VANCOUVER, Oct. 22 - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr. Michael Hudson, President & CEO, announces that the Company has entered into a Deed of Variation Agreement with Hodges Resources Ltd ("Hodges"; ASX:HDG) to vary terms of the Joint Venture Agreement that covers 4 of Mawson's earlier stage uranium projects in Sweden. Under the Deed of Variation Agreement, Mawson agreed to reduce the future expenditure required by Hodges to keep the Joint Venture in good standing, in consideration for which Hodges has issued 1,000,000 common shares to Mawson, which represents approximately 2% of Hodges' issued capital.

The total earn-in commitment required to be invested by Hodges was reduced from US$1,000,000 to US$550,000, over the 4 year Joint Venture period. Hodges has the right to earn up to 51% by spending US$450,000 over the coming three years (US$100,000 in 2008/09; US$150,000 in 2009/10 and US$200,000 in 2010/11) having met the original first year earn-in commitment early 2008. Hodges may earn up to 75% by fully funding any project to successful bankable feasibility.

Mr Hudson states, "Given the reduced access to funds in the current markets, Mawson is pleased to accept a significant equity stake in Hodges as compensation for varying the earn-in terms and we look forward to the future upside this may bring to the Mawson shareholders. The time commitment for Hodges to explore the Swedish properties remains in place, ensuring that adequate work programs will be undertaken. Hodges is well funded to carry out their exploration efforts and we look forward to further developing our joint venture relationship in Sweden."

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"
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.