Last checked at 22 Sep 2015 07:00
22 September 2015
Beowulf Mining plc
("Beowulf" or the "Company")
Signing of Swedish Association of Mines, Mineral and Metal Producers' ("SveMin") Ethical Rules and Corporate Presentation
Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company focused on the Kallak iron ore project in northern Sweden and its Swedish exploration portfolio, is pleased to announce that Kurt Budge, Chief Executive Officer ("CEO") has renewed the Company's commitment as a member of SveMin to the Association's Ethical Rules in a signing last week; a link to the Ethical Rules can be found on the Company's website. SveMin is the national industry association for exploration, development and mining companies in Sweden.
In addition, the CEO also presented at a Financial Hearings' investor briefing in Stockholm on 17 September 2015, and a link to the filmed presentation can be found on the Company's website: www.beowulfmining.com.
Enquiries:
Beowulf Mining plc | |
Kurt Budge, Chief Executive Officer | Tel: +44 (0) 20 3771 6993 |
Cantor Fitzgerald Europe (Nominated Advisor & Joint Broker) | |
Stewart Dickson / Jeremy Stephenson / Phil Davies / Carrie Drummond | Tel: +44 (0) 20 7894 7000 |
Beaufort Securities Limited (Joint Broker) | |
Jon Belliss | Tel: +44 (0) 20 7382 8300 |
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.
About Us
The Kallak North iron ore project is located about 40km west of the Jokkmokk municipality centre in the Norrbotten County in Northern Sweden.
Local infrastructure is excellent with all-weather gravel roads passing through the project area and all parts are easily reached by well used forestry tracks. A major hydroelectric power station with associated electric power-lines is located only a few kilometres to the south east. The nearest railway (the 'Inland Railway Line') passes approximately 40km to the east. This railway line is connected at Gällivare with the 'Ore Railway Line', which is used by LKAB for delivery of their iron ore material to the Atlantic harbour at Narvik (Norway) or to the Botnian Sea harbour at Luleå (Sweden).
The total Kallak project area is approximately 80km2, and includes the Parkijaure licence granted in 2010 and the Ågåsjiegge nr2 licence granted in 2014.
The Kallak North and Kallak South orebodies are centrally located and cover an area approximately 3,700m in length and 350m in width, as defined by drilling. The mineral resource estimate for Kallak North and South is based on drilling conducted between 2010-2014, a total 27,895m drilled, including 131 drillholes.
The latest resource statement for the Kallak project was finalised on 28 November 2014, following the guidelines of the JORC Code 2012 edition, summary as follows:
Category | Tonnage Mt | Fe % | P % | S % | |
Kallak North | Indicated | 105.9 | 27.9 | 0.035 | 0.001 |
Inferred | 17.0 | 28.1 | 0.037 | 0.001 | |
Kallak South | Indicated | 12.5 | 24.3 | 0.041 | 0.003 |
Inferred | 16.8 | 24.3 | 0.044 | 0.005 | |
Global | Indicated | 118.5 | 27.5 | 0.036 | 0.001 |
Inferred | 33.8 | 26.2 | 0.040 | 0.003 |
The Ballek Joint Venture project comprises two exploration permits over a total area of approximately 8.7km2, located in the Norrbotten County in Northern Sweden. In September 2008 Beowulf reported a maiden JORC Code compliant Inferred Resource estimate for the Lulepotten copper-gold deposit of 5.4Mt, grading 0.8% Cu and 0.3g/t Au.
Other attractive portfolio assets include the Nautijaure licence with potential for IOCG, Grundträsk gold project and the Munka licence which hosts Sweden's largest, drill confirmed deposit of molybdenum.