VANCOUVER, July 16 - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Michael Hudson, President & CEO provides an updated resource calculation for the Klappibacken uranium project in northern Sweden following completion of a 20 hole drilling program. The new resource calculation is a 51% increase in measured plus indicated categories over the previous calculation as reported in a NI 43-101 technical report dated 28 February 2008. The resource, using a 0.025% uranium lower cut-off grade, is:
Million Tonnes GRADE % Contained Contained U3O8
CATEGORY (Mt) U3O8 U3O8 (t) Million lbs
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Measured 0.09 0.064 56 0.12
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Indicated 1.85 0.077 1,429 3.15
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TOTAL 1.94 0.077 1,485 3.27
-------------------------------------------------------------------------The resource at Klappibacken occurs as a single block of mineralization and, to date, extends from surface to a maximum depth of 200 metres, 150 metres in strike and up to 105 metres in thickness. The deposit remains open in all directions. Klappibacken is an intrusive-related uranium deposit, hosted by brecciated and cataclastic granite which is strongly enriched in fluorite or hematite.
Basic metallurgical testing undertaken on Klappibacken samples has shown the mineralization to be easily liberated with conventional processing. Testing of two samples carried out by the Lulea Technological University in Sweden in 1983 showed excellent grindability and leachability. Klappibacken samples were reduced in a rod mill within 15 minutes to 175 micron size. Recovery of 97% uranium with low oxygen consumption by acid leach was achieved which is considered very promising.
Michael Hudson states, "Mawson's first drilling program at Klappibacken has increased the measured plus indicated resource base by more than 50% over the previously reported resource. Mineralization remains open with strong potential for expansion and future work will be directed at defining the immediate extensions to mineralization and testing near surface targets. Klappibacken forms part of Mawson's Hotagen project, where 19 drill-tested or surface sampled uranium mineralized prospects have been discovered within a five kilometre radius of Klappibacken. A summer field program is now underway and we look forward to continuing to build our knowledge of this highly prospective area."
The resource was estimated within a geologically constrained mineralized envelope; with a lower cut off of 0.025% uranium applied to resource blocks populated using the inverse distance squared method within Maptek Vulcan software. The model utilized a total of 56 holes for 8,943 metres which included 32 drill holes completed by the Swedish Geological Survey between 1983 and 1984 and 22 drill holes completed by Mawson during 2007 and 2008. Resource category classifications were defined using criteria determined during the validation of the grade estimates, with detailed consideration of the NI 43-101 and CIM categorization guidelines as shown below:
- Measured resource: blocks less than 12.5 metres from the weighted
average Cartesian distance from a drill hole composite;
- Indicated resources: blocks less than 40 metres from the weighted
average Cartesian distance from a drill hole composite.Uranium from Mawson's drill holes 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 to standard industry practice. The resource calculation was undertaken by the consulting firm ReedLeyton Consulting Ltd of Edinburgh. The qualified person for the Klappibacken 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"
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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.