Technical Review of Ruoutevare Titanium Iron Deposit,
Northern Sweden, by Snowden Mining Industry Consultants Ltd

Drilling in September 2006 to Re-sample the Deposit to support
JORC- Compliant Resource Reportppointment of Joint Broker

London: 11 July 2006: Beowulf Mining PLC (AIM- BEM) the AIM-quoted mineral exploration company was granted an exploration permit by the Swedish state mining authority (Bergsstaten) for the Ruoutevare area in the Jokkmokk County of northern Sweden. A previous resource estimate carried out by the Geological Survey of Sweden (Sveriges Geologiska Undersoknning -"SGU") in 1975 reported a resource of 116 Mt of material averaging 38% iron, 5.6% titanium and 0.17% vanadium based on 32 drill holes. A richer section of 20 Mt is registered with a grade of 47% iron, 10% titanium and 0.14% vanadium.

Snowden Mining Industry Consultants Limited ("Snowden") has completed a technical review of the previous work and has also undertaken a preliminary geostatistical analysis of the drill holes to support the preparation of a JORC-compliant resource report.

Snowden concluded that the volumes, tonnages and average grades of the 116 Mt resource are of the order of magnitude reported by the SGU in 1975. However they cannot be regarded as being equivalent to a JORC-compatible Inferred Resource.

Snowden has therefore suggested additional work, which includes re-drilling of holes as well as the drilling of additional, closer spaced, drill holes to assess the deposit. Ten to twelve drill holes are suggested and these are planned for September 2006. If this work confirms the previous estimates and produces a JORC compliant resource report, Snowden recommends the preparation of a detailed scoping / pre-feasibility report for the project. If the latter is successful they recommend the completion of a full feasibility study for the project.

Commenting on the report, Dr. Robert Young, Chairman of Beowulf, states "the directors are very encouraged and are looking forward to a successful drilling campaign leading to a scoping / pre- feasibility study on the Ruoutevare deposit (Ruoutevare when translated into English means 'iron mountain'). The Company has sufficient existing resources for the drilling campaign".