Business
Acquisition of Agricola Res S
Acquisition of Agricola Res S.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n RNS Number : 8374Z Beowulf Mining PLC 29 September 2009 \n \n\nBeowulf Mining Plc\n('Beowulf' or the 'Company')\n\nAcquisition of Agricola Resources Plc's Swedish Assets\nNew Joint Venture on the Ballek Project with Energy Ventures Limited\n\nBeowulf (AIM: BEM, Aktietorget: BEO), an established mineral exploration company which runs several exploration projects in Northern Sweden, is pleased to announce that it has acquired full control of the Company's Ballek Project from Agricola Resources plc (PLUS: AGRI) ('Agricola') together with all of its other Swedish assets comprising a package of five highly prospective gold, copper, nickel and uranium exploration licences covering, in aggregate, an area of 148.40 square kilometres in Northern Sweden.\n\nIn addition, the Company has today entered into a new joint venture agreement with Australian-listed Energy Ventures Limited (ASX: EVE) ('EVE') in respect of the Ballek project area. \n\nHighlights:\n\n\n\nBeowulf acquires back full control of its Ballek copper-gold-uranium project from PLUS-listed Agricola.\n\n\n\n\nThe Ballek Project includes the Lulepotten copper gold deposit with a JORC-compliant Inferred Resource of 5.4 million tonnes grading 0.8% copper and 0.3 grammes per tonne of gold (cut-off value of 0.3% for copper).\n\n\n\n\nAgricola transaction includes the acquisition of Geddaur 1, 2 and 3 uranium permits totalling 131.5 square kilometres adjacent to the Ballek Project and the Mannakjaure uranium permit totalling 5.5 square kilometres, 120km north of Ballek. \n\n\n\n\nNew Ballek joint venture with Energy Ventures Limited with discussions to be held in relation to further potential joint venture opportunities. \n\n\nClive Sinclair-Poulton, Executive Chairman of Beowulf commented: \n'We are delighted to be able to acquire Agricola's highly promising uranium, gold and copper targets bordering our Ballek Project area. With both Sweden and Germany demonstrating renewed interest in nuclear power, we believe that there is considerable potential for uranium exploration, whilst the gold and copper targets complement our existing projects.\n\n'Regaining full control of our Ballek...