Last checked at 30 Jul 2008 08:00
BEOWULF MINING PLC Press Release RUOUTEVARE PROJECT UPDATE
Beowulf Mining PLC (AIM: BEM) ("the Company"), the AIM-traded mineral exploration company which owns several exploration projects in Sweden is pleased to announce that WAG Limited has successfully completed its due diligence on the Ruoutevare Iron Ore Project, and has entered into a formal Farm In and Joint Venture Agreement with Beowulf Mining PLC. The Agreement is subject to Shareholder Approval by WAG Limited at an EGM on 5 September 2008
The Agreement incorporates the terms of the Term Sheet announced on 4 June 2008, save that the total metres to be drilled by WAG Limited has been amended from 5,000 metres to a range of 3,000 - 5,000 metres. Under the Agreement, upon WAG Limited earning a 50% interest in the Ruoutevare Iron Ore Project, the parties shall be associated in an unincorporated joint venture.
Technical data for the Ruoutevare Project has been compiled by WAG Limited and is currently undergoing independent review in order to determine if the existing target mineralisation can be converted into a JORC Resource category. The Company expects the results of this review by the end of September at the latest.
A drilling programme is currently being planned and local authorities are being consulted in relation to land access. The objective of the drilling programme is to increase the size of the Ruoutevare magnetite deposit, which has been calculated by the Geological Survey of Sweden to contain at least 116,000,000 tonnes with an average grade of 38.2% iron and 5.6% titanium . This data was reviewed by Snowden Mining Industry Consultants who verified a resource of 123,000,000 tonnes of resource grading 37% iron and 5.3% titanium a slight increase in volume with a corresponding decrease in grade. WAG Limited will produce a new tonnage figure, a metallurgical report and a scoping study of the deposit after the drilling. Drilling is planned to commence in November 2008 and to be completed in early 2009.
Contact:
Dr. Robert Young, Chairman, Beowulf Mining Plc+44 (0)1353 649 701Gavin Burnell, Ruegg & Co Limited+44 (0)207 584 3663
Nick, Bealer/David Scott, Alexander David Securities Limited +44 (0)207 448 9800
Gary Middleton, St. Swithins PR Ltd07951 603 289
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