New Claim Ballek 4 Awarded

LONDON: 23 August 2005 - Beowulf Mining plc (“Beowulf”) has claimed Ballek 4 covering 22 square kilometres in the Arjeplog County of northern Sweden. The claim is to the south of claims Ballek 2 and 3, which are subject to a right of first refusal to joint venture granted to Gold Fields Exploration B.V. (“Gold Fields”) by Beowulf.

Ballek 4 covers the southern part of a large gravity anomaly and a uranium bearing boulder referred to in an announcement made by Beowulf on 10 August 2005. Maps are shown below.

The Ballek licences 2, 3 and 4 cover 11 copper prospects, including the Lulepotten copper-gold deposit which was drilled by the Geological Survey of Sweden between 1960 and 1971 and found to contain 5.1 million tonnes of 0.73% copper and 0.25 grams per tonne of gold.

Gold Fields as part of their due diligence under the first right of refusal on the Ballek 2 and 3 claims have commissioned over 300 metres of drill core to be cut and assayed for multi-element analysis. Beowulf has located sections of the drill core which are radioactive with uranium mineralization on claims Ballek 2 and 3. Beowulf has also found 9 locations with uranium rich boulders overlying the Ballek claims 2, 3 and 4. (See press release 10 August 2005).

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