Business
Half-yearly Report
Half-yearly Report.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \n BEOWULF MINING PLC \n\n News Release \n\n CHAIRMAN'S STATEMENT FOR THE 6 MONTHS TO JUNE 2008 \n\nThe Board of Beowulf Mining PLC ('Beowulf') is pleased to report the interim\nresults to 30 June 2008. The results show that Beowulf made a loss of £203,074\nin the first 6 months of 2008 as compared to a loss of £192,170 in the first 6\nmonths of 2007.\n\nWith the emergence and effects of the \"credit crunch\" in 2007 and 2008 the\ndirectors of Beowulf decided that the best way to expand its exploration\nactivities without excessively utilising capital was to seek joint venture\npartners on its five exploration projects in Sweden. As a result joint venture\npartners are already in place to continue exploration on three of these\nprojects and discussions with potential joint venture partners are ongoing in\nrelation to the remaining two areas. Appropriate partners also provide Beowulf\nwith access to additional technical personnel.\n\nBeowulf's shares started trading on the Swedish Aktietorget stock market (\nwww.aktietorget.se) in August 2008 under the symbol BEO. The shares are traded\nin Swedish Krona on this market.\n\nBeowulf's lead project in Sweden is the Ruoutevare Magnetite Project. The\nproject obtained WAG Limited (ASX:WAG) as a joint venture partner, who will\nearn a 50% interest in the project by spending AUD$1,000,000 on a 3,000 - 5,000\nmetre delineation drilling program and, metallurgical test work. The project\nhas obtained an initial 140 million tonne JORC Resource from the geological\nconsultant Runge Limited, grading 39.1% iron, 5.7% titanium and 0.2% vanadium.\nA diamond drilling program is expected to begin in November 2008 to target\nextensions to the known mineralization, which Runge Limited suggested extend\nbeyond the presently drilled area.\n\nWAG Limited has also become the joint venture partner of Beowulf's Kallak\nMagnetite Project. They will earn a 50% interest in the project by completing\ndrilling, metallurgical test work and a magnetic survey. The Geological Survey\nof Sweden (SGU) conducted exploration on the area and based on three diamond\ndrill holes and geophysical surveys have estimated a target iron ore tonnage of\n88-92 million tonnes at 38-42% iron. Beowulf anticipates that the drilling\nprogram will commence shortly after the conclusion of the Ruoutevare drilling\nprogram scheduled ...