PRESS RELEASE 1st February 2007

Drilling Report

London: 1 February, 2007: Beowulf Mining PLC (AIM:BEM), the AIM listed mineral exploration company is pleased to announce that the winter diamond drilling program has been completed on the Company's 100% owned Grundtrask area in the Skellefte Mining District, N. Sweden. The drill program has further tested the southern extension of the "Central Gold Zone" outlined from earlier drilling by Beowulf.

Six inclined drill holes totalling 533.7 metres have been completed. Five of the holes have encountered sulphide mineralisation comprising relatively fine grained arsenopyrite, pyrite, molybdenite and chalcopyrite. To date Beowulf has completed 19 drill holes.

The Central Gold Zone is now known to be over 800 m in length with widths of up to 25 m. The drilling has shown mineralisation at shallow depths, under a relatively thin cover (12 metres or less) of overburden, making the deposit amenable to open pit mining.

The best intersection of the first hole (06 005) drilled in this program revealed a mineralised section of 18 m with 1.77 grams per tonne gold using a 1 gram per tonne of gold cut off. Results of all other five holes are awaited.

Commenting on the results Dr. Jan Ola Larsson, Beowulf technical director stated "We have the results of fourteen holes to date and we believe the results confirm the potential for a significant, shallow-depth gold resource potentially exceeding 500,000 ounces. We look forward to reporting further news as the assay results are received."

In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Dr Jan-Ola Larsson, (Fil.kand, PhD, DIC), Technical Director of the Company who has over 30 years relevant experience within the sector.

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