Beowulf Mining PLC
11 July 2006
BEOWULF MINING PLC
Technical Review of Ruoutevare Titanium Iron Deposit, Northern Sweden, by
Snowden Mining Industry Consultants Ltd.
Drilling in September 2006 to Re-sample the Deposit to support JORC- Compliant
Resource Report
11 July 2006. In March 2006, Beowulf Mining PLC (AIM- BEM) the AIM-quoted
mineral exploration company was granted an exploration permit by the Swedish
state mining authority (Bergsstaten) for the Ruoutevare area in the Jokkmokk
County of northern Sweden. 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.
Snowden Mining Industry Consultants Limited ('Snowden') has completed a
technical review of the previous work and has also undertaken a preliminary
geostatistical analysis of the drill holes to support the preparation of a
JORC-compliant resource report.
Snowden concluded that the volumes, tonnages and average grades of the 116 Mt
resource are of the order of magnitude reported by the SGU in 1975. However they
cannot be regarded as being equivalent to a JORC-compatible Inferred Resource.
Snowden has therefore suggested additional work, which includes re-drilling of
holes as well as the drilling of additional, closer spaced, drill holes to
assess the deposit. Ten to twelve drill holes are suggested and these are
planned for September 2006. If this work confirms the previous estimates and
produces a JORC compliant resource report, Snowden recommends the preparation of
a detailed scoping / pre-feasibility report for the project. If the latter is
successful they recommend the completion of a full feasibility study for the
project.
Commenting on the report, Dr. Robert Young, Chairman of Beowulf, states 'the
directors are very encouraged and are looking forward to a successful drilling
campaign leading to a scoping / pre- feasibility study on the Ruoutevare deposit
(Ruoutevare when translated into English means 'iron mountain'). The Company has
sufficient existing resources for the drilling campaign'.
For further information contact:-
Dr. Robert Young, Chairman
Beowulf Mining plc Tel: +44 (0)1353 649 701
Gavin Burnell
Ruegg & Co Limited Tel: +44 (0)20 7584 3663
Nick Bealer
King & Shaxson Tel: +44 (0)20 7426 5986
Charles Dampney Tel: +44 (0)20 7822 7107
City Capital Securities Limited
Gary Middleton
St Swithin's Public Relations Tel +44 (0) 20 7929 4391
Notes to Editors :-
Beowulf Mining PLC ('Beowulf') is focused primarily on the exploration and
development of mineral deposits in Sweden.
Beowulf is working on six projects in Northern Sweden which it considers have
commercial potential. The areas are:-
Ruoutevare Iron Titanium Project
Drilling in the 1970's by the Swedish Geological Survey led to an estimate of
116 million tonnes, with an average of 38.2% iron and 5.6% titanium. A richer
section of 20 million tonnes was reported with a grade of 47% iron and 11%
titanium oxide. Beowulf is proposing a drilling programme leading to a
pre-feasibility study on the deposit to see if it can be brought into
production.
Kallak Iron Ore Claim
The company has registered an exploration claim of 500 hectares covering the
Kallak iron deposit. The deposit was discovered by the Geological Survey of
Sweden in 1947-48. Only scattered drilling has been carried out and no mining
activity has been registered. Provisional estimates based on geophysical data
have suggested a potential for 92 millions tonnes with 35-42 % Iron.
Ballek Copper Gold Project
The Company has three licences that cover 11 copper prospects, including the
Lulepotten copper-gold deposit which was drilled by the Geological Survey of
Sweden (SGU) between 1960 and 1971 and found to contain 5.1 million tonnes of
0.73% copper and 0.25 grams per tonne of gold. This resource estimate is not
JORC compliant.
Jokkmokk Copper Gold Project
The Company has four licences over copper-gold projects, which were drilled in
2004 with positive results, and again in 2005 with somewhat disappointing
results.
Grundtrask Gold Project
The Company has three exploration permits in the Skellefte Mining District.
Drilling in 2003, 2004 and 2005 defined gold mineralisation defined over a
'Central Mineralised Zone' of 600 metres with grades of about 1 gram per ton.
Further work is required to establish if a higher grade can be located on the
licences.
Ussalahti Copper Project
The Company has three licence exploration permits prospective for massive
sulphide copper and gold deposits.
Beowulf is the name of an epic poem, which is widely regarded as the first great
work of English Literature. The Company floated on the AIM market of the London
Stock Exchange in May 2005 with a trading symbol of BEM.
This information is provided by RNS
The company news service from the London Stock Exchange