Highlights

• Drilling commenced at the Company's Ballek copper-gold-uranium JV project
  
  
• 1,600m drilling programme expected to take up to 1 month
  
  
• Drilling results anticipated by the end of April 2010

Beowulf (AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral exploration company which owns several exploration projects in Sweden, is pleased to announce that further to the announcement of 29 September 2009, it has recently received an operational update from its joint venture partner, Energy Ventures Limited, in respect of the Company's Ballek joint venture project.

Drilling targets have been selected on the basis of existing geophysical data, contractors have been appointed and drilling has commenced. The diamond drill programme, comprising 1,600 metres, has begun on the Jonastjarn area, south of the Lulepotten deposit. A work plan was submitted to The Mining Inspectorate of Sweden and to local land owners for approval and no objections to the programme were received. The proposed drill programme is expected to take 3 to 4 weeks to complete, following which geological logging and sampling activities will be undertaken, with results anticipated by the end of April 2010.

Clive Sinclair-Poulton, Executive Chairman of Beowulf commented:

"Freezing climatic conditions may bring chaos in the UK and Ireland, but in Sweden it allows easier site access for drilling crews. We believe that the upcoming drill programme will further show the potential of our Ballek copper resource and I look forward to updating shareholders in due course following receipt of results from the initial drill targets."

Enquiries:

Beowulf Mining Plc
Mr Clive Sinclair-Poulton
Tel: + 44 353 (0) 85 739 2674

Alexander David Securities Limited
David Scott / Nick Bealer
Tel: +44 (0) 207 448 9820

Strand Hanson Limited
Matthew Chandler / Simon Raggett
Tel: +44 (0) 207 409 3494

Lothbury Financial Ltd
Gary Middleton / Ron Marshman
Tel: + 44 (0) 207 011 9411

Notes to editors:

The Ruoutevare Magnetite Project is 100%-owned by Beowulf, and covers 850 hectares 1,100km north of Stockholm in the Norrbotten County, and about 10km north-west of the minor village of Kvikkjokk. The 2.3 billion tonne Kiruna iron ore mine, the world's second largest underground mine, is located approximately 180km northeast and the Malmberget iron ore mine is located 120km to the east.

There appears to be good potential to substantially increase the Ruoutevare resource by drilling extensions to the existing resource and by testing other magnetite bearing zones in the vicinity of the deposit.

In August 2008 Beowulf announced an Inferred Mineral Resource on Ruoutevare showing 140 million tonnes (Mt) grading 39.1% iron (Fe), 5.7% titanium (Ti) and 0.2% vanadium (V) (cut-off grade of 30% Fe).

In addition to the 140 million tonnes JORC compliant Inferred Resource at Ruoutevare the Company also owns the nearby Kallak Magnetite Project, which has total target iron mineralisation of 120 million tonnes at 35 - 42% Fe.