Permitting Progresses at Mawson's Don Benito Project in Spain
Vancouver (ots/PRNewswire)
- Attention Business Editors
Mawson Resources Limited ("Mawson") TSXv - MAW; Frankfurt - MRY.
Michael Hudson, President & CEO, reports that the Company is pleased
to announce that the final permitting process at Don Benito uranium
investigation permits has commenced. The Mining Authorities from the
Spanish province of Badajoz ("Junta de Extremadura") have requested
that Mawson make a "Guarantee Payment" for the definitive admission
of the uranium investigation permits that cover the Don Benito
uranium project. Payment of this guarantee by Mawson on June 27th
2007 to the Mining Authorities marks the final phase of the claim
permitting process, and the Company is confident that the granting
and demarcation of the Don Benito Investigation Permits (12684-D and
12686-D) shall be complete by year's end. The Don Benito uranium
claims cover the La Haba open pit uranium mine which ceased
operation in 1990, and the adjacent in-situ uranium resources. The
mine and resource area are currently overlain by the 3,865 hectare
La Haba State Mineral Reserve. Spanish Mining Law states that on
lifting of a State Reserve, the mineral rights within the State
Reserve, will fall directly to the holder of the overlying granted
permits. In addition to the definitive admission of the uranium
investigation permits, the La Haba Mineral Reserve is currently in
the process of being lifted by the National Authorities of Spain.Significant un-mined historic resources remain within the La Haba State Reserve, including:
- 6.0 million lbs at 0.06% U3O8 at a 200ppm lower cut-off, - 3.0 million lbs at 0.1% U3O8 at a 600ppm lower cut-off.
The resources were calculated using a computational inverse distance method based on 3 metre horizontal benches and 40 metre square cells and is roughly analogous to the CIM definitions "Measured" and "Indicated". The depth of the resource extends from surface to 130 metres. The quoted resources are based on the PhD Thesis, "Petrology and Geochemistry of the Uranium Deposits of South East Badajoz" by Dr Javier Almarza Lopez of the University of Seville dated March 1996. These data are historical in nature and were compiled prior to the implementation of Canadian NI 43-101 reporting standards. Mawson has not completed sufficient exploration to verify the estimates and is not treating them as National Instrument compliant resources or reserves verified by a qualified person and the historical estimate should not be relied upon. The Company believes this historical resource and the data used to compile the estimate - which represent the most recent estimates and data available - are generally reliable and relevant. Mr Hudson states, "We are extremely pleased that the final definitive admission of the Don Benito permits has commenced. The project is unique in that significant infrastructure is already in place including power, roads and 30 kilometers of resource and reserve drilling. Considering the pace of granting, the Company is now compiling all the past data with the aim to move to a NI 43-101 compliant resource by the December 2007. Concurrently, the Company will undertake a scoping study aimed at determining the potential economic scenario of reopening the Don Benito uranium. This study is slated for the first quarter of 2008." The qualified person for the Mawson's Spanish uranium projects, 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" Michael Hudson, President & CEO
Forward-Looking Statement. This news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Neither the TSX Venture Exchange nor the Frankfurt Deutsche Borse have reviewed the information contained herein and, therefore, do not accept responsibility for the adequacy or accuracy of this news release.
Contact:
For further information: Investor Information,
www.mawsonresources.com, 1305 - 1090 West Georgia St., Vancouver, BC,
V6E 3V7, Company Contact: Mariana Bermudez, +1-(604)-685-9316;
Investor Relations Consultants - Mining Interactive, Nick Nicolaas,
+1-(604)-657-4058, Wayne Melvin, +1-(604)-619-6327, Email:
info@mawsonresources.com/ (MAW).