very positive feasibility study +128% irr

Well it has been finally worth the wait. A ripper in fact.

- Proven and Probable Mineral Reserves of 539 kt at 6.1% Copper (Cu) and 182g/t silver (Ag), at $3.50/lb Cu and $30/oz Ag.
- Existing processing capacity of 500 ktpa. All feed is sulphide ore with budgeted Cu recoveries of 90% Cu and Ag (based on plant actuals for same material).
- Expected concentrate grade of greater than 50% Cu and greater than 1500g/t Ag (based on actual plant recoveries from same material).
- Anticipated 12 month pre-strip costing $61 million, fully funded from Mawson's existing cash reserves, and paid back in less than 12 months.
- Anticipated operating costs of $1.46/lb Cu ($0.10/lb Cu exclusive of duties and taxes, depreciation and amortization, and net of silver credit).
- At $3.50/lb Cu, and 10% discount rate the net present value ("NPV") is $116 million (90% or $104 million apportioned to Mawson) with an internal rate of return ("IRR") of 128%.
- Upside potential as current reserves do not include Dikulushi underground, Kazumbula or Boomgate deposits and Mawson is in the process of drilling additional exploration prospects within a 50km radius of Dikulushi.

Latest broker report:

http://www.mawsonwest.com.au/IRM/Company/ShowPage.aspx/PDFs/936-11498939/CormarkUpdateSeptember2011