Business
Study Commissioned on Kallak
Study Commissioned on Kallak.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n RNS Number : 5166V Beowulf Mining PLC 13 July 2009 \n \n\n13 July 2009\n\nBeowulf Mining Plc\n('Beowulf' or the 'Company')\n\nIndependent Conceptual Study Commissioned \non the Kallak and Ruoutevare Projects\n\nBeowulf (AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral exploration company which owns several exploration projects in Northern Sweden, is pleased to announce that it has recently signed an agreement with the Raw Materials Group ('RMG') of Sweden, with the objective of further defining the commerciality of the Company's Kallak and Ruoutevare iron ore projects.\n\nThe scope of RMG's work includes, inter alia, the preparation of an initial conceptual study on the Kallak iron ore project and an update of its previous 2006 conceptual study on the Ruoutevare project, using the Company's most recent geological and technical data. Its 2006 study on Ruoutevare suggested that, based on a simplified cash flow analysis and various price and cost assumptions at that time, an eight year open pit operation extracting at a rate of 10 million tonnes per annum could potentially generate annual cash flows in the order of approximately US$50 million from revenues of US$218 million.\n\nClive Sinclair-Poulton, Chairman of Beowulf commented: \n\n'Rapid commercialisation of our highly prospective iron ore deposits in Northern Sweden is a key priority for the Board. Back in late 2006, RMG showed that based on the then available information and financial forecasts/assumptions, initial indications for the economics of Ruoutevare were positive. We are pleased to re-commission them to update their previous work and commence a similar separate study on our Kallak project.' \n\nEnquiries:\n\n\n\n\n\nBeowulf Mining Plc\n\n\n\n\n\n\n\nClive Sinclair-Poulton, Chairman\n\n\nTel: +353 (0) 85 739 2674\n\n\n\n\n\n\n\n\n\n\n\n\nStrand Partners Limited\n\n\n\n\n\n\n\nSimon Raggett / Matthew Chandler\n\n\nTel: +44 (0) 207 409 3494\n\n\n\n\n\n\n\n\n\n\n\n\nAlexander David Securities Limited\n\n\n\n\n\n\n\nDavid Scott / Nick Bealer\n\n\nTel: +44 (0) 207 448 9820\n\n\n\n\n...