Last checked at 28 Oct 2008 07:50
BEOWULF MINING PLCAIM: BEM, Aktietorget: BEO News Release
Beowulf Retains 100% of the Ruoutevare and Kallak projects, as JV ends
28 October 2008
Beowulf Mining PLC ('Beowulf'), the mineral exploration company which holds licences over several iron, copper, uranium and gold projects in Sweden announces that in light of the recent global economic downturn, which has substantially affected Australian listed resource companies, and as a result of a recent review, WAG Ltd has decided to withdraw from the joint venture on the Ruoutevare and Kallak deposits.
Pursuant to the terms of the Ruoutevare and Kallak farmin and joint venture agreements, WAG has provided 30 days notice of its intention to withdraw to Beowulf.
WAG has completed a comprehensive review of the Ruoutevare and Kallak Magnetite Projects which included detailed analyses of geological and metallurgical data, investigation of environmental issues and extensive site visits.
Following on from this review the Ruoutevare project attained JORC classification of 140Mt at 39.1% iron and 5.7% titanium, more than was originally envisaged.
Beowulf Chairman, Dr Bob Young said, "We are sorry to see the end of the joint venture with WAG but are very pleased that the Ruoutevare prospect has attained JORC classification at no cost to our shareholders and we now retain 100% of both Ruoutevare and Kallak.
We remain very positive on all five projects Beowulf has, two of them attaining JORC classifications in the last three months. We are also actively discussing new joint venture agreements with other companies."
Contacts:
Dr. Robert Young, Chairman, Beowulf Mining Plc
+44 (0)1353 649 701
Gavin Burnell, Ruegg & Co Limited
+44 (0)207 584 3663
Nick Bealer/David Scott, Alexander David Securities Limited
+44 (0)207 448 9820
Gary Middleton, St. Swithins PR Ltd
07951 603 289
Notes to editors:
The S&P/ASX 300 metals and mining index, which is comprised of companies that are classified as being Australian Stock Exchange listed metals and mining companies, has fallen 29.06% in the last quarter and 49.98% in the last year as per the S&P web site (at www.standardandpoors.com). The ASX website can be found at: http://www.asx.com.au/
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