NEWS RELEASE
BEOWULF
ANNOUNCES THE TERMS OF A FARM IN AGREEMENT ON THE RUOUTEVARE IRONORE
PROJECT, NORTHERN SWEDEN
4 JUNE 2008.
The directors of Beowulf Mining PLC (�Beowulf�), the
AiM listed mineral exploration company with iron, gold, copper and uranium
projects in Northern Sweden are pleased to announce that it has signed an
agreement with WAG Limited (�WAG�) to cooperate in the exploration and
evaluation of the Ruoutevare iron and titanium project, Jokkmokk municipality,
Norrbotten County, Northern Sweden.
WAG is an Australian (ASX quoted) company whose
address is Level 1, 33
Ord Street, West
Perth, Western
Australia . Beowulf is quoted on the AIM
Market of the London Stock Exchange (AIM: BEM) and has an 8.5 square kilometre
permit over the Ruoutevare project.
Within 60 days Beowulf and WAG will enter into a
formal agreement subject to WAG successfully completing a 30 day due diligence
investigation.� Under the agreement WAG
will complete a work programme within 18 months with a minimum expenditure of
AUD$1 million. This programme will include 5000 metres of drilling
and metallurgical test work. On completion of the drilling and metallurgical
test work WAG will produce a proposed work programme and budget for a Scoping
Study and follow-up Definitive Feasibility Study to evaluate the economic
development of the project. WAG will use its best
endeavours to ensure that the results from the drilling programme will enable
the delivery of a JORC inferred Resource. On completion of the WAG programme
they will earn a 50% interest in the Ruoutevare project.
A previous resource estimate carried out by the Geological Survey of
Sweden (Sveriges Geologiska Undersoknning -"SGU") in 1975 reported a
resource of 116 Mt of material averaging 38% iron, 5.6% titanium and 0.17%
vanadium based on 32 drill holes. A richer section of 20 Mt is registered with
a grade of 47% iron, 10% titanium and 0.14% vanadium.
Further information on the Ruoutevare deposit can be found on the
Company�s website (www.beowulfmining.com).
Notes to Editors:
The price of iron ore is expected to reach a record
for the sixth consecutive year after Asian steel mills� recently agreed to pay Brazilian miner
Vale 65% more, or $78.90 a tonne from April for iron ore this year.
Since
2000, China
has been a huge importer of steel after its domestic mining failed to keep pace
with its rush to industrialise leading too an almost tripling of the price of
iron ore in the past decade.
�
Contact :
Dr. Robert Young, Chairman
Beowulf Mining PLC
Tel: +44 (0) 1353 649 701
Gavin Burnell
Ruegg & Co. Limited
Tel: +44-(0)207 584 3663
Nick Bealer
Alexander David Securities Limited
+44-(0)2074489823
Gary
Middleton
St Swithin's Public Relations
Tel : +44-(0) 207 929
4391
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