Drilling to Recommence at the Hotagen Uranium Project, Sweden
Vancouver, Canada - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr. Michael Hudson, President & CEO, announces that the Company has signed a contract for in excess of 100 near-surface drill holes that will test a 1,400 metre trend in the vicinity of the Company's Kläppibäcken uranium project in the Hotagen District of Northern Sweden.
The contracted drill program will test bedrock for shallow strike extensions to the Kläppibäcken uranium deposit beneath thin soil cover on a 100 metre by 50 metre grid. Results from an initial drilling program completed late 2008 identified a uranium anomalous area 300 metres east of the Kläppibäcken deposit. The upcoming drill program will test this anomaly, projected strike extensions to mineralization, and a uranium anomalous boulder train located 700 metres SW of the resource area. Holes will test the uranium-anomalous granitic basement with approximately 2 metres of diamond drill core beneath the 1-2 metre surface soil cover. Snow packing for access has been completed and drilling is expected to commence in the first week of March 2009.
A NI43-101-compliant indicated resource of 3.3 million lb's at 0.08% uranium oxide ("U3O8") was recently announced at Kläppibäcken (see Mawson release July 16, 2008). Additionally, Mawson's latest exploration work in the Hotagen district has lead to the discovery of sixty-six individual outcropping uranium mineralized areas within Mawson's exploration claims over an area of 8 kilometres by 7 kilometres. Results included forty assays above 0.05% U3O8, which ranged from 0.05% U3O8 to 8.04% U3O8 and averaged 0.79% U3O8. The discovery of these uranium mineralized outcrops is significant considering outcropping rock accounts for less than 10% of the surface area in the Hotagen district, with the remainder of the area blanketed under a thin 1-2 metre soil veneer.
UPDATE ON SWEDEN'S RECENT NUCLEAR PROGRAM ANNOUNCEMENTS
Earlier this month, Sweden's centre-right government decided to end a 29-year-old moratorium on the construction of new nuclear power plants. In 1980, a referendum in Sweden voted to phase out nuclear power, however, only two of the country's 12 nuclear plants were closed during intervening years and Sweden's nuclear reactors currently provide around 50 percent of the country's electricity. The Swedish government feels that sustained investment in nuclear power will be a necessary part of its strategy to meet its 2020 goal of cutting carbon emissions by 40 percent from 1990 levels. Parliament has yet to vote on the bill.
In addition, a recent poll commissioned by the Stockholm daily newspaper the Dagens Nyheter, indicated that 62 per cent of 1,016 people polled supported building new reactors, while 28 per cent said they opposed building any new reactors. Ten per cent remained undecided.
Mr Hudson states, "The Company welcomes the recent nuclear policy statement by the Swedish government. Mawson is a leading uranium explorer in Sweden, with a demonstrable history of exploring sustainably with full community consultation. The Company is committed to define further uranium resources within Sweden. We consider the Hotagen district to be highly prospective and look forward to receiving results from the upcoming drill program." 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
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Company Contact: Mariana Bermudez (604) 685 9316
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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.