapalot area and many geochemical samples remain to be returned. Both airborne and ground geophysical surveys will be undertaken during Q1 2013 with the aim to firm up drill targets that can be tested during Q1/Q2 2013."

Discovery grab samples from the Rajapalot project have returned gold mineralization from three distinct areas, namely the Palokas, Joki and Rumajärvi prospects. The areas were targeted with regional geophysics and surface soil geochemistry. Rumajarvi lies 1.5 kilometres south of Palokas, while Joki is located 1 kilometre southeast of Palokas (Figure 2). Each prospect area is characterized by minor outcrop on a topographic high, within a predominantly swampy terrain and therefore very little in situ bedrock has been located. The style of mineralization at some of the new localities is sulphidic and of a disseminated or replacement style, which differs from the vein style observed at Rompas. Little outcrop has been found between the prospect areas. The glacial boulders sampled and reported here are the same lithologies as in nearby outcrops, appear to form boulder trains, and thus are considered to be proximal to their source. A summary of sample statistics is shown in Table 1 and all results received to date are shown in Table 2. All samples are prospecting grab samples. These are selective by nature and are unlikely to represent average grades on the property.

Table 1: Summary statistics from all grab samples taken from the Rajapalot discovery to date.

Prospect Number of Samples Area Max Au g/t Min Au g/t Average Au g/t Sample Type
Rumajarvi 32 650m x 140m 1,245 0.00 42.4 10 Outcrops, 22 Boulders
Palokas 10 120m x 55m 85.0 0.11 30.5 9 Outcrops, 1 Boulder
Joki 10 800m x 150m 2,817 0.00 628.2 5 Outcrops, 5 Boulders
TOTAL 52 2,817 0.00 152.8 24 Outcrops, 28 Boulders

In other news, Mawson is pleased to announce that 97% of all warrants priced at $1.02 which expired on October 25, 2012 have been exercised to raise an additional C$3.7M for the company. Mawson's major shareholder, The Sentient Group, which held 78% of the exercised warrants now moves to 23.6% ownership of the Company.

About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)

Mawson Resources Limited is a resource acquisition and development company. The Company has distinguished itself as a leading Scandinavian exploration company with a focus on the flagship Rompas gold project in Finland.

On behalf of the Board,

"Michael Hudson"
Michael Hudson, President & CEO

Investor Information
www.mawsonresources.com
1305 -- 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez/Donna Werbes +1 (604) 685 9316
Seema Sindwani (Institutional IR) +1 647-478-3017
Email: info@mawsonresources.com

Technical Background

Samples were transported by Mawson personnel from site to ALS Chemex Ltd's laboratory in Pitea, Sweden where the samples were prepared and sent to ALS Chemex Ltd's laboratory in Vancouver, Canada to be analyzed by Au-ICP21, GRA-21, ME-MS41u, PGM-ICP27 and ME-MS61u techniques. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold content, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. Three NORM samples were analyzed at SRC Geoanalytical Laboratories, Saskatchewan, Canada, by ICP1 Partial Digestion except for gold which was analyzed by Fire Assay. The qualified person for Mawson's Finnish projects, Mr Terry Lees, VP Exploration for Mawson and Fellow of the Australian Institute of Geoscientists has reviewed and verified the contents of this release.

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.

Table 2: All assay results from prospecting grab samples from the Rajapalot area:

Prospect Sample Number Sample Type Au g/t U ppm Date Reported
Joki 231332 outcrop 2817 81900 Here
Joki 222353 outcrop 2196 45100 Here
Joki 231330 outcrop 933 7540 Here
Joki 231422 boulder 148 23600 Here
Joki 231331 boulder 136 1670 Here
Joki 231836 boulder 52.20 433 Here
Joki 231333 boulder 0.14 8540 Here
Joki 231837 outcrop 0.08 18 Here
Joki 231423 boulder 0.01 1040 4-Sep-12
Joki 231347 outcrop 0.00 4 4-Sep-12
Palokas 231417 outcrop 85.00 16 4-Sep-12
Palokas 231810 outcrop 66.30 13 4-Sep-12
Palokas 231418 outcrop 63.60 790 Here
Palokas 231839 outcrop 53.80 31 Here
Palokas 231838 outcrop 19.60 7 Here
Palokas 222372 outcrop 12.45 238 Here
Palokas 231419 outcrop 2.23 3790 Here
Palokas 231843 boulder 1.37 75 Here
Palokas 231420 outcrop 0.54 15100 Here
Palokas 231421 outcrop 0.11 64 4-Sep-12
Rumajarvi 231340 boulder 1245 2750 Here
Rumajarvi 231819 boulder 33.00 500 Here
Rumajarvi 231416 outcrop 22.70 630 Here
Rumajarvi 231805 boulder 14.35 301 4-Sep-12
Rumajarvi 231806 boulder 11.30 460 4-Sep-12
Rumajarvi 231336 boulder 9.37 18 4-Sep-12
Rumajarvi 231339 boulder 7.12 2500 4-Sep-12
Rumajarvi 231818 boulder 4.55 301 Here
Rumajarvi 231338 boulder 3.30 420 4-Sep-12
Rumajarvi 231833 boulder 1.95 7 Here
Rumajarvi 231803 outcrop 1.28 75 Here
Rumajarvi 231337 boulder 0.87 460 4-Sep-12
Rumajarvi 231832 boulder 0.59 389 Here
Rumajarvi 231809 outcrop 0.53 23 4-Sep-12
Rumajarvi 231841 outcrop 0.43 36 Here
Rumajarvi 231804 boulder 0.27 2340 Here
Rumajarvi 231815 boulder 0.24 31 Here
Rumajarvi 222370 outcrop 0.22 33 Here
Rumajarvi 231834 boulder 0.13 485 Here
Rumajarvi 231807 boulder 0.11 4870 Here
Rumajarvi 231808 outcrop 0.11 28 4-Sep-12
Rumajarvi 231335 outcrop 0.10 31 4-Sep-12
Rumajarvi 231342 boulder 0.08 91 4-Sep-12
Rumajarvi 231840 boulder 0.06 120 Here
Rumajarvi 231415 outcrop 0.04 7 4-Sep-12
Rumajarvi 231820 boulder 0.03 31 Here
Rumajarvi 231831 boulder 0.02 59 Here
Rumajarvi 231341 boulder 0.02 580 4-Sep-12
Rumajarvi 222371 outcrop 0.01 67 Here
Rumajarvi 231829 boulder 0.01 5 Here
Rumajarvi 231816 boulder 0.01 337 Here
Rumajarvi 231334 outcrop 0.00 530 4-Sep-12
unnamed 231608 boulder 13.95 7 Here
unnamed 232159 boulder 1.32 3 Here