Mawson Resources (TSE:MAW) said Wednesday that its spin-out company, Darwin Resources (CVE:DAR), has started trading on the TSX Venture exchange.
The transaction is part of Mawson's plan to restructure its business into two separate public companies, allowing Mawson to focus on the development of its flagship Rompas gold property in Finland.
Darwin will own a portfolio of early stage copper-gold Peruvian assets, which include the Alto Quemado, Huatiapa, Carrizales, Vicunas and Luminaria projects, also giving Darwin ownership of one of the strongest exploration databases in Peru.
"The reorganization will maximize value for Mawson shareholders and allow the company to focus on the development of its flagship Rompas property in Finland," Mawson Resources president & CEO Michael Hudson said.
"Darwin begins trading in a strong position, with an extremely competent and experienced management team and excellent institutional shareholder support.
"Darwin is well financed, with more than C$4 million to explore its highly prospective portfolio of gold and copper properties, and I have no doubt it will rapidly develop into a leading Latin American exploration company through discovery and acquisition.
"I encourage Mawson shareholders to share in the long term benefits that this strategy may bring. We wish Dr. Graham Carman and his highly capable team all the very best as Darwin commences its life in the capital markets."
In other news, Mawson has now drilled 30 drill holes for 3,178 metres at Rompas. First results are expected to be released during May 2012.
Visible gold has been noted within centimetre wide zones within 10 of the 30 holes.
It is anticipated drilling will cease shortly as the snow cover thins. Drill core is to be prepared and analyzed by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver, Canada, where blanks and known standards have been inserted according to standard industry practice.