Last checked at 16 Nov 2016 12:00
16 November 2016
Beowulf Mining plc
("Beowulf" or the "Company")
Kallak North Exploitation Concession Update
Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company, focused on the Kallak magnetite iron ore project and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, is pleased to provide an update on the application process for Kallak North.
The Company understands that the County Administrative Board ("CAB") for Norrbotten County has been granted an extension of time, to the 28 February 2017, by the Mining Inspectorate of Sweden, to respond to the Inspectorate's questions; part of the further review of the Kallak North application as directed by the Government of Sweden, and in the light of the Supreme Administrative Court ("SAC") judgement in February 2016 in the case of Norr Kärr.
During the last two weeks, the Company's expert Swedish team has been preparing a paper, which analyses the formal statements made since October 2014, by different parties involved in the Kallak North application process. The objective of this analysis is to demonstrate that the Company's application has satisfied the requirements of Swedish law, and that the work done by the Company, and the reviews by the CAB, to date, are in alignment with the SAC judgement in the case of Norra Kärr. The paper will be completed shortly and submitted to the Mining Inspectorate and the CAB.
Kurt Budge, CEO, commented:
"While an extension of time for CAB to complete their work may disappoint shareholders, the review being conducted by the CAB is very important.
"The legal framework over the last two years, for assessing our application, has not changed. The perspective of the reviews completed, covering the Concession Area, those activities necessary to support a modern and sustainable mining operation, included in our Environmental Impact Assessment, and transport options, is entirely consistent with the SAC judgement in the case of Norra Kärr.
"The Company's analysis of formal statements made by parties involved in the Kallak North application process will demonstrate that the Company has met the requirements of Swedish law.
"I was in Jokkmokk and Luleå last week, and I will be in Stockholm next week, so I assure stakeholders, that we are leaving nothing to chance as we work towards getting the Exploitation Concession for Kallak North."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Beowulf Mining plc | |
Kurt Budge, Chief Executive Officer | Tel: +44 (0) 20 3771 6993 |
Cantor Fitzgerald Europe (Nominated Advisor & Broker) | |
Phil Davies / David Porter | Tel: +44 (0) 20 7894 7000 |
Blytheweigh | |
Tim Blythe / Megan Ray | Tel: +44 (0) 20 7138 3204 |
Cautionary Statement
Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.