Business
Ballek Joint Venture
Ballek Joint Venture.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \n BEOWULF MINING PLC \n\n PRESS RELEASE \n\n BALLEK JOINT VENTURE WITH AGRICOLA RESOURCES CHANGE IN TERMS \n\n25 June 2008. Beowulf Mining PLC (\"Beowulf\") (AIM:BEM) has signed a Deed of\nVariation to the terms of Joint Venture with Agricola Resources PLC\n(\"Agricola\"). Agricola will no longer be required to complete a magneto\ntelluric geophysical survey on the Ballek licences owned by Beowulf , instead\nit will be required to complete an extra 200 meters of diamond drilling.\nAgricola has completed the required induced polarisation and ground magnetic\nsurveys, and 1,617m of diamond drilling. Agricola will now have to complete the\nremainder of the revised work programme (1,583m of diamond drilling) by 30 June\n2009 to earn a 51% interest in the Ballek Project.\n\nFor further information :-\n\nDr. Robert Young, Chairman, Beowulf Mining Plc\n+44 (0)1353 649 701\n\nGavin Burnell, Ruegg & Co Limited\n+44 (0)207 584 3663\n\nDavid Scott / Nick, Bealer Alexander David Securities Limited\n+44 (0)207 448 9800\n\nGary Middleton, St. Swithins PR Ltd\n07951 603 289\n\nNote.\n\nOn 1 June 2007 the directors of Agricola reported the signing of an option and\nearn-in agreement on the Ballek 2, 3, 4 and 5 exploration permits that cover\n110 square kilometres of Arjeplog County of Northern Sweden.\n\nAgricola was granted an option to acquire a 51% interest in the licences by\nundertaking magneto telluric, induced polarisation and resistivity surveys,\nfollowed by 3,000 metres of diamond drilling. Agricola agreed to conduct the\nprogramme by 31 December 2008.\n\nThe surveys are intended to identify targets associated with the gravity\nanomaly under the claim block, and to identify any iron oxide copper gold\n(IOCG) deposits that may be present in the Ballek area.\n\nIt is intended that Beowulf will incorporate a new subsidiary company to hold\nthe Ballek exploration permits and that, following completion of the agreed\nwork programme, Agricola will be given a 51% shareholding in this company. By\nspending an additional US$500,000 Agricola can increase its interest in the\nBallek licences to 70%.\n\nSubsequent expenditure on the Ballek exploration permits will be made pro rata\nto Beowulf and Agricola's respective interests, subject to adjustment in the\nevent that one party chooses not to fund their proportion of such expenditure.\n\...