Business
Farm-In Agreement
Farm-In Agreement.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \n BEOWULF MINING PLC \n\nKALLAK MAGNETITE PROJECT - JOINT VENTURE AGREEMENT SIGNED\n\n28 August 2008: Beowulf Mining PLC (\"Beowulf\" AIM:BEM, Aktietorget:BEO), the\nmineral exploration company which holds licences over several iron, copper,\nuranium and gold projects in Sweden is pleased to announce that WAG Ltd (\"WAG\")\n(ASX:WAG) has successfully completed its due diligence on the Kallak Magnetite\nProject and has entered into a Farm in and Joint Venture Agreement with\nBeowulf. Having previously entered into the Ruoutevare Project Agreement, the\nKallak Project is the Company's second Swedish iron ore Farmin and Joint\nVenture Agreement with WAG. Both Agreements are subject to WAG Shareholder\nApproval at a Shareholders Meeting to be held on 5 September 2008.\n\nThe Agreement incorporates the terms announced on 9 July 2008. Under the\nAgreement WAG will earn a 50% interest in the Kallak Project by completing\ndrilling, metallurgical testwork and a magnetic survey by April 2010. Upon WAG\nearning a 50% interest in the Kallak Project, the parties shall be associated\nin an unincorporated joint venture.\n\nAs announced on 9 July 2008, based on exploration by the Geological Survey of\nSweden (SGU) consisting of three diamond core drill holes and geophysical\nsurveys, the Kallak Magnetite Project has estimated target iron mineralisation\nof 88 - 92Mt at 35 - 42% Fe. The potential quantity and grades are conceptual\nin nature.\n\nWAG has compiled and reviewed all technical information relating to the Kallak\nProject and is currently investigating various options for the forthcoming\nmagnetic survey program. Once the geophysical information has been captured and\ninterpreted WAG will design a suitable exploration drilling program designed to\nboth increase the current target mineralisation and generate sufficient\ninformation to establish a JORC code compliant resource. Beowulf anticipates\nthat the drilling program will commence shortly after the conclusion of the\nRuoutevare drill program scheduled for November 2008.\n\nNotes to editors:\n\nOn 19 August 2008, the Company announced a maiden Inferred Mineral Resource\nestimate of 140Mt grading 39.1% iron (Fe), 5.7% titanium (Ti) and 0.2% vanadium\n(V) (cut-off grade of 30% iron) for the nearby Ruoutevare Magnetite Project.\nThe Kallak deposit lies approximately 70 kilometres f...