Beowulf Mining Plc.

Published : January 22nd, 2009

extends Agricola JV timeline

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                            Extension to agreement                            

 

Beowulf Mining PLC (AIM: BEM ; Aktietorget: BEO) ("the Company"), the AIM and

Aktietorget - traded mineral exploration company with several projects in

Sweden announces that it has extended the option and earn-in agreement

requiring Plus-quoted Agricola Resources PLC (PLUS:AGRI) to complete 3,200m of

diamond drilling and a geophysical survey on the Ballek copper-gold-uranium

exploration permits from 30 June 2009 to 31 March 2010.

 

Agricola has brought the Lulepotten copper-gold deposit at the Ballek joint

venture to a maiden JORC-compliant Inferred Resource stage showing 5.4m tonnes

at 0.8% copper and 0.3 g/t of gold.

 

Clive Sinclair-Poulton, Chairman of Beowulf said, "Given the difficult market

conditions at present in the exploration industry we have agreed to extend the

date by which Agricola must complete its work programme. We have built a good

relationship with Agricola and want to continue to develop this."

 

The option and earn-in agreement covers the Ballek 2, 3, 4 and 5 exploration

permits that cover 110 square kilometres of Arjeplog County of Northern Sweden.

 

Agricola Resources plc can earn up to 70% interest in the Ballek joint venture

by completing an agreed work programme of drilling by 31 March 2010, and

incurring a further US$500,000 exploration expenditure on the JV.

 

The surveys are intended to identify targets associated with the gravity

anomaly under the claim block, and to identify any iron oxide copper gold

(IOCG) deposits that may be present in the Ballek area.

 

Subsequent expenditure on the Ballek exploration permits will be made pro rata

to Beowulf and Agricola's respective interests, subject to adjustment in the

event that one party chooses not to fund their proportion of such expenditure.

 

This agreement enables Beowulf to advance its projects at lower cost in order

to retain more of its cash resources.

 

Agricola's shares are traded on the PLUS Market and it is a related party to

Beowulf under the AIM Rules since R Young, J O Larsson and A C R Scutt, who are

directors of Beowulf are also directors of Agricola. Since the above agreement

constitutes a related party transaction for the purposes of the AIM Rules, the

Independent Directors of Beowulf - Ed Taylor and Clive Sinclair Poulton

consider, having consulted with the Company's Nominated Adviser, Ruegg & Co

Limited, that the revised terms of the agreement are fair and reasonable

insofar as the Company's shareholders are concerned.

 

Contact:

 

Dr. Robert Young, Chief Executive, Beowulf Mining Plc

 

+44 (0)1353 649 701

 

Gavin Burnell, Ruegg & Co Limited

 

+44 (0)207 584 3663

 

David Scott / Nick, Bealer Alexander David Securities Limited

 

+44 (0)207 448 9800

 

Gary Middleton, Lothbury Financial Ltd

 

07951 603 289

 

 

 

< 

Beowulf Mining Plc.

CODE : BEM.L
ISIN : GB0033163287
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Beowulf Mining is an exploration gold and copper company based in United kingdom.

Beowulf Mining holds various exploration projects in Sweden.

Its main exploration properties are RUOUTEVARE, GRUNDTRASK and KALLAK in Sweden.

Beowulf Mining is listed in Germany and in United Kingdom. Its market capitalisation is GBX 4.0 billions as of today (US$ 4.7 billions, € 4.2 billions).

Its stock quote reached its lowest recent point on January 09, 2009 at GBX 0.50, and its highest recent level on March 10, 2017 at GBX 9.99.

Beowulf Mining has 536 307 254 shares outstanding.

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Annual reports of Beowulf Mining Plc.
Annual Report 2007
Project news of Beowulf Mining Plc.
6/22/2009(Kallak)Ruoutevare and Kallak Iron Ore Deposits Metallurgical progra...
1/22/2009(Ballek)extends Agricola JV timeline
6/4/2008(Ruoutevare)ANNOUNCES THE TERMS OF A FARM IN AGREEMENT ON THE RUOUTEVARE...
6/4/2008(Ruoutevare)ANNOUNCES THE TERMS OF A FARM
Corporate news of Beowulf Mining Plc.
8/2/2016Exploration Update – Graphite
4/4/2016Appointment of Non-Executive Director
7/20/2015Grant of Options to Directors
4/17/2015TR-1: Notification of Major Interest in Shares
1/7/201507 Jan - Accelerated Settlement of Equity Swap Arrangements
7/9/2009Letter of Intent signed
6/24/2009Placing to raise £500,000
8/22/2008Shares up 20% as good news takes out overhang
7/30/2008Due diligence successfully completed on iron deposit
10/16/2007 signs JV for copper/gold licence in Sweden
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