PRESS RELEASE 4th SEPTEMBER 2007

RESULTS FOR THE 6 MONTH'S ENDED 30 JUNE 2007

CHAIRMAN'S STATEMENT

The Board of Beowulf Mining PLC ('Beowulf') are pleased to report the interim results to 30 June 2007. In this period maximum effort has been focussed on the Company's Ruoutevare iron titanium deposit, the Grundträsk gold deposit and the Ballek copper, gold and uranium prospect all in Northern Sweden.

The results show that Beowulf made a loss of £192,170 in the first 6 months of 2007 as compared to a loss of £134,616 in the first six months of 2006. This was due to increased expenditure on drilling at the Grundträsk gold deposit.

Since 30 June 2007 the Company's cash reserves have been increased by the following developments;

i) On 30 July 2007 Beowulf signed a convertible loan agreement with Starvest Plc. The loan is for £250,000 bears interest at 4% per annum and is convertible in to new ordinary shares of Beowulf at 4p per share at any time prior to 31 July 2012 at the option of Starvest Plc.

ii) On 16 August 2007 Beowulf placed 8,000,000 new ordinary shares at a price of 4.25p each raising the gross sum of £340,000, arranged by Loeb Aron & Company Ltd. The issue was together with 400,000 warrants exercisable for two years at 6p per warrant.

Beowulf's Ruoutevare project translates to mean 'iron mountain' and has a non-JORC compliant resource, as verified by Snowden Mining Industry Consultants (Snowden), of 116 million tonnes, grading 38.2% iron, 5.6% titanium dioxide and 0.17% vanadium oxide. Detailed geological mapping has been completed over the exploration concession and indicates that there are two mineralised lens overlying each other. The Directors believe that the mapping suggests that the mineral resource can be increased by further diamond drilling. This drilling is due to start in September 2007 and the intention is to make the mineral resource JORC compliant as recommended by Snowden. The drilling will be extended to include ten to twelve extra holes laid out in a cruciform manner with strict geological control and the drilling will continue thereafter in 2008. Beowulf commissioned the Swedish Raw Material Group (RMG) to conduct a coping study of the economics of development of the Ruoutevare deposit. RMG based its study on the approximate current iron ore and titanium dioxide prices and concluded that at a throughput of 10 million tonnes per year, with trucking the concentrates to the rail head, would yield positive results. The extra drilling to extend the resource estimate, addressing transport issues and subsequent discussions with state bodies/off take clients will be factored into the scoping study in 2007 and 2008.

In June 2007 Beowulf reported the signing of an option and earn-in agreement on the Ballek 2, 3, 4 and 5 exploration permits that cover 110 square kilometers of Arjeplog County of Northern Sweden. Agricola Resources PLC ('Agricola') has been granted an option to acquire a 51% interest in the licences by undertaking magnetotelluric, induced polarisation and resistivity surveys, followed by 3,000 meters of diamond drilling. Agricola has agreed to conduct the programme by 31 December 2008. The surveys are intended to identify targets associated with the gravity anomaly under the claim block, and to identify any iron oxide copper gold (IOCG) deposits that may be present in the Ballek area. It is intended that Beowulf will incorporate a new subsidiary company to hold the Ballek exploration permits and that, following completion of the agreed work programme, Agricola will be given a 51% shareholding in this company. By spending an additional US$500,000 Agricola can increase its interest in the Ballek licences to 70%. Subsequent expenditure on the Ballek exploration permits will be made pro rata to Beowulf and Agricola's respective interests, subject to adjustment in the event that one party chooses not to fund their proportion of such expenditure. Agricola Resources PLC (www.agricolaresources.com) is a company engaged in uranium exploration and development. Agricola Resources PLC is a public company whose shares are traded on the PLUS Market. It recently raised £467,800 in exploration finance through an investment in Agricolas equity made by Energy Ventures Limited (ASX: EVE), a Perth based company listed on the ASX Australian Stock Exchange. EVE will also give valuable technical backing on the Ballek project to Agricola. This will enables Beowulf to advance its projects whilst maintaining its existing cash resources.

In August 2007 Beowulf reported on a program of 3D modelling of regional gravity and aeromagnetic data has been completed over the Ballek JV. Results from this modelling have identified several high-ranked targets for follow-up ground geophysical surveys and generally confirmed the prospectivity of the project for copper-gold-uranium mineralization. Geophysical surveys have commenced in September 2007.

In June 2007 Beowulf reported on the latest diamond drilling programme on the company's 100% owned Grundträsk gold project in the Skellefte Mining District, N. Sweden. The drill programme tested the southern extension where higher gold grades were noted from previous drilling in 2005 by Beowulf. During 2006 and early 2007 an additional 10 diamond drill holes were completed on the

Grundträsk project. The holes were all targeted on the structure, now called he Southern Gold Structure that was identified by DDH 05004. Drilling has outlined a sigmoidal shaped mineralised zone consisting of dense sheet-veining over a strike length of greater than 160m with widths of up to 20 meters. Gold grades of up to 5.2m at 4.28g/t have been returned from the Southern Gold Structure. Geological interpretation of drill core from Grundträsk has demonstrated the existence of a mineralised corridor in which sigmoidal gold bearing structures, of which the Southern Gold Structure is just one example, occur over a strike length in excess of 800m. The mineralised structures are characterised by intense micro-veining of quartz, arsenopyrite and chalcopyrite in a host of silicified intermediate lavas of the Vargfors Formation.

Conspicuous molybdenite (the major ore mineral of molybdenum) also occurs in veins in some of the drill holes. The gold is believed to be carried in the chalcopyrite. Highlights of the recent drill campaign include 5.2m at 4.28g/t Au from 5.8m and 16.9m at 1.86g/t Au from 15.5m in DDH 06002, 18m at 1.77g/t Au from 41m in DDH 06005. Beowulf is seeking a joint venture partner to continue the exploration and development of the Grundträsk Gold Project.

With diamond drilling on Ruoutevare and geophysics and diamond drilling on Ballek planned for the last four months of 2007, the Directors look forward to releasing regular newsflow over the coming months.

Dr. Robert Young
Chairman
Beowulf Mining PLC
4 September 2007

• The profit and loss account has been prepared on the basis that all operations are continuing operations
• There are no recognised gains and losses other than those passing through the profit and loss account

CASH FLOW STATEMENT UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007	(Unaudited) 6 months to 30 June 2007	(Unaudited) 6 months to 30 June 2006	(Audited) Year Ended 31 Dec 2006
	£	£	£
Net cash outflow from operating activities
Returns on investments and servicing of finance	(191,690)	(128,486)	(267,006)
Interest received	6,342	9,651	19,760
.	----------	----------	----------
Net cash inflow for returns on investments and servicing of finance	6,342	9,651	19,760
.
Capital expenditure
Payments to acquire intangible assets	(74,238)	(61,848)	(141,367)
Payments to acquire tangible assets	-	(2,216)	(2,216)
Payments to acquire investments	-	-	(30,000)
.	----------	----------	----------
Net cash outflow for capital expenditure	(74,238)	(64,064)	(173,583)
	----------	----------	----------
Net cash outflow before management of liquid resources and financing	(259,586)	(182,899)	(420,829)
.
Financing
Issue of ordinary share capital	-	503,000	503,000
Cost of share issue	-	(25,000)	(26,500)
.	----------	----------	----------
Issue of shares	-	478,000	476,500
.
Net cash inflow from financing	-	478,000	476,500
.
Increase in cash in the period	(259,586)	295,101	55,671

NOTES TO THE CASH FLOW STATEMENT UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007	(Unaudited) 6 months to 30 June 2007	(Unaudited) 6 months to 30 June 2006	(Audited) Year Ended 31 Dec 2006
1) Reconciliation of operating loss to net cash outflow from operating activities	£	£	£
Operating loss	(198,512)	(144,267)	(338,036)
Depreciation of tangible assets	263	205	518
Amortisation of intangible assets	48,547	20,042	54,105
Increase in debtors	(30,990)	(5,014)	(991)
(Decrease)/Increase in creditors within one year	(10,998)	548	17,398
	------------	------------	------------
Net cash outflow from operating activities	(191,690)	(128,486)	(267,006)
2) Analysis of net funds	(Unaudited) 6 months to 30 June 2007	(Unaudited) 6 months to 30 June 2006	(Audited) Year Ended 31 Dec 2006
	£	£	£
Net cash at start of period	495,653	439,982	439,982
(Decrease)/Increase in net funds from cash flows	(259,586)	295,101	55,671
	------------		------------
Net cash at end of period	236,067	735,083	495,653
3) Reconciliation of net cash flow movement in net funds	(Unaudited) 6 months to 30 June 2007	(Unaudited) 6 months to 30 June 2006	(Audited) Year Ended 31 Dec 2006
	£	£	£
(Decrease)/Increase in cash in the year	(259,586)	295,101	55,671
	------------	------------	------------
Movement in net funds in the period	(259,586)	295,101	55,671
Opening net funds	495,653	439,982	439,982
	------------	------------	------------
Closing net funds	236,067	735,083	495,653

NOTES TO THE FINANCIAL STATEMENTS UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007

1 Basis of preparation of interim accounts

The accounts for the company for the six months ended 30 June 2007, which are unaudited, have been prepared on the basis of the accounting policies used in the audited financial statements for the year end 31 December 2006 as set out in note 2 below.

The financial information does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.

2 Accounting policies

2.1 Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of investments.

2.2 Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

2.3 Intangible fixed assets - exploration costs

Expenditure on the acquisition costs, exploration and evaluation of interests in licences including related overheads are capitalised. Such costs are carried forward in the balance sheet under intangible assets and amortised over the maximum period of the licences in respect of each area of interest where:

a) such costs are expected to be recouped through successful development and exploration of the area of interest or alternatively by its sale.

b) exploration activities have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active operations in relation to the areas are continuing.

An annual impairment review is carried out by the directors to consider whether any exploration or development costs have suffered impairment in value and if necessary provisions are made accordingly.

Accumulated costs in respect of areas of interest, which have been abandoned are written off to the profit and loss account in the year in which the area is abandoned.

Exploration costs are carried at the lower of cost and net realisable value.

2.4 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and equipment 25% on reducing balance

BEOWULF MINING PLC NOTES TO THE FINANCIAL STATEMENTS UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007

2.5 Investments

Fixed asset investments are stated at open market value. The revaluation adjustment is taken to the revaluation reserve.

2.6 Deferred taxation

The accounting policy in respect of deferred tax has been changed to reflect the requirements of FRS19 - Deferred tax. Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. A deferred tax asset is not recognised unless recovery is expected in the foreseeable future.

2.7 Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

3 Earnings per share

Basic loss per share has been calculated using the weighted number of shares of 69,398,247 (30 June 2006 - 61,089,297 and 31 December 2006 - 63,570,576). Diluted loss per share has been calculated using the weighted average number of shares of 83,098,247 (30 June 2006 - 91,658,246 and 31 December 2006 - 91,209,358).

BEOWULF MINING PLC - INDEPENDENT REVIEW REPORT - UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007

Introduction

We have been instructed by the company to review the financial information for the six months ended 30 June 2007 which comprises the profit and loss account, balance sheet, cash flow statement and related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.

Directors Responsibilities

The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report which require that the accounting policies and presentation applied to the interim report should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/ 4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modification that should be made to the financial information as presented for the six months ended 30 June 2007.

Price Bailey LLP
Chartered Accountants
Richmond House
Broad Street
Ely, Cambs.