Business
Joint Venture Agreement
Joint Venture Agreement.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \nBEOWULF MINING PLC\n\nAIM: BEM, Aktietorget: BEO\n\n News Release \n\n Beowulf Retains 100% of the Ruoutevare and Kallak projects, as JV ends \n\n28 October 2008\n\nBeowulf Mining PLC ('Beowulf'), the mineral exploration company which holds\nlicences over several iron, copper, uranium and gold projects in Sweden\nannounces that in light of the recent global economic downturn, which has\nsubstantially affected Australian listed resource companies, and as a result of\na recent review, WAG Ltd <ASX: WAG> has decided to withdraw from the joint\nventure on the Ruoutevare and Kallak deposits.\n\nPursuant to the terms of the Ruoutevare and Kallak farmin and joint venture\nagreements, WAG has provided 30 days notice of its intention to withdraw to\nBeowulf.\n\nWAG has completed a comprehensive review of the Ruoutevare and Kallak Magnetite\nProjects which included detailed analyses of geological and metallurgical data,\ninvestigation of environmental issues and extensive site visits.\n\nFollowing on from this review the Ruoutevare project attained JORC\nclassification of 140Mt at 39.1% iron and 5.7% titanium, more than was\noriginally envisaged.\n\nBeowulf Chairman, Dr Bob Young said, \"We are sorry to see the end of the joint\nventure with WAG but are very pleased that the Ruoutevare prospect has attained\nJORC classification at no cost to our shareholders and we now retain 100% of\nboth Ruoutevare and Kallak.\n\nWe remain very positive on all five projects Beowulf has, two of them attaining\nJORC classifications in the last three months. We are also actively discussing\nnew joint venture agreements with other companies.\"\n\nContacts:\n\nDr. Robert Young, Chairman, Beowulf Mining Plc\n\n+44 (0)1353 649 701\n\nGavin Burnell, Ruegg & Co Limited\n\n+44 (0)207 584 3663\n\nNick Bealer/David Scott, Alexander David Securities Limited\n\n+44 (0)207 448 9820\n\nGary Middleton, St. Swithins PR Ltd\n\n07951 603 289\n\nNotes to editors:\n\nThe S&P/ASX 300 metals and mining index, which is comprised of companies that\nare classified as being Australian Stock Exchange listed metals and mining\ncompanies, has fallen 29.06% in the last quarter and 49.98% in the last year as\nper the S&P web site (at www.standardandpoors.com). The ASX website can be\nfound at: http://www.asx.com.au/\n\n\n \n ","length":2558,"tagName":"div"}]