Beowulf Mining PLC Regulatory News (BEM)

8 Aug 2005 11:15

Beowulf Mining PLC08 August 2005 BEOWULF MINING PLC NEWS RELEASE Reports on Beowulf Mining plc's Jokkmokk, Ballek and Ussalahti projects in Northern Sweden. London 8 August 2005:- The directors of Beowulf Mining plc ("Beowulf") make thefollowing announcement: 1. Jokkmokk, consisting of the Majves 1 and 2, Tjaula and Karvoexploration permits. On August 5th 2005 Beowulf received notice from PhelpsDodge Exploration Sweden AB of termination of the Option Agreement between thecompanies. No reason for the termination was given. Beowulf is in receipt ofassays from the last phase of drilling in April and May and is currentlyassessing the results in- house. Beowulf now intends to review the exploration data and depending on its reviewmay continue the drilling in its own right or seek another joint venture partnerfor the area. 2. Ballek, consisting of the Ballek 2 and 3 exploration permits issued inMay 2005. These permits are considered by the directors to be prospective foriron oxide copper gold deposits which are sometimes rich in uranium.Beowulf has been checking the radioactivity of numerous drill cores from Ballek,drilled in the 1950's and 1960's, and freely accessible from the GeologicalSurvey of Sweden. Having identified from these cores a zone enriched in uranium,Beowulf carried out ground surveys in July 2005 and discovered uranium richboulders over this zone. In addition another seven uranium rich boulders werefound by Beowulf over other areas of the permits. These uranium rich bouldersare in areas previously known for copper gold mineralization and a high gravityanomaly. The Ballek exploration permits have been visited in the past month by two majormining companies and one London stockbroker. 3. Ussalahti, consisting of Ussalahti 1, 2 and 3 exploration permits. Thepermits are considered by the directors to be prospective for stratiformcopper-gold mineralization. Helicopter assisted geological exploration studies have been conducted in thepast month and copper boulders have been located over a previously undrilledgeophysical target. A representative of a major mining company is visiting inAugust and will investigate the possibility of assisting Beowulf with theintended drilling of the target. 4. Beowulf considers it has sufficient funds in hand to pursue its currentplanned exploration studies and drilling plans without interruption, and aheadof new partner associates being determined. For further information contact :- Dr Robert Young, Beowulf Mining plc Tel. +44 (0) 1353 649 701 Mr Gavin Burnell, Ruegg & Co. Ltd Tel. +44 (0) 207 584 3663 Mr Gary Middleton, St. Swithins PR Tel. +44 (0) 207 929 4391 Mr. Nick Bealer, King & Shaxson Tel. +44 (0) 207 426 5986 This information is provided by RNS The company news service from the London Stock Exchange