PRESS RELEASE 30th January 2007

Update On The Ballek Project Area - N. Sweden

London: 30 January, 2007: Beowulf Mining PLC ("Beowulf" or "the Company"), the AIM quoted mineral exploration company (AIM:BEM) with projects in northern Sweden, is pleased to announce that a new exploration licence, defined as "Ballek 5" and located in the municipality of Arjeplog in northern Sweden, has been registered with the Swedish state mining authority, Bergsstaten. It covers 1,200 hectares and borders the Company's Ballek 2 licence. With the new licence the total Ballek project area now covers 10,600 hectares.

In the early 1970's the Geological Survey of Sweden made a discovery of uranium mineralisation called W. Rebraur in the Ballek 5 licence area. 15 drill holes were completed and uranium mineralisation was confirmed over a distance of 150 metres. The mineralised zone ranges in width between 1 metre and 8 metres with grades reaching 700 ppm (0.07%) uranium. Surface boulders with between 0.1% and 0.5% uranium were found by the Geological Survey of Sweden.

At the 2006 annual prize ceremony of the "Mineraljakten" ("The mineral hunt"), a competition organized by the Geological Survey of Sweden and open for private prospectors to find new mineral prospects of economical interests in northern Sweden, a top prize was awarded to a local prospector for the discovery of a boulder with unusually high grades of copper (14.9%), gold (4.52 grams per tonne) and silver (196 grams/tonne). The boulder is within the Ballek licence area.

Commenting on the new application, Dr. Robert Young stated that "Beowulf had previously reported on uranium finds on the Ballek licence. We are interested in locating an IOCG (iron oxide-copper-gold deposit) at Ballek and these types of deposits are often accompanied by uranium".

For further information contact:-