Farm-In Agreement

PRESS RELEASE                                 

                   BEOWULF ANNOUNCES THE TERMS OF A FARM-IN                    
           AGREEMENT ON THE KALLAK IRON ORE PROJECT, NORTHERN SWEDEN           

09 JULY 2008. The directors of Beowulf Mining PLC ('Beowulf') the AIM listed
mineral exploration company with iron, gold, copper and uranium projects in
Northern Sweden are pleased to announce that it has signed an agreement with
WAG Limited ('WAG') to cooperate in the exploration and evaluation of the
Kallak iron project, Jokkmokk municipality, Norrbotten County, Northern Sweden.

WAG is an Australian (ASX quoted: WAG) company whose address is Level 1, 33 Ord
Street, West Perth, Western Australia, 6005. Beowulf is quoted on the AIM
Market of the London Stock Exchange (AIM: BEM) and has a 5 square kilometre
permit over the Kallak project.

Within 60 days Beowulf and WAG will enter into a formal agreement subject to
WAG successfully completing a 30 day due diligence investigation. Under the
agreement WAG will complete a work programme which will include 25 drill holes
of not less than 100 metres each in depth and metallurgical test work before 30
April 2010. On completion of the WAG programme they will earn a 50% interest in
the Kallak project.

A previous resource estimate carried out by the Geological Survey of Sweden
(Sveriges Geologiska Undersoknning -'SGU') suggested 92 million tonnes at a
grade of 35-42% iron. Calculations are based on geophysical data and five
diamond drill holes. The deposit is up to 100 metres wide and 1000 metres long
and consists of magnetite and some haematite.

Commenting Dr. Robert Young, Beowulf's Chairman, said "This is the second
Farm-In agreement on iron ore that Beowulf has signed in Sweden in 2008. The
first was on the Ruoutevare iron ore project, on which drilling will start in
Q4 2008. The price of iron ore has been increasing, and Beowulf is excited by
the exploration drilling and other studies that are about to commence."

Contact:

Dr. Robert Young, Chairman, Beowulf Mining Plc
[phone]

Gavin Burnell, Ruegg & Co Limited
[phone]

Nick, Bealer/David Scott, Alexander David Securities Limited
[phone]

Gary Middleton, St. Swithins PR Ltd
07951 603 289