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Beowulf Mining PLC (BEM)

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Tuesday 16 September, 2008

Beowulf Mining PLC

Resource Update


                              BEOWULF MINING PLC                               

                                 News Release                                  

  BEOWULF ANNOUNCES INFERRED RESOURCE FOR THE LULEPOTTEN COPPER-GOLD DEPOSIT,  

                         BALLEK JOINT VENTURE, SWEDEN                          

16 September 2008: Beowulf Mining PLC ('Beowulf' AIM:BEM, Aktietorget:BEO), the
mineral exploration company which holds licences over several iron, copper,
uranium and gold projects in Sweden is pleased to announce the release of
Agricola Resources PLC results on Ballek Joint Venture.

HIGHLIGHTS

  * An in-house JORC-compliant Inferred Resource has been completed for the
    Lulepotten copper-gold deposit at the Ballek Joint Venture, Sweden:
   
                Lulepotten Inferred Resource                
                                                            
    5.4Mt @ 0.8% Cu and 0.3g/t Au, for a total of 43,000 t Cu  
    and 52,000oz Au contained metal (at 0.3% Cu cut-off grade) 

  * Mineralisation is open along strike and at depth, providing excellent
    potential for further resource upgrades.
   
  * Agricola Resources plc can earn up to 70% interest in the Ballek JV from
    Beowulf Mining plc by completing an agreed work programme of drilling by 
    June 2009, and completing a further US$500,000 exploration expenditure on
    the JV.
   
LULEPOTTEN RESOURCE ESTIMATION

The Directors of Agricola Resources Plc advise that a maiden Inferred Resource
estimate has been completed to JORC code reporting standard for the Lulepotten
copper-gold deposit on the Ballek Joint Venture project, located in the
Norrbotten region of Northern Sweden (Figure 1 www.beowulfmining.com)). This
represents the first stage review of known copper resources in the Ballek area
following the diamond drilling program completed by Agricola earlier in 2008
which also intersected copper sulphide mineralisation.

The estimate for the Lulepotten deposit has outlined a total Inferred Resource
of 5.4 million tonnes grading 0.8% Cu and 0.3g/t Au, representing a total of
43,000 tonnes of contained copper metal and 52,000 ounces of contained gold
using a cut-off value of 0.3% for copper.

  Deposit                Inferred Resource                    Contained Metal     
                                                                                

           Tonnes (Mt)        Grade                       Copper (t)   Gold (oz)            
                                                                             
                        Cu (%)     Au (g/t)                                     
                                                                      
Lulepotten   5.4         0.8         0.3                   43,000      52,000  

Diamond drilling by the Swedish Geological Survey (SGU) in the 1960's and
1979's identified fracture-hosted copper-gold sulphide mineralisation at the
Lulepotten deposit. Re-evaluation of these drilling data by Agricola suggests
that the drilling has intersected locally significant thicknesses and grades of
copper-gold mineralisation that may have sufficient continuity to be amenable
to economic extraction through a bulk mining method.

The Lulepotten resource has been estimated on the basis of historical diamond
drilling information and assay results recovered from the SGU archives in MalÄ,
Sweden. These data have been verified by field checking of drill hole collar
locations, visual inspection of the drill core and a full review of geological
logging, sampling and assaying procedures. Confidence in the available data is
sufficient to establish the geological and grade continuity appropriate for an
Inferred Resource classification for the deposit.

The resource model for the Lulepotten deposit was defined by a total of 49
diamond drill holes, drilled perpendicular to strike and completed on a nominal
50 metre by 50 metre grid. The model comprises a series of sub-parallel,
tabular bodies that show continuity over approximately 600 metres of strike
length and down dip to the limit of drill testing (Figure 2
www.beowulfmining.com). The resource estimate has been constrained to model
wireframe volumes defined by the available geological and geochemical data.

An average specific gravity (SG) value of 2.7 has been used for the resource
estimate, in the absence of any representative density measurements for the
deposit. This value has been chosen on the basis of average accepted values for
the rock types observed in the diamond drill core.

THE LULEPOTTEN COPPER-GOLD DEPOSIT

The Lulepotten copper-gold mineralisation is localised along the contact
between a granitoid and a package of intercalated mafic to felsic volcanic
rocks and sedimentary units (Figure 3 www.beowulfmining.com) which have all
been metamorphosed and strongly foliated. The mineralisation occurs in a series
of sub-parallel structures that follow the local fabric, which strikes
southwest-northeast and dips steeply to the northwest. Sulphide mineralisation
within the deposit comprises irregular veinlets and disseminations of
chalcopyrite plus bornite, with lesser pyrite. Mineralisation is mainly
developed within the metavolcanic and metasedimentary sequence but also locally
occurs within the adjacent granite.

During the period 1960 to 1978, 104 diamond drill holes were completed over the
deposit area for approximately 22,265 metres of drilling on a nominal 50 metre
by 50 metre grid spacing. These drill holes, core from which is currently
stored at the SGU core archive, effectively tested the mineralised structure to
a depth of about 250-300 metres below surface, and over a strike length of
about 1,500 metres. Only a single hole has tested the structure at depth (600
metres below surface) and results indicate that the mineralisation extends
down-dip.

The mineralisation is open along strike and at depth and the prospective strike
length of the mineralised structure is approximately 5,000 metres. Geological
and geophysical targets with similar characteristics to the known
mineralisation have been identified to both the north and southwest of the
deposit, along the same geological structure that hosts the mineralisation.
Further diamond drilling has been planned in the Q4 2008 - Q1 2009 drilling
season to test these targets and the company has secured a diamond drilling rig
for this purpose.

BACKGROUND

Beowulf has signed an option and earn-in agreement with Agricola Resources plc
on the Ballek exploration permits that cover 110 square kilometres of Arjeplog
County of Northern Sweden. This project is considered prospective for
iron-oxide, copper-gold-uranium (IOCG) style mineralisation.

Agricola will acquire a 51% interest in the Ballek exploration permits by
completing 3,200 metres of diamond drilling before June 30, 2009. Of this,
1,617 metres has been completed to date. Agricola's interest can be increased
to 70% through funding a further USD $500,000 of exploration expenditure on the
project.

COMPETENT PERSONS

In accordance with AIM Rules, the information in this announcement has been
reviewed and signed off by Dr. Jan Ola Larsson, (Fil. Kand, PhD, DIC).
Technical Director of the Company, who has over 30 years relevant experience
within the sector.

Mr Lachlan Reynolds, Energy Ventures Ltd, Exploration Manager

BSc (Hons Geology), MAusIMM

Mr Reynolds is a geologist with over 17 years experience in mineral
exploration, development projects and mining operations. Commencing his career
with WMC Resources, Mr Reynolds has been involved in Greenfield gold and nickel
exploration projects in the Eastern Goldfields of Western Australia, resource
development at the Ernest Henry copper-gold deposit (Queensland), the Tampakan
copper-gold deposit (Philippines) and supervision of near-mine exploration at
the giant Olympic Dam copper-uranium-gold-silver mine in South Australia.

Prior to joining Energy Ventures, Mr Reynolds held the senior position of
Principal Exploration Geologist for OceanaGold Corporation, managing
exploration for the open pit and underground mines in the Macraes and Reefton
Goldfields, New Zealand. Mr Reynolds currently manages the company's uranium
and iron-oxide copper gold exploration projects in Sweden.

Lauritz Barnes, Trepanier Pty Ltd, Principal

BSc (Hons Geology), MAIG

Mr Barnes is a geologist specialising in resource estimation and project
evaluation with over 10 years experience. Mr Barnes began working with Mitchell
River Group in 1999 as a Geologist and consultant to Sally Malay Mining
Limited, Albidon Limited, Exco Resources NL and Valdera Resources Limited.
Prior to this, Mr Barnes worked for BHP Minerals (now BHP Billiton) working on
laterite nickel projects.

Recently his primary consulting roles have been as a Senior Resource Geologist
to Mirabela Nickel Limited and as a consultant to African Energy Resources and
Energy Ventures Limited.

The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (the `JORC Code') sets out minimum standards, recommendations
and guidelines for Public Reporting in Australasia of Exploration Results,
Mineral Resources and Ore Reserves. The information contained in this
announcement has been presented in accordance with the JORC Code and references
to "Inferred Resources" are to that term as defined in the JORC Code.

Information in this report relating to Mineral Resources has been compiled or
reviewed by Mr Lachlan Reynolds (a full-time employee of Energy Ventures Ltd)
and Mr Lauritz Barnes (an employee of Trepanier Pty Ltd, a consultant to Energy
Ventures). Mr Reynolds is a member of The Australasian Institute of Mining and
Metallurgy and Mr Barnes is a member of the Australian Institute of
Geoscientists. Mr Reynolds has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person under the
2004 Edition of the Australasian Code for reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr Barnes has sufficient experience which
is relevant to the modelling and resource estimation and to the activity which
he is undertaking to qualify as Competent Person under the 2004 Edition of the
Australasian Code for reporting of Exploration Results, Mineral Resources and
Ore Reserves. Mr Reynolds and Mr Barnes consent to the inclusion of the data in
the form and context in which it appears.

Contact:

Dr. Robert Young, Chairman, Beowulf Mining Plc
+44 (0)1353 649 701

Gavin Burnell, Ruegg & Co Limited
+44 (0)207 584 3663

David Scott / Nick, Bealer Alexander David Securities Limited
+44 (0)207 448 9800

Gary Middleton, St. Swithins PR Ltd
07951 603 289

Glossary of Technical Terms

JORC - The Australian Code for Reporting of Mineral Reverses Ore Reserves
issued by the Joint Ore Reserves Committee.

Grade (g/t) - Grammes per tonne, the unit measurement of grade.

Au - The chemical symbol for gold.

Cu - The chemical symbol for copper.

                           www.energyventures.com.au                           


                                                 

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