Project

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The Nuottijärvi uranium project in central Finland is one of that nation's largest known uranium deposits. In Sept 2010, Mawson calculated a NI 43-101 compliant resource of 2.0 million tonnes averaging 0.074% U3O8, using a 0.03% uranium lower cut-off, for 3.27 million lbs. U3O8. Mineralization at Nuottijarvi remains open along strike and at depth. The resource was based on 43 diamond drill holes for 6,679 metres, drilled on a 50-metre-by-50-metre drill pattern and was completed by qualified and independent geologists Mr. John Nebocat of PGS Pacific Geological Services and Mr. Geoffrey Reed of Reed Leyton Consultants. The mineralized body is approximately 40 metres in thickness, extends from surface to a vertical depth of 80 metres, trends over a strike length of more than 400 metres, and remains open along strike and at depth.

Ownership

Mawson's 100%-owned claim "Nuottijärvi 1" is approximately 100 hectares in size.

Location

Nuottijärvi is located 40km northeast of Kajaani in central Finland.

History

Nuottijärvi was identified in 1959 from the discovery of a radioactive outcrop, and was followed up with various geochemical and geophysical methodologies, with drill testing by Outokumpu Oy between 1965 and 1969. Mawson gained has access to all previous publically available exploration data and drill core from the Geological Survey of Finland and Outokumpu Oy.

Property Geology

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Nuottijärvi Plan Showing Mineralized Body in Red

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Nuottijärvi Cross Section Showing Drill holes 35, 34 and 33.

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Uranium at Nuottijärvi is present as uraninite associated with fluorapatite, within a 40 metre wide mineralized breccia, hosted by a carbonate-apatite horizon at the contact between quartzite and graphite-bearing phyllite.

Mineralization

Better drill intersections from the 1960's drilling included:

PLT-NU-017: 40.7m for 0.08% U3O8 from 59.9m;

PLT-NU-011: 33.4m for 0.06% U3O8 from 17.8m, including 3.8m @ 0.13% U3O8;

PLT-NJ-033: 40.3m for 0.05% U3O8 from 23.0m;

PLT-NU-004: 179.8m for 0.04% U3O8 from 18.1m;

In Sept 2010, Mawson calculated a NI 43-101 compliant resource of 2.0 million tonnes averaging 0.074% U3O8, using a 0.03% uranium lower cut-off, for 3.27 million lbs. U3O8. Mineralization at Nuottijarvi remains open along strike and at depth. The resource was based on 43 diamond drill holes for 6,679 metres, drilled on a 50-metre-by-50-metre drill pattern and was completed by qualified and independent geologists Mr. John Nebocat of PGS Pacific Geological Services and Mr. Geoffrey Reed of Reed Leyton Consultants. The mineralized body is approximately 40 metres in thickness, extends from surface to a vertical depth of 80 metres, trends over a strike length of more than 400 metres, and remains open along strike and at depth.

History

World Nuclear Association Brief on Finland

• Finland has four nuclear reactors providing 27% of its electricity.
• A parliamentary vote in May 2002 supported the building of a fifth reactor, on economic, energy security and environmental grounds. This is now under construction for 2009 start-up.
• Finland is well advanced with provisions for radioactive waste disposal.

Finland is a politically stable country with an excellent infrastructure and an established and diverse mining industry. Governmental uranium exploration began in the 1950's and continued until the mid 1980's. The Finnish government is presently expanding its nuclear energy production by building the world's largest nuclear reactor at Olkiluoto. Four nuclear power plants are currently in operation and nuclear power accounts for 27% of electricity in Finland. Companies currently exploring for uranium in Finland include Areva NC (formerly Cogéma), Agricola Resources Plc, Belvedere Resources Ltd, Cooper Mineral Inc. and Scandinavian Gold Prospecting Ltd. Legislation to permit mining is in place and would be subject to a concession granted by the Finnish government.

Conclusion

Granting of the Nuottijärvi historical resource in September 2009 represents a further expansion of our uranium portfolio in Europe. The grade and near-surface width of mineralization, together with the open-ended mineralized body forms a significant exploration target. The Company will compile the historic data and move rapidly towards a NI43-101 compliant resource and in conjunction, will commence metallurgical test work.