News

160 boulders with gold grades ranging from 0.1 g/t gold to 3,870 g/t gold, with an average of 74.9 g/t gold and median of 0.71 g/t gold

Vancouver, Canada – Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX: MAW) (Frankfurt: MXR) (PINKSHEETS: MWSNF) announces the result of a systematic review of nine prospect areas at the 100% owned Rajapalot gold project in Finland. These prospect areas were discovered by the Mawson team as gold-bearing boulder fields, from which 160 gold mineralized boulders have now been identified within a 12 square kilometre area. The potential bedrock source of only three of the nine boulder fields have been located by drilling, with the remaining six boulder trains now planned for follow up exploration.

Mr Hudson, Chairman & CEO states, "With more than 99% of the gold prospective area at Rajapalot covered with a thin layer of glacial soil, tracing the source of boulders remains a key to further discoveries. The frequency of boulder discovery at Rajapalot over at least 12 sq km is impressive. Our field teams are regularly making new finds, including the exciting Palokas-style mineralized boulders at Hirvimaa, that present immediate drill targets. The bedrock source of only three of nine boulder fields are known to date, with all nine still providing excellent discovery opportunities.

Further discoveries at Rajapalot will come through rigorous exploration practices and a commitment to drilling. Given the high success rate of drilling during the last winter program where 28% of drill holes (39 out of a total of 137) recorded greater than 5 g/t-m intersections, we are looking forward to our upcoming programs.”

A summary of sample statistics is shown in Table 1 and description of all boulder fields is shown in Table 2. Samples from boulders are grab samples, which are selective by nature and are unlikely to represent average grades on the property. A lower cut-off for reporting of the boulders is 0.1 g/t Au, and the range, mean and median are all reported to give a more accurate representation of sample variation.

Compilation and re-examination of all the boulder information was conducted for comparison of the drill results of the 2016-17 winter drilling and base of till (BOT) results with previously held data. The geochemistry, mineral assemblages and the shape and size of all boulders was reviewed. Company geologists have determined that the grade distribution of boulders and their spacial association with outcrops and drill results indicate that the shallowly buried sources are close to the northwestern edges of the defined boulder fields.

The source of three boulder fields identified in Figure 1 (Palokas, South Palokas and Raja) have been located. The source of the largest boulder field, Rumajärvi, remains elusive, but as the boulders contain highly anomalous and disseminated gold with pyrrhotite, this remains a high-priority target for 2017-18 winter drill program. Geophysical studies, including distinguishing magnetic pyrrhotite-bearing metasediments from magnetic volcanic rocks is allowing more effective targeting of boulder sources.

Technical Background

The qualified person for Mawson's Finnish projects, Dr. Nick Cook, President for Mawson and Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.

Boulder samples were assayed between 2012-2015 and 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 and ME-MS61u techniques. The QA/QC program of Mawson consisted of the systematic insertion of certified standards of known gold content, with blanks at the beginning of each batch. In addition, ALS Chemex inserted a number of blanks and standards into the analytical process.

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

Mawson Resources Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rompas and Rajapalot gold projects in Finland.

Forward-Looking Statement

This news release contains forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking statements. Although Mawson believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, and similar expressions, or are those, which, by their nature, refer to future events. Mawson cautions investors that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, capital and other costs varying significantly from estimates, changes in world metal markets, changes in equity markets, planned drill programs and results varying from expectations, delays in obtaining results, equipment failure, unexpected geological conditions, local community relations, dealings with non-governmental organizations, delays in operations due to permit grants, environmental and safety risks, and other risks and uncertainties disclosed under the heading "Risk Factors" in Mawson's most recent Annual Information Form filed on www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Mawson disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Table 1: Summary of boulder data for the nine boulder fields at Rajapalot. Minimum cut-off for reporting is 0.1 g/t Au. Samples from boulders are grab samples, which are selective by nature and are unlikely to represent average grades on the property.

Table 2: Notes on each of the boulder fields; notes on relationship to outcrops and related drilling; 2017-18 drilling plans