Interim Results

Beowulf Mining PLC
01 September 2005


                              BEOWULF MINING PLC

          INTERIM STATEMENT FOR THE SIX MONTHS TO THE END OF JUNE 2005

The Board of Beowulf Mining PLC (Beowulf) is pleased to report the interim
results to 30 June 2005. While these give an increased net loss of £152,769
against £10,704 incurred in the same period last year, the Board is nonetheless
much encouraged by the Company's progress in acquiring further concessionary
interests and achieving an AIM listing (Symbol BEM).

On 31 March 2005 the Company changed its name from Beowulf Gold PLC to Beowulf
Mining PLC to more accurately reflect its wider activities which are focused on
exploration for world-class copper, gold and uranium deposits in northern
Sweden, encouraged by the country's favourable fiscal climate for incoming
mining and exploration companies, as well as by the world demand and pricing of
these metals. On 9 May 2005 Beowulf graduated from OFEX to AIM.

Beowulf's interests in Sweden are in four areas :

1.        'Ballek'area, consisting of Ballek 2, 3 and 4 exploration permits
covering 100 square kilometres.
2.        'Grundtrask'area, consisting of Grundtrask 1, 2 and 3 exploration
permits covering 42 square kilometres.
3.        'Jokkmokk' area, consisting of Majaves 1 and 2, Tjaula and Karvo
exploration permits covering 82 square kilometres.
4.        'Ussalahti' area, consisting of the Ussalahti 1, 2 and 3 exploration
permits covering 9 square kilometres.

Ballek in the Arjeplog County of northern Sweden contains several copper gold
prospects, including the Lulepotten deposit which was drilled by the Geological
Survey of Sweden (GSS) between 1960 and 1971, and was found to contain 5.1
million tonnes of copper and 0.25 grams per tonne of gold. All the prospects at
Ballek overlie a large gravity anomaly. Since the licences were issued Beowulf
has been checking the radioactivity of the GSS drill cores from Ballek, and have
identified parts rich in uranium. In addition Beowulf has located uranium-rich
boulders over the drill cores. At the time of writing Gold Fields Exploration
B.V. is conducting due diligence evaluation over the Ballek licences 2 and 3
under the rights of first refusal to joint venture the permits.

Grundtrask is in the Skellefte mining district. In early 2005 three diamond
drill holes were completed by Beowulf and an intersection of 30 metres of 1.14
grams per tonne was obtained. This proved that the gold mineralised structure
extended for 675 metres. Beowulf is awaiting the availability of a rotary
percussion drill rig to drill an additional hole to check the results of other
operators in the area, who are claiming high grades with their large diameter
rotary drilling as opposed to Beowulf's own 42mm diamond drill core.

At Jokkmokk, a world class diamond drill intersection of copper gold was
obtained in 2004 on the Majves 1 exploration permit, and in April and May 2005
ten additional diamond drill holes were completed. The exploration was entirely
financed by Phelps Dodge Exploration Sweden, which however has recently
withdrawn from the Beowulf Joint Venture for as yet undisclosed reasons. Beowulf
will assess the results from all the Phelps Dodge data which it will inherit
under the terms of the joint venture. Using a geological data base system it has
meanwhile purchased, it will decide whether to continue the project alone or to
seek another partner.

The Ussalahti area is in the Kiruna Mining area. It is considered prospective
for massive sulphide copper and gold deposits. In July 2005 Beowulf undertook
helicopter assisted geological studies and has located high grade copper
boulders overlying geophysical anomalies.

Beowulf owns 7,500,000 shares (or 8.3%) of Agricola Resources PLC ('Agricola'
OFEX Symbol AGC), which has diversified into uranium exploration and
development. Agricola has since obtained exploration permits in Finland and has
already reported some encouraging results.

The directors will work hard throughout the remainder of 2005 to maintain a
regular news flow to the market on its accelerating exploration activities. Your
Board thus believes that its spread of present interests now offers increasingly
attractive opportunities for achieving desired growth.

Dr. Robert Young
Chairman
Beowulf Gold

PROFIT AND LOSS ACCOUNT
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2005
______________________________________________________________

                                     (Unaudited)    (Unaudited)     (Audited)
                                     6 months to    6 months to     Year Ended
                                    30 June 2005 30 June 2004   31 December 2004
                                        £             £             £
Turnover                               Nil           Nil            Nil

Administrative expenses (            224,843)     (80,864)        (166,530)
                                      _______      _______          _______
    
Operating loss                       (224,843)    (80,864)        (166,530)

Profit on sale of fixed assets           -         69,488          69,488
                                      _______      _______          _______

Loss on ordinary activities before
interest                             (224,843)    (11,376)        (97,042)

Other interest receivable and similar
income                                 72,074         672          38,722
                                      _______      _______          _______

Loss on ordinary activities before
taxation                             (152,769)    (10,704)        (58,320)

Tax on loss on ordinary activities       -            -               -
                                      _______      _______          _______

Loss on ordinary activities after
taxation                             (152,769)    (10,704)        (58,320)
                                      _______      _______          _______
  
Basic loss per share                   (0.31p)     (0.03p)         (0.16p)

Diluted loss per share                 (0.20p)     (0.02p)         (0.10p)


The profit and loss account has been prepared on the basis that all operations
are continuing operations.

There are no recognised gains and losses other than those passing through the
profit and loss account.

BALANCE SHEET
UNAUDITED RESULTS AS AT 30 JUNE 2005
______________________________________________________________

                                       (Unaudited)  (Unaudited)  (Audited)
                                       at 30 June    at 30 June  at 31 December
                                        2005         2004         2004
                                            £             £             £
Fixed assets
Intangible assets                       149,210      108,358       102,921
Tangible assets                             438          151           127
Investments                             178,125       75,000       112,500
                                         ______      _______       _______

                                        327,773      183,509       215,548

Current assets
Debtors                                  27,837        9,796         6,609
Cash at bank and in hand                553,932       40,157       194,730
                                        _______      _______       _______

                                        581,769       49,953       201,339

Creditors: amounts falling due
within one year                         (15,420)     (12,758)       (4,958)
                                        _______      _______       _______

Net current assets                      566,349       37,195       196,381
                                        _______      _______       _______
Total assets less current liabilities   894,122      220,704       411,929
                                        _______      _______       _______

Capital and reserves
Called up share capital                 560,732      366,040       420,896
Share premium account                 1,986,856    1,307,747     1,491,731
Capital Contribution                     46,451       46,451        46,451
Profit and loss account              (1,699,917)  (1,499,534)   (1,547,149)
                                        _______      _______       _______

Shareholders' funds - equity interests  894,122      220,704       411,929
                                        _______      _______       _______

CASH FLOW STATEMENT
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2005
______________________________________________________________

                                    (Unaudited)     (Unaudited)       (Audited)
                                    6 months to     6 months to      Year Ended
                                   30 June 2005    30 June 2004 31 December 2004
                                       £                £                 £

Net cash outflow from operating 
activities                         (218,575)          (67,390)       (152,420)
Returns on investments and 
servicing of finance
Interest received                     6,449               672           1,222
                                    _______           _______         _______

Net cash inflow for returns on 
investments and servicing of finance  6,449               672           1,222

Capital expenditure
Payments to acquire intangible 
assets                              (63,304)          (55,059)        (54,846)
Payments to acquire tangible assets    (329)              -               -
Cost on disposal of assets             -               (5,513)         (5,513)
                                    _______           _______         _______
Net cash outflow for capital 
expenditure                         (63,633)          (60,572)        (60,359)
                                    _______           _______         _______
 
Net cash outflow before management 
of liquid resources and financing  (275,759)         (127,290)       (211,557)

Financing
Issue of ordinary share capital     653,492            51,000         297,850
Cost of share issue                 (18,531)              -            (8,010)
                                    _______           _______         _______

Issue of shares                     634,961            51,000         289,840
                                    _______           _______         _______

Net cash inflow from financing      634,961            51,000         289,840
                                    _______           _______         _______

Increase / (decrease) in cash 
in the period                       359,202           (76,290)         78,283
                                    _______           _______         _______

NOTES TO THE CASH FLOW STATEMENT
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2005
______________________________________________________________

                                    (Unaudited)   (Unaudited)     (Audited)
1 Reconciliation of operating loss   6 months to   6 months to    Year ended
to net cash outflow from operating  30 June 2005  30 June 2004  31 December 2004
activities
                                        £               £             £

Operating loss                        (224,843)       (11,376)      (166,530)
Depreciation of tangible assets             18             24             48
Amortisation of intangible assets       17,015          9,640         14,865
Profit on sale of intangible fixed 
assets                                    -           (69,488)           -
(Increase)/Decrease in debtors         (21,227)        (3,056)           131
Increase/(Decrease) in creditors 
within one year                         10,462          6,866           (934)
                                       _______         _______        _______
Net cash outflow from operating 
activities                            (218,575)       (67,390)      (152,420)
                                       _______         _______        _______

                                    (Unaudited)    (Unaudited)     (Audited)
                                    6 months to    6 months to    Year Ended
2 Analysis of net funds            30 June 2005   30 June 2004  31 December 2004
                                        £              £              £

Net cash at start of period            194,730        116,447        116,447
Increase/(Decrease) in net funds 
from cash flows                        359,202        (76,290)        78,283
                                       _______        _______         _______
    
Net cash at end of period              553,932         40,157        194,730
                                       _______        _______         _______
 
                                    (Unaudited)   (Unaudited)      (Audited)
3 Reconciliation of net cash flow   to 6 months   to 6 months   to Year Ended
movement in net funds              30 June 2005  30 June 2004 31 December 2004
                                        £              £              £

Increase/(Decrease) in cash in the 
year                                   359,202        (76,290)        78,283
Cash (inflow)/outflow from
- increase/(decrease)in debt               -              -             -
                                      _______         _______        _______
Movement in net funds in the period    359,202        (76,290)        78,283
Opening net funds                      194,730        116,447        116,447
                                      _______         _______        _______
           
Closing net funds                      553,932         40,157        194,730
                                      _______         _______        _______

NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2005
______________________________________________________________

1 Basis of preparation of interim accounts
The accounts for the company for the six months ended 30 June 2005, which are
unaudited, have been prepared on the basis of the accounting policies used in
the audited financial statements for the year end 31 December 2004 as set out in
note 2 below.

The financial information does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.

2 Accounting policies

2.1 Accounting convention
The financial statements are prepared under the historical cost convention.

2.2 Intangible fixed assets - exploration costs
Expenditure on the acquisition costs, exploration and evaluation of interests in
licences including related overheads are capitalised. Such costs are carried
forward in the balance sheet under intangible assets and amortised over the
minimum period of the licences in respect of each area of interest where:

a) such costs are expected to be recouped through successful development and
exploration of the area of interest or alternatively by its sale.

b) exploration activities have not yet reached a stage that permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves
and active operations in relation to the areas are continuing.

An annual impairment review is carried out by the directors to consider whether
any exploration or development costs have suffered impairment in value and if
necessary provisions are made accordingly.

Accumulated costs in respect of areas of interest, which have been abandoned are
written off to the profit and loss account in the year in which the area is
abandoned.

Exploration costs are carried at the lower of cost and net realisable value.

Exploration costs were re-categorised in the year ended 31 December 2004 from
tangible fixed assets. Comparatives for that year have been re-stated
accordingly.

2.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is
provided at rates calculated to write off the cost less estimated residual value
of each asset over its expected useful life, as follows:

Plant and equipment 25% on reducing balance

2.4 Investments
Fixed asset investments are stated at cost less provision for diminution in
value.

2.5 Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing
differences between the treatment of certain items for taxation and accounting
purposes. The deferred tax balance has not been discounted. A deferred tax asset
is not recognised unless recovery is expected in the foreseeable future.

2.6 Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated
into sterling at the rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. All differences are taken to profit and loss account.

3 Earnings per share
Basic loss per share has been calculated using the weighted number of shares of
49,261,639 (30 June 2004 - 36,213,890 and 31 December 2004 - 37,015,072).
Diluted loss per share has been calculated using the weighted average number of
shares of 78,119,582 (30 June 2004 - 50,413,890 and 31 December 2004 -
55,634,515).

INDEPENDENT REVIEW REPORT
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2005
______________________________________________________________

Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 June 2005 which comprises the profit and loss account,
balance sheet, cash flow statement and related notes set out on pages 1-6. We
have read the other information contained in the interim report and considered
whether it contains any apparent misstatement or material inconsistencies with
the financial information. Our responsibilities do not extend to any other
information.

This report, including the conclusion, has been prepared for and only for the
company for the purpose of their interim report and for no other purpose. We do
not, therefore in producing this report, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown.

Directors Responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report and ensuring that the accounting
policies and presentation applied to the interim report are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of management and applying analytical
procedures to the financial information and underlying financial data and based
thereon, assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly, we do not express an audit opinion on the
financial information.

Review conclusion

On the basis of our review we are not aware of any material modification that
should be made to the financial information as presented for the six months
ended 30 June 2005.


Price Bailey LLP
Chartered Accountants
Richmond House
Broad Street
Ely, Cambs.

                                      ENDS

For further information:
Beowulf Mining plc
Bob Young: 01353 649 701

Ruegg & Co Limited
Brett Miller: 020 7584 3663




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