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Geological Map of the Duobblon Area

Ongoing data compilation on the company's vast exploration permits in Northern Sweden has highlighted the Duobblon uranium project where an NI43-101 compliant inferred resource of 8.75 million pounds of uranium oxide according to CIM guidelines has been drill defined.

Duobblon is part of the acid volcanic-related uranium deposit spectrum, hosted within a locally developed, shallowly dipping suite of sedimentary and pyroclastic lithologies. Mineralization extends from 3m below surface to at least 300m vertical depth. The host ignimbrite sequence is approximately 60m thick and is known over a strike length in excess of 5 kilometres. The richest uranium concentrations occur as several 5-25m thick and 1,000m long horizons within the ignimbrite. Uranium occurs as fine pitchblende disseminations, as complex uranotitanates in association with Fe-Ti-Mn oxides and as molecular coatings associated with the sericite matrix.

The project is located within the 100% owned Långtjärn nr 1 exploration permit of 5,169 hectares.

Västerbotten County, Northern Sweden.

Approximately 1 hour drive NW of Malå.

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Topographical Map of the Duobblon Area

The mineralogy and genesis of uranium in rhyolitic ignimbrites of Precambrian age from Duobblon, Sweden
JOHN A. T. SMELLIE
Geological Survey of Sweden, Box 801, Lulea, Sweden

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Uranium mineralization at Duobblon is stratabound within a shallow dipping rhyolitic ignimbrite which extends from 3 metes below surface to at least 300m vertical depth. The ignimbrite is approximately 60 metres thick and is known over a strike length in excess of 5 kilometres.

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Cross Section Through the Duobblon Uranium Prospect (after Lindroos and Smellie, 1980)	Drilling Plan over the Duobblon Uranium Prospect (after Lindroos and Smellie, 1980)

The richest uranium concentrations occur as several 5 to 25 metre thick and 1000 metre long horizons within the ignimbrite. Better drill intersections include 9m for 0.0629% U3O8 from 149.5m and 2.6m @ 0.0724% U3O8 from 161m in drillhole 77102.

The following inferred NI43-101 resource has been calculated for the Duobblon project by Geosynthesis Pty Ltd:

Tonnes	Grade Uranium Oxide (U3O8)	Pounds (lbs) Uranium Oxide (U3O8)
13.8 million	0.03%	8.75 million

World Nuclear Association Brief on Sweden

Sweden has an estimated 15% of the world's uranium deposits. Ten nuclear power reactors provide approximately 50% of its electricity.

Swedish mining legislation allows exploration for uranium and places no special restriction on mining where the uranium grade is less than 200 ppm or the production is less than 5 kg. When higher uranium grades are present, permitting will follow a process concerning "nuclear technical activity". Such permitting must pass before the Swedish government for decision making.

Sweden has been an enthusiastic supporter of measures to improve world environmental quality. Among many others, Sweden in 1992 committed itself to stabilise carbon dioxide emissions at 1990 levels by 2000, and this was reaffirmed in Berlin in 1995. The fact that those levels in 1990 were only 60% of 1970's was due to nuclear energy replacing most oil for electricity generation.

Both the Energy Commission report and that of an independent economist, W.D.Nordhaus, project that a full nuclear phase-out would increase Sweden's carbon dioxide emissions by about 50% above the 1990 level. This is why European Union proposals for 1997 climate change negotiations allowed for a 5% increase in Sweden's emission levels due simply to the proposed Barsebäck reactor closure.

One problem with closing any reactor is that in the short run the replacement generation or imports would be fossil fuelled. Local back-up capacity is mostly oil-fired, as indicated in the 1996 figures when hydro production was much less than normal.

Sweden has its nuclear waste management well in hand. A dedicated ship moves the wastes from power plants to repositories. Some low-level waste is disposed of at reactor sites, some is incinerated at Studsvik. A final underground repository for intermediate-level waste (SFR) has been operating near Forsmark since 1988. The CLAB interim repository for spent fuel (treated as high level waste) has been operating since 1985 at Oskarshamn, and its 5000 tonne capacity is being expanded to 8000 tonnes to cater for all the fuel from all the present reactors. The spent fuel is stored under water in an underground rock cavern for some 40 years. It will then be encapsulated in copper and stainless steel canisters for final emplacement packed with bentonite clay in a 500 metre deep repository in granite.

With the trebling in the price of uranium oxide in the past two years and the spot price at US$29.50 per pound in early August 2005, Duobblon is part of a renewed interest in uranium exploration in Sweden. Mawson is extremely pleased to have identified such an advanced project on our ground. The Company will maintain the momentum of its existing gold exploration programs, whilst maximizing the value of this new uranium project.