Update on Kallak North

RNS Number : 1161A

Beowulf Mining PLC

18 December 2014

 



18 December 2014

Beowulf Mining Plc

("Beowulf" or the "Company")

Update on Kallak North Exploitation Concession application

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company focused on the Kallak iron ore project in northern Sweden and its Swedish exploration portfolio, has received confirmation from the Mining Inspectorate of Sweden that it expects to provide the Company with the decision on the Company's Exploitation Concession for Kallak North in January 2015.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"I am disappointed that we continue to wait for the Mining Inspectorate of Sweden's decision, but I am satisfied that the Inspectorate is diligently reviewing all aspects of the Company's Application and encouraged by the constructive dialogue between our organisations.  The timing of the Inspectorate's decision does not affect the Company's objectives for the development of Kallak."

Enquiries:

Beowulf Mining Plc
Kurt Budge, Chief Executive Officer	Tel: [phone]
Cantor Fitzgerald Europe
Stewart Dickson / Jeremy Stephenson / Carrie Lun	Tel: [phone]
Blytheweigh
Tim Blythe / Halimah Hussain / Eleanor Parry	Tel: [phone]
http.//www.beowulfmining.net

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.

About Us

The Kallak North iron ore deposit is located about 40km west of the Jokkmokk municipality centre in the Norrbotten County in Northern Sweden.

Local infrastructure is excellent with all-weather gravel roads passing through the project area and all parts easily reached by well used forestry tracks. A major hydroelectric power station with associated electric power-lines is located only a few kilometres to the south east. The nearest railway (the 'Inland Railway Line') passes approximately 40km to the east. This railway line is connected at Gällivare with the 'Ore Railway Line', which is used by LKAB for delivery of their iron ore material to the Atlantic harbour at Narvik (Norway) or to the Botnian Sea harbour at Luleå (Sweden).

The total Kallak project area is approximately 243km² in size, with the Kallak North and Kallak South orebodies being centrally located, as defined by drilling covering an area approximately 3,700m in length and 350m in width.  The mineral resource estimate for Kallak North and South is based on drilling conducted between 2010-2014, a total 27,895m drilled, including 131 drillholes. 

The latest resource statement for the Kallak project was finalised on the 28 November 2014, summary as follows:

	Category	Tonnage [Mt]	Fe [%]	P [%]	S [%]
Kallak North	Indicated	105.9	27.9	0.035	0.001
	Inferred	17.0	28.1	0.037	0.001
Kallak South	Indicated	12.5	24.3	0.041	0.003
	Inferred	16.8	24.3	0.044	0.005
Global	Indicated	118.5	27.5	0.036	0.001
	Inferred	33.8	26.2	0.040	0.003

 

END

 

 

MSCTRBBTMBABTPI