Issue of Equity

Beowulf Mining PLC
21 March 2006



                               BEOWULF MINING PLC

                                  NEWS RELEASE

                                Private Placing

The Company wishes to announce a private placing raising £500,000 before
expenses via the issue of 10,000,000 shares at 5p per share to City Equities
Limited who will, following the allotment and issue of the shares on 31 March
2006, be interested in 10,000,000 ordinary shares in the capital of the Company
or 15.25%.

Funds raised will be applied towards advancing the Company's exploration
projects in Sweden and general working capital purposes.

Application will be made for the new ordinary shares to be admitted to trading
on AIM and it's expected that admission will take place on 3rd April 2006.
Following the placing there will be 66,098,247 shares in issue.

For further information contact:-

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

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

Nick Bealer
King & Shaxson Capital Limited      Tel: [phone]

Gary Middleton                      Tel. [phone]
St Swithins PR Ltd




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