VANCOUVER, Nov. 5 - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr. Michael Hudson, President & CEO, provides an update from work completed during the northern summer at the Langtjarn uranium prospect in Northern Sweden. The prospect is contained within the Company's 100%-owned Hotagen nr 1, 8,360 hectare exploration permit, and is located 2 kilometres north of Mawson's Klappibacken prospect where a NI 43-101-compliant Indicated Resource of 3.3 million pounds at 0.08% uranium oxide ("U3O8") was recently announced (see Mawson release July 16, 2008).
Uranium mineralization at Langtjarn occurs as pitchblende within fractures and cataclastic alteration zones that are hosted by granite or an adjacent mafic dyke. The prospective area at Langtjarn is defined by the extent of the mafic dyke, which corresponds to a linear north-south trending magnetic anomaly that strikes over a distance of 2.4 kilometres.
During the summer field season at Langtjarn, Mawson has:
- Conducted a ground scintillometer survey over an area of 3.3 kilometers by 2 kilometers which identified the size and strength of uranium anomalism associated with the magnetic trend.
- Discovered six uranium mineralized outcrops areas in an area of 1400 metres by 600 metres where less than 5% of bedrock outcrops through thin soil cover. Spectrometer assays from rocks at these localities above 0.05% eU3O8 ranged from 0.06% U3O8 to 8.04% U3O8 and averaged 1.48% U3O8.
- At one of the six outcrop areas, 11 channel samples were taken with a rock saw across an area of 16 metres by 8 metres. Samples assayed above 0.08% U3O8 ranged from 0.08% U3O8 to 1.85% U3O8 and averaged 0.75% U3O8. An application has been submitted to the relevant Swedish authorities to drill test the strongly mineralized outcrop and its interpreted extensions beneath the glacial soil cover.
- Found historic records from the Swedish Geological Survey (SGU) which describe a uranium mineralized boulder field covering 15 metres by 10 metres where 4 boulders assayed from 6% U3O8 to 31% U3O8. In 1984, the SGU drilled 32 shallow holes into the lowest glacial soil horizon ("deep till") over this boulder field. Assays from these samples averaged 47ppm U3O8. The uranium anomalous area remains open in all directions and has never been diamond drill tested.
Mr. Hudson states, "Mawson's Hotagen uranium mineralized district continues to deliver impressive results. Langtjarn is one of 29 project areas (Figure 1) we have identified within an area of 8 kilometres by 7 kilometres, all in close proximity to our Klappibacken Indicated Resource. The high uranium grades discovered in outcrop and boulders at Langtjarn with the associated magnetic anomaly provide a strong drill-ready target. Our field crew has been very successful over the summer season in identifying many high quality targets for follow up."
Uranium was analyzed by the ME-XRF05 technique by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver, Canada, where duplicates, repeats, blanks and known standards were inserted according tostandard industry practice. Additional field assays ("U3O8") were undertaken using a calibrated RS-230 BGO spectrometer, operated by Mawson staff. The qualified person for the Hotagen project, 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
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.
To see Figure 1: Bedrock map and uranium prospects, Hotagen Mineralized District, Sweden, please see www.mawsonresources.com
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