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Beowulf Mining PLC (BEM)

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Tuesday 30 January, 2007

Beowulf Mining PLC

Update on Ballek Project Area

Beowulf Mining PLC
30 January 2007

                               BEOWULF MINING PLC

                                  NEWS RELEASE


• Beowulf Mining expands Ballek project area with a new exploration
licence 'Ballek 5' covering a uranium occurrence .

• Copper-rich boulder find in licence area 'Ballek 2' highlights local
target area for copper mineralisation.

London: 30 January, 2007: Beowulf Mining PLC ('Beowulf' or 'the Company'), the
AIM quoted mineral exploration company (AIM:BEM) with projects in northern
Sweden, is pleased to announce that a new exploration licence, defined as
'Ballek 5' and located in the municipality of Arjeplog in northern Sweden, has
been registered with the Swedish state mining authority, Bergsstaten. It covers
1,200 hectares and borders the Company's Ballek 2 licence. With the new licence
the total Ballek project area now covers 10,600 hectares.

In the early 1970's the Geological Survey of Sweden made a discovery of uranium
mineralisation called W. Rebraur in the Ballek 5 licence area. 15 drill holes
were completed and uranium mineralisation was confirmed over a distance of 150
metres. The mineralised zone ranges in width between 1 metre and 8 metres with
grades reaching 700 ppm (0.07%) uranium. Surface boulders with between 0.1% and
0.5% uranium were found by the Geological Survey of Sweden.

At the 2006 annual prize ceremony of the 'Mineraljakten' ('The mineral hunt'), a
competition organized by the Geological Survey of Sweden and open for private
prospectors to find new mineral prospects of economical interests in northern
Sweden, a top prize was awarded to a local prospector for the discovery of a
boulder with unusually high grades of copper (14.9%), gold (4.52 grams per
tonne) and silver (196 grams/tonne). The boulder is within the Ballek licence

Commenting on the new application, Dr. Robert Young stated that 'Beowulf had
previously reported on uranium finds on the Ballek licence. We are interested in
locating an IOCG (iron oxide-copper-gold deposit) at Ballek and these types of
deposits are often accompanied by uranium'.

For further information contact:

Dr Robert Young             Mr Gavin Burnell
Beowulf Mining plc          Ruegg & Co. Limited
Tel. +44 (0) 1353 649 701   Tel. +44 (0) 207 584 3663

Mr Gary Middleton           Mr Nick Bealer
St. Swithins PR             King & Shaxson Capital Limited
Tel. +44 (0) 207 929 4391   Tel. +44 (0) 207 426 5986

Mr Charles Dampney
City Capital
Tel +44(0) 207 822 7107

Technical background:

A number of copper-gold deposits are known within the Ballek licence area. The
largest of these is the Lulepotten deposit, which was drilled between 1960 and
1971 by the Geological Survey of Sweden (SGU). This deposit is estimated to
contain 5.1 million tonnes of 0.73% copper, 0.25% gold and 7 grams per tonne of
silver. Re-analysis of a selected drill core from the Lulepotten deposit by
Beowulf resulted in the idenitification of higher metal grades than the original
analyses reported in the 1970s by the SGU. For instance, an interesting section
with grade of 9 metres of 1.91% copper and 3.37 grams per tonne of gold at a
depth between 98 and 107m was found (including a one-metre section containing
20.5 grams per tonne of gold).

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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