Operational Update re Ballek

RNS Number : 5715G

Beowulf Mining PLC

03 February 2010

 



Beowulf Mining Plc

("Beowulf" or the "Company")

Operational Update re Ballek JV Project

Highlights:

·     Drilling commenced at the Company's Ballek copper-gold-uranium JV project.

·     1,600m drilling programme expected to take up to 1 month.

·     Drilling results anticipated by the end of April 2010.

Beowulf (AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral exploration company which owns several exploration projects in Sweden, is pleased to announce that further to the announcement of 29 September 2009, it has recently received an operational update from its joint venture partner, Energy Ventures Limited, in respect of the Company's Ballek joint venture project.

Drilling targets have been selected on the basis of existing geophysical data, contractors have been appointed and drilling has commenced. The diamond drill programme, comprising 1,600 metres, has begun on the Jonastjarn area, south of the Lulepotten deposit. A work plan was submitted to The Mining Inspectorate of Sweden and to local land owners for approval and no objections to the programme were received.  The proposed drill programme is expected to take 3 to 4 weeks to complete, following which geological logging and sampling activities will be undertaken, with results anticipated by the end of April 2010.

Clive Sinclair-Poulton, Executive Chairman of Beowulf commented:

"Freezing climatic conditions may bring chaos in the UK and Ireland, but in Sweden it allows easier site access for drilling crews. We believe that the upcoming drill programme will further show the potential of our Ballek copper resource and I look forward to updating shareholders in due course following receipt of results from the initial drill targets."

Enquiries:

Beowulf Mining Plc
Clive Sinclair-Poulton, Chairman	Tel: [phone]
Strand Hanson Limited
Matthew Chandler / Simon Raggett	Tel: [phone]
Alexander David Securities Limited
David Scott / Nick Bealer	Tel: [phone]
Lothbury Financial Limited
Gary Middleton / Ron Marshman	Tel: + 44 (0) 207 011 9411
or visit http://www.beowulfmining.com

Notes to Editors:

The Ballek copper-gold-uranium project area in the municipality of Arjeplog, Northern Sweden, comprises four licences covering 11 copper prospects, including the Lulepotten copper-gold deposit.  Lulepotten has a JORC-compliant Inferred Resource estimate of 5.4 million tonnes grading 0.8% copper and 0.3 grammes per tonne of gold (cut-off value of 0.3% for copper).

In July 2009, MINPRO AB ("MINPRO") was commissioned to conduct initial metallurgical tests on ore grade material from the Lulepotten copper-gold deposit to facilitate quality testing by potential clients.  Based upon a small laboratory sample of Lulepotten copper-gold ore, MINPRO was able to obtain a final flotation test copper concentrate containing 32.4% copper, 5.6g/t gold, 320 grammes per tonne (g/t) of silver and 29 g/t of tellurium.

Energy Ventures Limited ("EVE") (ASX: EVE) is an ASX listed investment company with strategic interests in uranium and base metals projects in Australia, Africa and Europe.  The company's Non-executive Chairman, Dr Ian Duncan, has a wealth of experience in uranium, retiring in 1998 as the General Manager of the Olympic Dam project in Australia, the world's largest uranium deposit, the fourth largest remaining copper deposit and the fifth largest gold deposit. Exploration manager, Lachlan Reynolds, amongst other positions, was involved in the supervision of near-mine exploration at the giant Olympic Dam project. 

Under the terms of the joint venture agreement, EVE can earn-in a 50 per cent. interest in the Ballek Project if it sole funds and completes 1,600 metres of diamond drilling by 31 March 2010.

 

END

 

 

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