Beowulf Mining PLC
27 March 2006
BEOWULF MINING PLC
Granting of Licence over Titanium Deposit in Northern Sweden
London: 27 March 2006: Beowulf Mining PLC (AIM:BEM), the AIM listed mineral
exploration company, with projects in Sweden, announces that the Swedish state
mining authority, Bergsstaten, has granted an exploration permit to Beowulf for
a new area within the Jokkmokk County, called Ruoutevare. The permit covers a
large ore deposit of iron and titanium. (See previous announcement 26 January
2006)
The reserves reported in the latest study in 1975 by the Geological Survey of
Sweden (SGU) are estimated at 116 million tonnes with an average 38.2% Fe
(iron), 5.6% Ti (titanium) and 0.17% V (vanadium). A richer section of 20
million tonnes is registered with a grade of 47% Fe, 11% TiO2 and 0.15% V2O5.
These figures are based on analytical results of 32 drill holes and do not
follow present JORC or NI43-101 standards. Beowulf is entering all the data from
this previous drilling into a data base and intends to work with an
international mining consultancy group to determine whether the reserve estimate
will conform to the more modern standards. If it does then the directors of
Beowulf intend that the same group will prepare a feasibility study on the
mining of the deposit.
The mineralization consists of magnetite, ilmenite, spinel and smaller amounts
of pyrrhotite, chalcopyrite and pentlandite. Beowulf will obtain a bulk sample
of the titaniferous iron deposit either from outcrop or a composite from the
previous diamond drilling to work with LKAB, the Swedish Iron Ore Company, in
order to see if a titanium and iron metallurgical separation can be obtained
economically.
Commenting on the news, Dr. Robert Young, Beowulf's Chairman said, 'Beowulf is
working efficiently to translate the reserves at the Ruoutevare iron titanium
deposit into proven reserves that conform to international standards. This will
involve engaging an international mining group to analyse the drilling data so
far obtained and possibly more diamond drilling.'
For further information :-
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
King & Shaxson Tel: +44-(0)207 426 5986
Gary Middleton
St Swithin's Public Relations Tel +44 (0) 207 429 4391
This information is provided by RNS
The company news service from the London Stock Exchange