Mawson West Announces Avalon Due Diligence Condition Precedent Not Satisfied
PERTH, AUSTRALIA and TORONTO, ONTARIO -- (Marketwire) -- 12/23/11 -- On December 12, 2011 Mawson West Ltd. (TSX: MWE) ('Mawson' or the 'Company') announced that it had entered into an agreement with Avalon Minerals Limited ('Avalon'), an Australian-based mineral exploration and development company listed on the ASX, to make a strategic investment in Avalon in the amount of A$3.88 million ('Subscription Agreement').
The transaction was subject to Mawson completing due diligence on Avalon to its satisfaction by December 31, 2011 ('Due Diligence Condition Precedent').
Following Mawson's due diligence enquiries, the Company has decided not to proceed with the transaction. The Due Diligence Condition Precedent has therefore not been satisfied and the Subscription Agreement is therefore terminated.
About Mawson West Ltd.
Mawson West Ltd. is an Australian-based copper producer, developer and explorer listed on the Toronto Stock Exchange. Mawson's focus is on the DRC, and its major asset is its 90% ownership of Anvil Mining Congo SARL, which is in the process of being renamed CMCC SARL ('CMCC'). The tenements held by CMCC, comprising 7,300 km2 of contiguous tenure, encompasses the Company's two main projects, the Dikulushi copper-silver mine and the Kapulo copper exploration and development project, as well as multiple exploration targets. The tenements held by CMCC are governed by the Dikulushi Mining Convention.
Mawson's principal objectives are to expand copper production at the Dikulushi mine, commence copper production at the Kapulo project and further explore the area governed by the Dikulushi Mining Convention to identify new targets. Mawson is also investigating other opportunities in the DRC and elsewhere which have the capacity to increase the Company's production in copper and other metals.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.
Contacts:
Mawson West Ltd.
David Frances
President and Chief Executive Officer
61 8 9321-9669
61 8 9481-2394 (FAX)
dfrances@mawsonwest.com