News

Vancouver, Canada -- Mawson Resources Limited ("Mawson") TSX -- MAW; Frankfurt -- MRY. Mr Michael Hudson, President & CEO, announces new results from the 2011 exploration program at the Company's 100% owned Rompas project in northern Finland.

A new zone of mineralization has been defined late in the field season at the southern extension of North Rompas under thin glacial till. Grab samples taken from three separate one metre deep (hand dug) pits returned 557ppm Au & 0.8% U3O8, 147ppm Au & 36.8% U3O8 and 201ppm Au & 0.1% U3O8 within a zone extending along strike over 30 metres under thin cover (Figure 1). Due to the thicker till in the area only one metre hand dug pits were able to access the weathered bedrock zones which were subsequently grab sampled. One additional grab sample, interpreted to be located 20m to the north in a parallel structure assayed 7,630ppm Au and 22.4% U3O8 (Figure 1).

Importantly, in the southern extension of North Rompas, continuity of lower grade mineralization has been demonstrated over an area of 110 metres along strike and 90 metres width (Figure 1). Extent of known mineralization is only limited by thick soil cover where bedrock cannot be reached by radiometry nor hand digging due to current permit restrictions. The new zone is located 300m south of the northern extension of North Rompas zone where continuity was previously established between mineralized zones (Figure 1), as reported in the Mawson press release dated 31 October, 2011.

One grab sample at South Rompas, located 4.6km to the south, returned 33,200ppm Au and 56.6% U3O8 (Figure 2), which to date represents the highest grade sample yet taken at Rompas. This sample was taken from a boudin in a vein that occurs within the known extent of mineralization. Grab samples are selective by nature and are unlikely to represent average grades on the property.

In addition, Mawson recently completed a 22 line km gradient array IP geophysical survey at North and South Rompas. This survey highlighted a chargeable host sequence that correlates with mineralized areas in both North and South Rompas. The chargeable sequence is far more extensive under areas of shallow till and soil cover that are too deep to be tested by surface sampling (Figures 1 and 2).

Mr Hudson states: "Rompas continues to deliver with grade, continuity and scale. Further discoveries and evidence for continuity of mineralization at surface over considerable distances augurs well for the prospectivity of this exciting new mineral district. Additionally, the recent IP geophysical survey clearly highlights the host sequence at Rompas. The chargeable sequence is shown to continue extensively undercover away from areas where high grade gold and uranium discoveries have been made."

The Rompas mineral system is hosted by metabasalt, dolomite, calc-silicate, dolerite and volcaniclastics, all part of the Palaeoproterozoic Perapohja Schist Belt. These rocks have undergone at least two major deformation events, leading to a locally strong schistosity (oriented 320-340 degrees) and metamorphism up to amphibolite-grade resulting in diopside-tremolite-actinolite assemblages in the calc-silicate rocks.

Gold and uranium mineralization at Rompas is hosted by a quartz-calc-silicate vein array and related alteration selvages. The calc-silicate veins (amphibole-pyroxene-quartz-carbonate ±gold, uraninite) and alteration selvages (biotite-amphibole-K-feldspar) have been metamorphosed to amphibolite facies, following a structural episode of flattening within high strain zones. It is interpreted that the veins are an early (pre-structuring) vein array, but that the bonanza-grade mineralization is likely a result of the structuring and metamorphism. Interestingly, lower grade gold (1-20ppm Au) with weakly anomalous uranium (1-40ppm U) is known to occur outside the high-grade pods, but still within the veins and/or alteration selvages. The spectacular bonanza gold and uranium grades are generally contained in pods of calcite and amphibole, often associated with boudinaged "ladder veins" within the more extensive vein system, indicating they could be local upgraded remobilizations from the veins.

Due to the lack of detailed work that has been done on this relatively new discovery, little is understood about the nature of the mineralizing controls. In any event, it would appear that the exploration target is a large, bulk-tonnage vein system that may be genetically related to a granitoid complex that occurs a few kilometers to the north of the property. The possibility of finding potentially economic high grade vein structures must also be considered.

Mawson holds 833 claims and claim applications for 75,340 hectares at the Rompas Project. A total of 110 exploration claims that cover a surface area of 10,580 hectares and form the core claims at Rompas were granted on October 31, 2010 but do not come into legal force until after a standard appeal process. Therefore sampling, to date, has been restricted to low impact digging and trenching by hand through soil to access bedrock for diamond saw channel and grab sampling.

Mawson samples were prepared by ALS Chemex Ltd's laboratory in Pitea, Sweden and analyzed by Au-ICP21, ME-MS41u, PGM-ICP27 and ME-MS61u techniques by ALS Chemex Ltd's laboratory in Vancouver, Canada and Saskatchewan Research Council using standard ICP partial and full digestion and fire assay methods. 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.

Shares Outstanding: 51,680,753; Cash: approximately C$9.5 million.

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.