PRESS RELEASE 10th November 2004

CHAIRMAN'S STATEMENT FOR THE PERIOD TO 30 SEPTEMBER 2004

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The Board of Beowulf Gold PLC ("Beowulf") are pleased to report the unaudited results for the period to 30 September 2004.

Considerable exploration effort on the Jokkmokk project has been made by the Beowulf - Phelps Dodge Joint Venture. On 2 September 2004 Phelps Dodge Exploration Sweden AB ("Phelps Dodge") advised Beowulf of new assays on drill hole MAJ04001 Jokkmokk project. The best intersection in the hole was 37.60 metres of 1.25% copper equivalent from 91.40 to 129 metres (=0.87 grams per ton of gold, 8 grams per ton silver, 0.63% copper and 0.21% zinc). The new results also reveal a 110.3 meter section of 0.82% copper equivalent. Drilling in the 1980's by the Swedish Geological Survey (SGU 75001, 75002 and 75005) had previously intersected the copper gold mineralization (See geological representation on www.beowulf-gold.com). The mineralization occurs at an intrusive contact of a diorite with a granite. The grades obtained by the Joint Venture are comparable to the grades of large tonnage copper gold deposits elsewhere in the world. Sweden presently offers some of best terms and conditions for mining in the world.

The Beowulf - Phelps Dodge Joint Venture is very encouraged by the results to date. Mobile Metal Ion geochemistry has been conducted and large geochemical patterns of over 1.5 kilometres long extend around the drill hole MAJ04001. Induced polarization geophysical studies are about to commence to define the geometry of the potentially economic mineralization to guide the next phase of drilling. A major drilling campaign funded by Phelps Dodge is planned for early 2005. Phelps Dodge have the rights to earn 80% of the Jokkmokk project by funding it until a full bankable feasibility study has been completed.

Additional diamond drilling funded by Beowulf is planned for Grundtraesk in 2005.

On the 28 September 2004 GBP70,000 was raised by the issue of 1,555,555 shares at 4.5p per share. Each share purchased came with a warrant attached, convertible into one new ordinary share and exercisable at 5.5p for a period of one year. A further GBP18,000 was raised on 1 October 2004 by the issue of 400,000 shares at 4.5p per share. These shares also came with a warrant attached, convertible into one new ordinary share and exercisable at 5.5p for a period of one year

The Board has decided that it will seek admission to the Alternative Investment Market (AIM) in 2005. It is also considering a parallel listing on the Swedish secondary market. In November 2004 the company will be presenting its results and plans to a large audience of major mining companies, financial institutions from Sweden and London and press, in Stockholm.

R. D. Young, Chairman
10th November 2004

BEOWULF GOLD PLC

INDEPENDENT REVIEW REPORT

We have been instructed by the company to review the financial information set out on page 1 and 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

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 ensuring that the accounting policies and presentation applied to the interim figures 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 nine months ended 30 September 2004.

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

UNAUDITED RESULTS FOR THE 9 MONTHS TO 30 SEPTEMBER 2004

Notes

1. The financial information for the period ended 30 September 2004 has not been audited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.

2. Basic profit/(loss) per share has been calculated using the weighted average number of shares of 36,867,179. Diluted profit/(loss) per share has been calculated using the weighted average number of shares of 54,015,110.

The Directors of the Issuer accept responsibility for the content of this announcement.