PRESS RELEASE 26th May 2004

Chairman's Statement For The First Three Months to 31st March 2004

There is a major mining exploration rush emerging in Scandinavia. The Swedish government has stimulated this with new legislation in the 1990's. Sweden has no political risk, no mineral royalty and a low corporation tax regime.

On the 18th February 2004 an Option Agreement was signed with Phelps Dodge Exploration AB to complete a Joint Venture Agreement on the Jokkmokk permits in Northern Sweden. Phelps Dodge have completed 3 diamond drill holes and are undertaking a deep overburden sampling programme on the Majves permit.

Beowulf Gold PLC, on its 100% owned Grundtrask permits, has completed another two diamond drill holes on the gold bearing structure located in late 2003.

Beowulf Gold PLC has appointed Beaumont Cornish Limited to advise on a move to the Aim Market of the London Stock Exchange.

The Directors of Beowulf Gold PLC accept responsibility for this announcement.

Gateway Securities, a trading division of J P Jenkins Limited, is acting as the company's corporate adviser.

Unaudited Results for the 3 Months to 31st March 2004

Unaudited Results for the 3 Months to 31st March 2004

INDEPENDENT REVIEW REPORT

INTRODUCTION

We have been instructed by the company to review the financial information set out on pages 1 to 2 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 three months ended 31 March 2004.

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

25 May 2004