Joint Venture Agreement

BEOWULF MINING PLC

AIM: BEM, Aktietorget: BEO

                                 News Release                                  

    Beowulf Retains 100% of the Ruoutevare and Kallak projects, as JV ends     

28 October 2008

Beowulf Mining PLC ('Beowulf'), the mineral exploration company which holds
licences over several iron, copper, uranium and gold projects in Sweden
announces that in light of the recent global economic downturn, which has
substantially affected Australian listed resource companies, and as a result of
a recent review, WAG Ltd <ASX: WAG> has decided to withdraw from the joint
venture on the Ruoutevare and Kallak deposits.

Pursuant to the terms of the Ruoutevare and Kallak farmin and joint venture
agreements, WAG has provided 30 days notice of its intention to withdraw to
Beowulf.

WAG has completed a comprehensive review of the Ruoutevare and Kallak Magnetite
Projects which included detailed analyses of geological and metallurgical data,
investigation of environmental issues and extensive site visits.

Following on from this review the Ruoutevare project attained JORC
classification of 140Mt at 39.1% iron and 5.7% titanium, more than was
originally envisaged.

Beowulf Chairman, Dr Bob Young said, "We are sorry to see the end of the joint
venture with WAG but are very pleased that the Ruoutevare prospect has attained
JORC classification at no cost to our shareholders and we now retain 100% of
both Ruoutevare and Kallak.

We remain very positive on all five projects Beowulf has, two of them attaining
JORC classifications in the last three months. We are also actively discussing
new joint venture agreements with other companies."

Contacts:

Dr. Robert Young, Chairman, Beowulf Mining Plc

[phone]

Gavin Burnell, Ruegg & Co Limited

[phone]

Nick Bealer/David Scott, Alexander David Securities Limited

[phone]

Gary Middleton, St. Swithins PR Ltd

07951 603 289

Notes to editors:

The S&P/ASX 300 metals and mining index, which is comprised of companies that
are classified as being Australian Stock Exchange listed metals and mining
companies, has fallen 29.06% in the last quarter and 49.98% in the last year as
per the S&P web site (at www.standardandpoors.com). The ASX website can be
found at: http://www.asx.com.au/