Business
Farm in Agreement
Farm in Agreement.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \n NEWS RELEASE \n\n BEOWULF ANNOUNCES THE TERMS OF A FARM IN AGREEMENT ON THE RUOUTEVARE IRON ORE \n PROJECT, NORTHERN SWEDEN \n\n4 JUNE 2008. The directors of Beowulf Mining PLC (\"Beowulf\") the AIM listed\nmineral exploration company with iron, gold, copper and uranium projects in\nNorthern Sweden are pleased to announce that it has signed an agreement with\nWAG Limited (\"WAG\") to cooperate in the exploration and evaluation of the\nRuoutevare iron and titanium project, Jokkmokk municipality, Norrbotten County,\nNorthern Sweden.\n\nWAG is an Australian (ASX quoted) company whose address is Level 1, 33 Ord\nStreet, West Perth, Western Australia. Beowulf is quoted on the AIM Market of\nthe London Stock Exchange (AIM: BEM) and has an 8.5 square kilometre permit\nover the Ruoutevare project.\n\nWithin 60 days Beowulf and WAG will enter into a formal agreement subject to\nWAG successfully completing a 30 day due diligence investigation. Under the\nagreement WAG will complete a work programme within 18 months with a minimum\nexpenditure of AUD 1 million. This programme will include 5000 metres of\ndrilling and metallurgical test work. On completion of the drilling and\nmetallurgical test work WAG will produce a proposed work programme and budget\nfor a Scoping Study and follow-up Definitive Feasibility Study to evaluate the\neconomic development of the project. WAG will use its best endeavours to ensure\nthat the results from the drilling programme will enable the delivery of a JORC\ninferred Resource. On completion of the WAG programme they will earn a 50%\ninterest in the Ruoutevare project.\n\nA previous resource estimate carried out by the Geological Survey of Sweden\n(Sveriges Geologiska Undersoknning -\"SGU\") in 1975 reported a resource of 116\nMt of material averaging 38% iron, 5.6% titanium and 0.17% vanadium based on 32\ndrill holes. A richer section of 20 Mt is registered with a grade of 47% iron,\n10% titanium and 0.14% vanadium.\n\nFurther information on the Ruoutevare deposit can be found on the Company's\nwebsite (www.beowulfmining.com).\n\nContact :\n\nDr. Robert Young, Chairman\nBeowulf Mining PLC\nTel: +44 (0) 1353 649 701\n\nGavin Burnell\nRuegg & Co. Limited\nTel: +44-(0)207 584 3663\n\nNick Bealer\nAlexander David Securities Limited\n\n+44-(0)2074489823\n\nGary Middleton\nSt Swithin's Public Relations\...