Exercise of Warrants

Beowulf Mining PLC
24 May 2005



                                  News Release

Exercise of Warrants

The board of Beowulf Mining plc ('Beowulf') is pleased to announce the exercise
of 50,000 warrants over new ordinary shares of £0.01 each in the capital of the
company at an exercise price of £0.055 per share creating an additional £2,750
of working capital for the company.

On completion of these transactions the issued share capital of the Company will 
be 56,073,247.  Application will be made for the new shares to be admitted to 
trading on AIM.

The directors of the issuer accept responsibility for the content of this
announcement.


For further details contact :

Dr. Robert Young, Chairman
Beowulf Mining plc                               Tel: [phone]

Gavin Burnell
Ruegg & Co. Limited                              Tel: [phone]

Nick Bealer
Phillip Securities (UK) Ltd                      Tel: [phone]

Gary Middleton
St Swithin's Public Relations                    Tel [phone]


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