PRESS RELEASE 26th JANUARY 2006

London: 26 January 2006: Beowulf Mining PLC (AIM:BEM), the AIM listed mineral exploration company, with projects in Sweden, announces that the Swedish state mining authority, Bergsstaten, has registered an exploration permit for Beowulf for a new area called Ruoutevare, covering a large ore deposit of titanium. The claim has a total area of 850 hectares and is located in the Caledonides mountain region, within the Jokkmokk County, approximately 50 km west of Beowulf's Majves' claims in northern Sweden.

The permit covers the Ruoutevare titaniferous iron deposit, which has been known of since the 18th century and investigated several times during the last century. As yet no production has occurred. The investigated part of the deposit is relatively flat lying, and covers an area of 387,000 m2.

The reserves at the latest study in 1975 by the Geological Survey of Sweden (SGU) are estimated at 116 million tonnes with an average 38.2% Fe (iron), 5.6% Ti (titanium) and 0.17% V (vanadium). A richer section of 20 million tonnes is registered with a grade of 47% Fe, 11% TiO2 and 0.15% V2O5. These figures are based on 32 drill holes and do not follow present JORC or 43-101 standards.

The mineralization consists of magnetite, ilmenite, spinel and smaller amounts of pyrrhotite, chalcopyrite and pentlandite. The dominant silicates in the mineralizations are plagioclase, olivine, pyroxene and garnet. The host rock is a large, mafic intrusion defined as anorthosite, which locally grades into gabbro.

Commenting on the news, Dr. Robert Young, Beowulf's Chairman said, "In the light of the present demand by various industrial sectors for titanium Beowulf intends to re-evaluate available data, and will perform additional local studies and drilling, and hopes to turn the Ruoutevare deposit into a commercial titanium mine."

Notes on titanium, market etc:

Titanium is a metal with many special properties. The metal has an excellent strength to weight ratio and is almost totally resistant to corrosion and erosion. This makes the metal in great demand by the world's airline industry, which consumes a major part of the present world production. By using titanium the airline industry can extend the life of the aeroplanes produced. The present boom in aircraft building has resulted in a forecast increase in usage of titanium by the civilian airline industry from an estimated 29,000 tonnes in 2004 to 48,000 tonnes by 2008.

Because of its unique biocompatible properties titanium is also increasingly used by the medical sector. The metal has a large range of applications as an effective material for the manufacturing of hip prosthesis, cardiac pacemakers, artificial jaws, etc. The outstanding strength to weight ratio of titanium has also opened up a new and fast growing market with its usage by the sport sector for manufacturing heads and shafts for golf clubs.

Titanium as titanium oxide (TiO2) is used by the chemical industry. It is a white pigment, which is used in paints, paper and plastics.

The metal is not traded on metal bourses but is sold by local producers, who determine the price. The worlds' largest titanium producer is the Russian company VSMPO- Avisma. The price of one kilogram of pure titanium plate is today approximately 20 USD or about 6-7 times that of stainless steel. With special alloys the price of titanium plates is much higher.

-----------------------------------------------------------

Fig.1: Simplified geological map of northern Sweden (from Weihed, 2001) with location of Beowulf Mining project areas. The Jokkmokk (Majves claims) and Ballek areas are both located on the same major shear zone. The Ruoutevare project area is loated within the Caledonides close to the Precambrian basement rocks.

Fig 2: Exploration Licence Ruoutevare nr 1 Jokkmokk, Norrbotten county Mapsheet 27 H Kvikkjokk
Original mapscale 1 100 000. Date 23:01:2006

For further information please contact:.