PRESS RELEASE 1st APRIL 2004

Chairman's Statement & Annual Results

The 15th year of the Company's history has been marked by several significant changes.

In early June 2003 three exploration permits in the Jokkmokk area of Northern Sweden, Majves 1, Tjaeula 1 and Karvo 1, were transferred to Beowulf from Geoexperten - Jan Ola Larsson (a company owned by a director of Beowulf). An exploration permit Majves 2, was also issued to Beowulf directly. Copper and gold mineralization has been identified on these licenses from outcrops and the drill core from previous prospecting in the 1980's. Preliminary work on these licenses by Beowulf has revealed large mineralized boulder fields on the Majves 1 and Majves 2 permits, associated with geochemical and geophysical anomalies. On 16 February 2004 a Letter of Intent with Phelps Dodge Exploration Sweden AB was signed to form a Joint Venture on these licenses.

Swedish mining and mineral laws were liberalised in 1993. There is a favourable tax regime, no mineral royalty, and Sweden is politically stable. This has resulted in large exploration programs being conducted by several major mining companies such as Anglo American, BHP Billiton, Boliden, Phelps Dodge and RTZ and a host of smaller companies. Gold deposits and copper-gold deposits similar in nature to the "Olympic Dam" style of mineralization found in Australia have recently been located in Sweden.

On 17 June 2003 Beowulf's shares started trading on the OFEX market. Prior to joining OFEX the Company raised GBP253,250 by way of a private placing. The proceeds are being used for working capital and to fund mineral exploration. Since joining OFEX over 10 million shares have been traded, the number of share holders has increased to about 100, and the share price has increased from 1p to 5.5p at the time of writing.

On 14 November 2003 Beowulf signed an agreement with Scanex of Canada and Mirab of Sweden to gain access to data from a large eight-year exploration program for gold within the Skellefte Mining District of Northern Sweden. From this data Beowulf was able to identify a potential opportunity and applied for and obtained the Grundtraesk license which covers 21 square kilometres. Located only 10 km to the south-east of Grundtraesk is the rich but small Holmjaern gold deposit, which was the first mine to be discovered in the area in the 1920's. Further to the south-east is the famous Boliden deposit which between 1924 and its closure in 1967 produced more than 3 million ounces of gold and 117,000 tonnes of copper. The Storliden Mine which was discovered in 1997 by North Atlantic Natural Resources is about 20 kilometres to the north-west of our license area. The mine is now producing 300,000 tonnes of ore a year, containing copper, zinc, gold and silver.

From 13 to 18 November 2003 Beowulf drilled three scout holes into a combined geochemical and geophysical target at Grundtraesk. Potentially economic gold mineralization was encountered in two of the drill holes, and more are planned in the area in 2004 to determine if a commercially viable mine can be proved in the area. Two more licenses at Grundtraesk, covering an extra 22 square kilometres were granted to Beowulf on 13 February 2004, bringing the total license area at Grundtraesk to 43 square kilometres. Extra drilling in the Grundtraesk area will start in late March 2004.

On 30 January 2004 Beowulf signed an option agreement with Alexander Sandison & Sons Ltd to acquire the exclusive exploration rights to a Platinum Group Element property on the Isle of Unst in the Shetland Islands, Scotland, the most northerly inhabited island in the British Isles. On 26 February 2004 Beowulf granted an option to Agricola Resources PLC to acquire these exploration rights in return for 7.5 million shares of GBP0.01 each in Agricola Resources plus a royalty on production of US$1 per ounce of platinum produced. Agricola is traded on the OFEX market and has some shareholders in common with Beowulf.

Beowulf's strategy is to concentrate on gold and copper exploration in Sweden for the next few years.

CORPORATE DEVELOPMENT

It is Beowulf's intention to apply for a listing on the Alternative Investment Market (AiM) of the London Stock Exchange in 2004. Independent Engineers of Australia have been appointed to produce an independent report on Beowulf for the AiM application.

On 24 March 2004 Mr. Anthony Scutt joined the Board of Directors as a Non Executive Director. Mr. Scutt has many years of experience of corporate governance and was previously the Auditor to Shell UK.

THE FUTURE

Beowulf is planning a large drilling program in the Grundtraesk license areas in 2004 and I am optimistic about the possibility of defining an economic gold deposit in the area.

On the Jokkmokk license areas Phelps Dodge Exploration Corporation is planning to start on a programme of diamond drilling and deep overburden geochemistry in March 2004, which it hopes will lead to a significant discovery in these areas.

The Directors will continue their efforts to increase the shareholder value in the Company through 2004 and beyond.

Dr. Robert Young
CHAIRMAN
31 March 2004

INDEPENDENT AUDITORS' REPORT

We have audited the financial statements of Beowulf Gold Plc on pages 12 to 181 for the year ended 31 December 2003. These financial statements have been prepared under the historical cost convention and the accounting policies set out therein.

This report is made solely to the company's members, as a body, in accordance with Section 235 of the Companies Act 1985. Our work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purposes. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of the directors and auditors

As described in the statement of directors' responsibilities on page 10 the company's directors are responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Accounting Standards. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion the directors' report is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.

We read the directors' report and consider the implications for our report if we become aware of any apparent misstatements within it.

Basis of audit opinion

We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Fundamental Uncertainty

In forming our opinion we have considered the valuation of exploration costs capitalised by the company in connection with work undertaken at the company's sites in Sweden. At the year end the book value of these costs included within fixed assets amounted to GBP62,939. The directors feel confident the projects are viable and that future returns from the sites will exceed the value of costs capitalised. If a project were considered no longer viable these costs would be written off to the profit and loss account in accordance with the company's accounting policy. Details of the treatment are set out in the accounting policies on page 9 of these financial statements. Our opinion is not qualified in this respect.

Opinion

In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 December 2003 and of its loss for the year then ended and have been properly prepared in accordance with the Companies Act 1985.

31 March 2004

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.

The financial statements were approved by the Board on 31 March 2004.

Dr R D Young
Director

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at The Queens Room, Armoury House, City Road, London EC1Y 2BQ on 28 April 2004 at 3p.m. for the following purposes:

AS ORDINARY BUSINESS

1. To receive and consider the Company's audited accounts for the year ended 31st December 2003 and the Directors' and Auditors' reports thereon.

2. To re-elect Mr Edward Taylor who is retiring by rotation as a director of the Company.

3. To re-elect Mr Anthony Scutt, who was appointed during the year, as a director of the Company.

4. To re-appoint Messrs Price Bailey as auditors and authorise the directors to fix the auditors' remuneration.

AS SPECIAL BUSINESS

To consider and if thought fit to pass the following Resolution which will be proposed as a Special Resolution:

SPECIAL RESOLUTION

5. That pursuant to the Directors' authority to allot shares under Section 80 of the Companies Act 1985 (granted by Ordinary Resolution on 28th February 2003) the Directors of the Company be and they are hereby empowered to allot equity securities (as defined for the purposes of Section 95 of the Companies Act 1985) for cash as if Section 89(1) of the said Act did not apply to any such allotment provided that this power shall be limited to the allotment of equity securities having:

(a) in the case of relevant shares (as defined for the purposes of Section 95 of the Companies Act 1985) a nominal amount; and

(b) in the case of other equity securities, giving the right to subscribe for or convert into relevant shares having a nominal amount, not exceeding GBP36,000 in aggregate; and this power shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution (save that the Company may before such expiry make an offer or agreement which would or might require securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of such offer or agreement as if the power conferred hereby had not expired).

By Order of the Board

Secretary
Registered Office:
1 Green Hill
Little Thetford
Ely
Cambridgeshire CB6 7HD

Dated: 31 March 2004

NOTE: A member entitled to attend and vote at the above Meeting may appoint a proxy to attend and on a poll, vote on his behalf. A proxy need not be a member of the Company.

The directors of Beowulf accept responsibility for this announcement.