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 AIM; BEM
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Company Statement
Beowulf Mining Plc (Beowulf) is a diversified mineral exploration and development company with five deposits in resource rich Northern Sweden including iron, titanium, gold and copper. Beowulf (BEM) is listed on the London AIM market and has recently begun trading on the Swedish AktieTorget market under the ticker BEO. Beowulf’s projects have attracted the attention of its peers around the world and the company recently announced joint ventures on its two iron deposits and one of its copper gold deposits.
In August the Beowulf announced that through its joint venture with WAG Ltd of Australia, its Routevare iron deposit had achieved a maiden JORC classification of 140m tons at 39.1% iron and 5.7% titanium.
Current Operations
Beowulf Mining PLC ("Beowulf") is focused primarily on the exploration for world class iron, copper and gold deposits.
Beowulf is working in three areas in Northern Sweden and has identified deposits in two of the areas that will be investigated further by diamond drilling in 2005.
The first is at Jokkmokk, where high grade boulders (15.75% copper) were located by geological investigations in 2003. Diamond drilling by a joint venture of Beowulf and Phelps Dodge Exploration Sweden AB ("Phelps Dodge") in 2004 showed a world class intersection of 110 metres of 0.82% copper equivalent. Further diamond drilling will commence in 2005. The Beowulf exploration rights in the area cover 82 square kilometres.
The second is at Grundtrask in the Skellefte Mining District where the exploration rights cover 43 square kilometres. Diamond drilling in 2004, revealed gold mineralization of over 1 gram per ton over significant widths. Diamond drilling in early 2005 will test a geophysical anomaly with associated sulphide boulders containing up to 10 grams per ton gold, 200 grams per ton silver and 1% copper. The Skellefte Mining District contains major copper and gold deposits, and has seen mining since the 1920s.
The third area is at Ussalahti in the Kiruna Mining District where the exploration rights cover 10 square kilometres. The concessions were granted in January 2005 and are considered prospective for copper and gold volcanogenic massive sulphide deposits.
Beowulf intends to gradually increase its exploration portfolio in Sweden and possibly other Scandinavian countries. To help expand its activities Beowulf will seek other joint venture partners.
Beowulf is working on five projects in Northern Sweden which it considers have commercial potential. The areas are:-
Ruoutevare Iron Titanium Project
Contains 140 million tonnes inferred JORC Mineral Resource at 39.1% iron, 5.7% titanium and 0.2% vanadium. Results based on drilling by the Swedish Geological Surrey. Drilling by WAG Limited Beowulf’s earn in Joint Venture partner is planned in November 2008 to increase resource. The Swedish Raw Materials Group has concluded that the deposit could be developed on the basis of a 10 million tons per year operation. This was based on iron ore price in 2006. WAG Limited will earn 50% of Ruoutevare project by completing 3,000-5,000 drilling and metallurgical test work.
Kallak Iron Ore Claim
A magnetite project, based on exploration by Swedish Geological Survey consisting of three diamond core drill holes and geophysical surveys, has targeted 88 – 92 million tonnes at 35 – 42% iron. Beowulf has entered into a second Farmin Agreement with WAG Limited, to conduct drilling, metallurgical test work and a magnetic geophysical program to earn 50% of Kallak project.
Grundtrask Gold Project
Grundtrask is located near the town of Mala in the Skelleftea mining district and comprises three licences for 43km square. A gold-bearing structure over a strike length of 750m and up to 27m wide has been established through diamond drilling to date and it is open at both ends and at depth. The gold is associated with chalcopyrite and arsenopyrite in quartz veins and stockworks in altered Precambrian basic volcanic rocks. Beowulf is now seeking a Joint Venture partner.
Ballek Copper Gold Project
The Company has six licences that cover 11 copper prospects, including the Lulepotten copper-gold deposit which was drilled by the Geological Survey of Sweden with between 1960 and 1971 and found to contain 5.1 million tonnes of 0.73% copper and 0.25 grams per tonne of gold. The prospects are associated with a large gravity anomaly.
Beowulf has entered into a Joint Venture Farm in Agreement with Agricola Resources PLC on this project. An inferred JORC Resource statement is in the process of being prepared on the Lulepotten copper gold-deposit.
Jokkmokk Copper Gold Project
The Company has four licences over copper-gold projects, which were drilled in 2004 with positive results, and again in 2005 with somewhat disappointing results.
Beowulf is seeking to expand its exploration areas near Jokkmokk and is seeking a Joint Venture partner for further exploration.
Beowulf is the name of an epic poem, which is widely regarded as the first great work of English Literature. The Company floated on the AIM market of the London Stock Exchange in May 2005 with a ticker of BEM and trades on the Aktietorget Market in Sweden with the ticker of BEO.
Geographical Spread
North Sweden. An area where there is no mineral royalty and a low corporation tax. Large under explored mineral potential. Excellent infrastructure. Political and economic stability. Long history of mining.
Board of Directors and Key Management
| Clive Sinclair-Poulton | Executive Chairman |
| Jan-Ola Larsson | Technical Director |
| Anthony Scutt ACIS | Non-Executive Director |
| Edward Taylor | Non-Executive Director and Company Secretary |
Company AddressRichmond House
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Additional Address/Key ContactSwedish Office |
CapitalNumber of Shares in Issue 105,898,247 |
Annual General MeetingApril | Year End31st December |
Nominated BrokersAlexander David Securities | Nominated AdvisorsStrand Partners |
Major Shareholders
| Mrs Carole Christine Rowan | 6,089,485 shares (9.17%) |
| Starvest plc | 2,000,000 shares (3.01%) |
| Sunvest Corporation Limited | 10,000,000 shares (15.06%) |
| Mrs Judith Mary Young | 2,294,742 shares (3.46%) |
| Dr Robert Douglas Young | 4,294,743 shares (6.47%) |
Related News
09/03/10 - Beowulf Gets Down To Some Serious Work On The Economics Of Its Swedish Iron Ore Projects26/11/09 - Beowulf Mining Enjoys Life At The End Of The World
20/07/09 - Beowulf Mining Is Cultivating Relationships In China In Anticipation Of A Renewal Of The Scramble For Resources
07/05/09 - Standing On The Shoulders Of Giants: Beowulf Mining Moves Forward On Ruoutevare
16/09/08 - Beowulf Delivers Some Hard Numbers, And A Decent Presentation At The Minesite Forum Too
18/02/08 - Beowulf Mining Starts Drilling at Ballek
Most Recent Statement
17/03/10 - Kallak drilling contract signed15/03/10 - Placing raises Ł1m
04/03/10 - Conceptual Study completed Kallak Iron Ore Deposit
01/03/10 - Unaudited Preliminary Results for the Year Ended 31 December 2009
15/02/10 - Updated Conceptual Study On Iron Project
03/02/10 - Operational Update re Ballek JV Project