Exercise of Warrants

Beowulf Mining PLC
01 August 2005



                                  News Release

Exercise of Warrants

The board of Beowulf Mining plc ('Beowulf') is pleased to announce the exercise
of 25,000 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 £1,375
of working capital for the company.

The issued share capital of the Company is now 56,098,247.  Application has been
made for the new shares to be admitted to trading on AIM on 2 August 2005.

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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