Notes to Editors :-
In March 2006, Beowulf Mining PLC 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") previously completed a technical review of the previous work and has also completed a preliminary geostatistical analysis of the drill holes to support the preparation of a JORC-compliant resource report. Snowden is a world class Australian group expert in Resource Evaluation.
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, and they suggested further drilling to produce a JORC Resource.
Beowulf is also working on five other projects in Northern Sweden which it considers have commercial potential. The areas are:-
Kallak Iron Ore Claim
The company has registered an exploration claim of 500 hectares covering the Kallak iron deposit. The Kallak Iron deposit was discovered by the Geological Survey of Sweden in 1947-48. Only scattered drilling has been carried out and no mining activity has been registered. Provisional estimates based on geophysical data have suggested a potential for 92 millions tonnes with 35-42 % Iron.
Ballek Copper Gold Project
The Company has three licences that cover 11 copper prospects, including the Lulepotten copper-gold deposit which was drilled by the Geological Survey of Sweden (SGU) between 1960 and 1971 and found to contain 5.1 million tonnes of 0.73% copper and 0.25 grams per tonne of gold. This resource estimate is not JORC compliant.
Jokkmokk Copper Gold Project
The Company has four licences over copper-gold projects, which were drilled in 2004 with positive results, and again in 2005 with somewhat disappointing results.
Grundtrask Gold Project
The Company has three exploration permits in the Skellefte Mining District. Drilling in 2003, 2004 and 2005 defined gold mineralisation defined over a "Central Mineralised Zone" of 600 metres with grades of about 1 gram per ton. Further work is required to establish if a higher grade can be located on the licences.
Ussalahti Copper Project
The Company has three licence exploration permits prospective for massive sulphide copper and gold deposits.
