PRESS RELEASE 1st SEPTEMBER 2004

INTERIM STATEMENT FOR THE SIX MONTHS TO THE END OF JUNE 2005

The Board of Beowulf Mining PLC (Beowulf) is pleased to report the interim results to 30 June 2005. While these give an increased net loss of £152,769 against £10,704 incurred in the same period last year, the Board is nonetheless much encouraged by the Company's progress in acquiring further concessionary interests and achieving an AIM listing (Symbol BEM).

On 31 March 2005 the Company changed its name from Beowulf Gold PLC to Beowulf Mining PLC to more accurately reflect its wider activities which are focused on exploration for world-class copper, gold and uranium deposits in northern Sweden, encouraged by the country's favourable fiscal climate for incoming mining and exploration companies, as well as by the world demand and pricing of these metals. On 9 May 2005 Beowulf graduated from OFEX to AIM.

Beowulf's interests in Sweden are in four areas;

1. "Ballek"area, consisting of Ballek 2, 3 and 4 exploration permits covering 100 square kilometres.
2. "Grundtrask"area, consisting of Grundtrask 1, 2 and 3 exploration permits covering 42 square kilometres.
3. "Jokkmokk" area, consisting of Majaves 1 and 2, Tjaula and Karvo exploration permits covering 82 square kilometres.
4. "Ussalahti" area, consisting of the Ussalahti 1, 2 and 3 exploration permits covering 9 square kilometres.
   
   

Ballek in the Arjeplog County of northern Sweden contains several copper gold prospects, including the Lulepotten deposit which was drilled by the Geological Survey of Sweden (GSS) between 1960 and 1971, and was found to contain 5.1 million tonnes of copper and 0.25 grams per tonne of gold. All the prospects at Ballek overlie a large gravity anomaly. Since the licences were issued Beowulf has been checking the radioactivity of the GSS drill cores from Ballek, and have identified parts rich in uranium. In addition Beowulf has located uranium-rich boulders over the drill cores. At the time of writing Gold Fields Exploration B.V. is conducting due diligence evaluation over the Ballek licences 2 and 3 under the rights of first refusal to joint venture the permits.

Grundtrask is in the Skellefte mining district. In early 2005 three diamond drill holes were completed by Beowulf and an intersection of 30 metres of 1.14 grams per tonne was obtained. This proved that the gold mineralised structure extended for 675 metres. Beowulf is awaiting the availability of a rotary percussion drill rig to drill an additional hole to check the results of other operators in the area, who are claiming high grades with their large diameter rotary drilling as opposed to Beowulf's own 42mm diamond drill core.

At Jokkmokk, a world class diamond drill intersection of copper gold was obtained in 2004 on the Majves 1 exploration permit, and in April and May 2005 ten additional diamond drill holes were completed. The exploration was entirely financed by Phelps Dodge Exploration Sweden, which however has recently withdrawn from the Beowulf Joint Venture for as yet undisclosed reasons. Beowulf will assess the results from all the Phelps Dodge data which it will inherit under the terms of the joint venture. Using a geological data base system it has meanwhile purchased, it will decide whether to continue the project alone or to seek another partner.

The Ussalahti area is in the Kiruna Mining area. It is considered prospective for massive sulphide copper and gold deposits. In July 2005 Beowulf undertook helicopter assisted geological studies and has located high grade copper boulders overlying geophysical anomalies.

Beowulf owns 7,500,000 shares (or 8.3%) of Agricola Resources PLC ("Agricola" OFEX Symbol AGC), which has diversified into uranium exploration and development. Agricola has since obtained exploration permits in Finland and has already reported some encouraging results.

• Agricola Resources website

The directors will work hard throughout the remainder of 2005 to maintain a regular news flow to the market on its accelerating exploration activities. Your Board thus believes that its spread of present interests now offers increasingly attractive opportunities for achieving desired growth.

Dr. Robert Young
CHAIRMAN

• The profit and loss account has been prepared on the basis that all operations are continuing operations.
• There are no recognised gains and losses other than those passing through the profit and loss account.

CASH FLOW STATEMENT Unaudited Results - 6 months to 30 Jun 2005	(Unaudited) 6 months to 30 Jun 2005	(Unaudited) 6 months to 30 Jun 2004	(Audited) Year ended 31 Dec 2004
	GBP	GBP	GBP
Net cash outflow from operating activities	(218,575)	(67,390)	(152,420)
Returns on investments and servicing of finance
Interest received	6,449	672	1,222
	------------	------------	------------
Net cash inflow for returns on investments and servicing of finance	6,449	672	1,222
Capital expenditure
Payments to acquire intangible assets	(63,304)	(55,059)	(54,846)
Payments to acquire tangible assets	(329)	-	-
Cost on disposal of assets	-	(5,513)	(5,513)
	------------	------------	------------
Net cash outflow for capital expenditure	(63,633)	(60,572)	(60,359)
Net cash outflow before management of liquid resources and financing	(275,759)	(127,290)	(211,557)
Financing
Issue of ordinary share capital	653,492	51,000	297,850
Cost of share issue	(18,531)	-	(8,010)
	------------	------------	------------
Issue of shares	634,961	51,000	289,840
	------------	------------	------------
Net cash inflow from financing	634,961	51,000	289,840
	------------	------------	------------
Increase / (decrease) in cash in the period	359,202	(76,290)	78,283

NOTES TO THE CASH FLOW STATEMENT UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2005
1) Reconciliation of operating loss to net cash outflow from operating activities	(Unaudited) 6 months to 30 Jun 2005	(Unaudited) 6 months to 30 Jun 2004	(Audited) Year ended 31 Dec 2004
	GBP	GBP	GBP
Operating loss	(224,483)	(11,376)	(166,530)
Depreciation of tangible assets	18	24	48
Amortisation of intangible assets	17,105	9,640	14,865
Profit on sale of intangible fixed assets	-	(69,488)	-
(Increase)/Decrease in debtors	(21,227)	(3,056)	131
Increase/(Decrease) in creditors within one year	10,462	6,866	(934)
	------------	------------	------------
Net cash outflow from operating activities	(218,575)	(67,390)	(152,420)
2) Analysis of net funds	(Unaudited) 6 months to 30 Jun 2005	(Unaudited) 6 months to 30 Jun 2004	(Audited) Year ended 31 Dec 2004
Net cash at start of period	194,730	116,447	116,447
Increase/(Decrease) in net funds from cash flows	359,202	(76,290)	78,283
	------------	------------	------------
Net cash at end of period	553,932	40,157	194,730
3) Reconciliation of net cash flow movement in net funds	(Unaudited) 6 months to 30 Jun 2005	(Unaudited) 6 months to 30 Jun 2004	(Audited) Year ended 31 Dec 2004
Increase/(Decrease) in cash in the year	359,202	(76,290)	78,283
Cash (inflow)/outflow from increase/(decrease)in debt	-	-	-
	------------	------------	------------
Movement in net funds in the period	359,202	(76,290)	78,283
Opening net funds	194,730	116,447	116,447
	------------	------------	------------
Closing net funds	553,932	40,157	194,730

NOTES TO THE FINANCIAL STATEMENTS UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2005

1) Basis of preparation of interim accounts

The accounts for the company for the six months ended 30 June 2005, which are unaudited, have been prepared on the basis of the accounting policies used in the audited financial statements for the year end 31 December 2004 as set out in note 2 below.

The financial information does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.

2) Accounting policies

2.1 Accounting convention
The financial statements are prepared under the historical cost convention.

2.2 Intangible fixed assets - exploration costs
Expenditure on the acquisition costs, exploration and evaluation of interests in licences including related overheads are capitalised. Such costs are carried forward in the balance sheet under intangible assets and amortised over the minimum period of the licences in respect of each area of interest where:

a) such costs are expected to be recouped through successful development and exploration of the area of interest or alternatively by its sale.

b) exploration activities have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves and active operations in relation to the areas are continuing.

An annual impairment review is carried out by the directors to consider whether any exploration or development costs have suffered impairment in value and if necessary provisions are made accordingly.

Accumulated costs in respect of areas of interest, which have been abandoned are written off to the profit and loss account in the year in which the area is abandoned.

Exploration costs are carried at the lower of cost and net realisable value.

Exploration costs were re-categorised in the year ended 31 December 2004 from tangible fixed assets. Comparatives for that year have been re-stated accordingly.

2.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and equipment 25% on reducing balance

2.4 Investments
Fixed asset investments are stated at cost less provision for diminution in value.

2.5 Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. A deferred tax asset is not recognised unless recovery is expected in the foreseeable future.

2.6 Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

3) Earnings per share

Basic loss per share has been calculated using the weighted number of shares of 49,261,639 (30 June 2004 - 36,213,890 and 31 December 2004 - 37,015,072).

Diluted loss per share has been calculated using the weighted average number of shares of 78,119,582 (30 June 2004 - 50,413,890 and 31 December 2004 - 55,634,515).

INDEPENDENT REVIEW REPORT - UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2005

Introduction

We have been instructed by the company to review the financial information for the six months ended 30 June 2005 which comprises the profit and loss account, balance sheet, cash flow statement and related notes set out on pages 1-6. We have read the other information contained in the interim report and considered whether it contains any apparent misstatement or material inconsistencies with the financial information. Our responsibilities do not extend to any other information.

This report, including the conclusion, has been prepared for and only for the company for the purpose of their interim report and for no other purpose. We do not, therefore in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Directors Responsibilities

The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report and ensuring that the accounting policies and presentation applied to the interim report are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modification that should be made to the financial information as presented for the six months ended 30 June 2005.

Price Bailey LLP
Chartered Accountants
Richmond House
Broad Street
Ely, Cambs.