NEWS RELEASE
BEOWULF ANNOUNCES THE TERMS OF A FARM IN AGREEMENT ON THE RUOUTEVARE IRON ORE
PROJECT, NORTHERN SWEDEN
4 JUNE 2008. The directors of Beowulf Mining PLC ("Beowulf") the AIM listed
mineral exploration company with iron, gold, copper and uranium projects in
Northern Sweden are pleased to announce that it has signed an agreement with
WAG Limited ("WAG") to cooperate in the exploration and evaluation of the
Ruoutevare iron and titanium project, Jokkmokk municipality, Norrbotten County,
Northern Sweden.
WAG is an Australian (ASX quoted) company whose address is Level 1, 33 Ord
Street, West Perth, Western Australia. Beowulf is quoted on the AIM Market of
the London Stock Exchange (AIM: BEM) and has an 8.5 square kilometre permit
over the Ruoutevare project.
Within 60 days Beowulf and WAG will enter into a formal agreement subject to
WAG successfully completing a 30 day due diligence investigation. Under the
agreement WAG will complete a work programme within 18 months with a minimum
expenditure of AUD 1 million. This programme will include 5000 metres of
drilling and metallurgical test work. On completion of the drilling and
metallurgical test work WAG will produce a proposed work programme and budget
for a Scoping Study and follow-up Definitive Feasibility Study to evaluate the
economic development of the project. WAG will use its best endeavours to ensure
that the results from the drilling programme will enable the delivery of a JORC
inferred Resource. On completion of the WAG programme they will earn a 50%
interest in the Ruoutevare project.
A previous resource estimate carried out by the Geological Survey of Sweden
(Sveriges Geologiska Undersoknning -"SGU") in 1975 reported a resource of 116
Mt of material averaging 38% iron, 5.6% titanium and 0.17% vanadium based on 32
drill holes. A richer section of 20 Mt is registered with a grade of 47% iron,
10% titanium and 0.14% vanadium.
Further information on the Ruoutevare deposit can be found on the Company's
website (www.beowulfmining.com).
Contact :
Dr. Robert Young, Chairman
Beowulf Mining PLC
Tel: +44 (0) 1353 649 701
Gavin Burnell
Ruegg & Co. Limited
Tel: +44-(0)207 584 3663
Nick Bealer
Alexander David Securities Limited
+44-(0)2074489823
Gary Middleton
St Swithin's Public Relations
Tel : +44-(0) 207 929 4391