Beowulf Mining PLC Regulatory News (BEM)

9 Nov 2005 09:06

Beowulf Mining PLC09 November 2005 BEOWULF MINING plc News Release Progress Report on the Ballek Copper Gold Deposit Arjeplog County of Northern Sweden London : 9 November 2005 : Beowulf Mining plc ("Beowulf" or "the Company") ispleased to report progress on the Ballek claims which cover 100 squarekilometres in the Arjeplog County of northern Sweden. Analysis of a selected drill core in the Lulepotten copper gold deposit, hasgiven 9 metres of 2.08% copper and 3.69 grams per tonne of gold between 98 and107m of drill hole number 64206 (a one metre sample gave 20.5 grams per tonne ofgold). A 70 metre mineralised section of the same hole, between 50m to 120m,contained 0.42% copper and 0.59 grams per tonne of gold. The hole was drilled ata 65 degree angle to the east. This mineralised zone is seen to be above the zone responsible for the largegravity feature, which is shown in the 3-dimensional model on the Company's website www.beowulfmining.com/news. The Ballek claims contain the copper gold Lulepotten deposit, which was drilledbetween 1960-71 by the Geological Survey of Sweden, who estimated the depositcontained 5.1 million tonnes of 0.73% copper, 0.25 grams per tonne of gold and 7grams per tonne of silver. This resource estimate is historical and does notconform to the Canadian NI 34-101 or Australian JORC resource definitions. The Lulepotten deposit is only one of several copper gold zones in the Ballekarea. The zones contain sulphide mineralisation composed of chalcopyrite,bornite, chalcocite with abundant iron oxides. The Company is examining ways in which advanced geophysical techniques can beapplied to define more specific drilling targets on the Ballek project area. Commenting on the results, Dr. Robert Young, Chairman of Beowulf said "theresults improve the existing gold grades at Lulepotten and they suggest that themineralisation overlies the large gravity feature which attracted Beowulf to theBallek area. We are pleased with progress made and look forward to updating themarket further in the near future". Contact: Dr. Robert Young, ChairmanBeowulf Mining plc Tel: +44-(0)1353 649 701 Gavin BurnellRuegg & Co Limited Tel: +44-(0)207 584 3663 Nick BealerKing & Shaxson Tel: +44-(0)207 426 5986 Gary MiddletonSt Swithin's Public Relations Tel +44 (0) 207 929 4391 This information is provided by RNS The company news service from the London Stock Exchange