Beowulf Mining PLC Regulatory News (BEM)

27 Mar 2006 14:26

Beowulf Mining PLC27 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 mineralexploration company, with projects in Sweden, announces that the Swedish statemining authority, Bergsstaten, has granted an exploration permit to Beowulf fora new area within the Jokkmokk County, called Ruoutevare. The permit covers alarge ore deposit of iron and titanium. (See previous announcement 26 January2006) The reserves reported in the latest study in 1975 by the Geological Survey ofSweden (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 20million 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 notfollow present JORC or NI43-101 standards. Beowulf is entering all the data fromthis previous drilling into a data base and intends to work with aninternational mining consultancy group to determine whether the reserve estimatewill conform to the more modern standards. If it does then the directors ofBeowulf intend that the same group will prepare a feasibility study on themining of the deposit. The mineralization consists of magnetite, ilmenite, spinel and smaller amountsof pyrrhotite, chalcopyrite and pentlandite. Beowulf will obtain a bulk sampleof the titaniferous iron deposit either from outcrop or a composite from theprevious diamond drilling to work with LKAB, the Swedish Iron Ore Company, inorder to see if a titanium and iron metallurgical separation can be obtainedeconomically. Commenting on the news, Dr. Robert Young, Beowulf's Chairman said, "Beowulf isworking efficiently to translate the reserves at the Ruoutevare iron titaniumdeposit into proven reserves that conform to international standards. This willinvolve engaging an international mining group to analyse the drilling data sofar obtained and possibly more diamond drilling." For further information :-Dr. Robert Young, ChairmanBeowulf Mining plc Tel: +44-(0)1353 649 701Gavin BurnellRuegg & Co. Limited Tel: +44-(0)207 584 3663Nick BealerKing & Shaxson Tel: +44-(0)207 426 5986Gary MiddletonSt 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