LONDON: 8 August 2005 - The directors of Beowulf Mining plc ("Beowulf") make the following announcement:
1. Jokkmokk, consisting of the Majves 1 and 2, Tjaula and Karvo exploration permits. On August 5th 2005 Beowulf received notice from Phelps Dodge Exploration Sweden AB of termination of the Option Agreement between the companies. No reason for the termination was given. Beowulf is in receipt of assays from the last phase of drilling in April and May and is currently assessing the results in- house.
Beowulf now intends to review the exploration data and depending on its review may continue the drilling in its own right or seek another joint venture partner for the area.
2. Ballek, consisting of the Ballek 2 and 3 exploration permits issued in May 2005. These permits are considered by the directors to be prospective for iron 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 Geological Survey of Sweden. Having identified from these cores a zone enriched in uranium, Beowulf carried out ground surveys in July 2005 and discovered uranium rich boulders over this zone. In addition another seven uranium rich boulders were found by Beowulf over other areas of the permits. These uranium rich boulders are in areas previously known for copper gold mineralization and a high gravity anomaly.
The Ballek exploration permits have been visited in the past month by two major mining companies and one London stockbroker.
3. Ussalahti, consisting of Ussalahti 1, 2 and 3 exploration permits. The permits are considered by the directors to be prospective for stratiform copper-gold mineralization.
Helicopter assisted geological exploration studies have been conducted in the past month and copper boulders have been located over a previously undrilled geophysical target. A representative of a major mining company is visiting in August and will investigate the possibility of assisting Beowulf with the intended drilling of the target.
4. Beowulf considers it has sufficient funds in hand to pursue its current planned exploration studies and drilling plans without interruption, and ahead of new partner associates being determined.
For further information contact :-
