PRESS RELEASE 2nd OCTOBER 2006

FURTHER DRILLING AT THE GRUNDTRASK GOLD PROSPECT, NORTHERN SWEDEN

London 2 October: Beowulf Mining PLC (AIM:BEM), the AIM listed mineral exploration company is pleased to announce that a further drilling programme is to begin in October on the company's 100%-owned Grundtrask gold project in the Skellefte Mining District, N. Sweden. This resource drilling programme will be focussed on the southern extension of the "Central Gold Zone" where high gold grades recently have been reported from drilling by Beowulf. Further extensions of this zone are to be tested.

The gold mineralisation, which presently is known to extend for over 750 m, is open both along strike and at depth.

Detailed geological logging of drill cores has identified extensive alteration zones and shearing associated with the gold mineralisation. In order to obtain information on how the gold occurs within the mineralised material, selected samples of drill core with high gold grades have been submitted for mineralogical studies at the Natural History Museum, London.

Prior to starting the drill programme detailed geophysical (magnetic and VLF) surveys will be completed across the indicated extensions of the mineralisation. These surveys, which will assist with locating the drill sites, will start shortly and should be completed in the second week of October.