Scoping Study Commissioned

Beowulf Mining PLC
22 August 2006


                               BEOWULF MINING PLC

                                  News Release

   Scoping Study of Ruoutevare Titanium Iron Deposit, Northern Sweden by Raw
                                Materials Group.


22 August 2006. Beowulf Mining PLC (AIM-BEM), the AIM-listed iron, titanium,
gold and copper exploration and development group has commissioned the Raw
Material Group of Sweden, ('RMG' www.rmg.se) to prepare a scoping study of the
Ruoutevare deposit. RMG will make an assessment of the potential value of the
iron, titanium, vanadium project and examine capital costs, operational costs
and the potential revenue receivable from exploiting the Ruoutevare deposit at
various mining outputs.


The Raw Material Group is one of Europe's leading groups of mineral economists.
It has recently published 'The Iron Ore Market 2005-2007' which was compiled for
the United Nations Conference on Trade and Development.

Commenting on the report, Dr. Robert Young, Chairman of Beowulf, states 'The
directors have decided to prepare the scoping study on Ruoutevare prior to
completing the extra diamond drilling for the JORC-compliant resource report,
which is now planned for 2007. This will give a better understanding of the
economics of the project'.


For further information contact :-


Dr. Robert Young, Chairman
Beowulf Mining plc                 Tel: [phone]


Gavin Burnell
Ruegg & Co. Limited                Tel: [phone]


Nick Bealer
King & Shaxson                     Tel: [phone]


Charles Dampney                    Tel: [phone]
City Capital Securities Limited


Gary Middleton
St Swithin's Public Relations      Tel [phone]


Notes to Editors :-


In March 2006, Beowulf Mining PLC the AIM-quoted mineral exploration company was
granted an exploration permit by the Swedish state mining authority
(Bergsstaten) for the Ruoutevare area in the Jokkmokk County of northern Sweden.
A previous resource estimate carried out by the Geological Survey of Sweden
(Sveriges Geologiska Undersoknning -'SGU') in 1975 reported a resource of 116 Mt
of material averaging 38% iron, 5.6% titanium and 0.17% vanadium based on 32
drill holes. A richer section of 20 Mt is registered with a grade of 47% iron,
10% titanium and 0.14% vanadium.


Snowden Mining Industry Consultants Limited ('Snowden') previously completed a
technical review of the previous work and has also completed a preliminary
geostatistical analysis of the drill holes to support the preparation of a
JORC-compliant resource report. Snowden is a world class Australian group expert
in Resource Evaluation.


Snowden concluded that the volumes, tonnages and average grades of the 116 Mt
resource are of the order of magnitude reported by the SGU in 1975. However they
cannot be regarded as being equivalent to a JORC-compatible Inferred Resource,
and they suggested further drilling to produce a JORC Resource.


Beowulf is also working on five other projects in Northern Sweden which it
considers have commercial potential. The areas are:-

Kallak Iron Ore Claim

The company has registered an exploration claim of 500 hectares covering the
Kallak iron deposit. The Kallak Iron deposit was discovered by the Geological
Survey of Sweden in 1947-48. Only scattered drilling has been carried out and no
mining activity has been registered. Provisional estimates based on geophysical
data have suggested a potential for 92 millions tonnes with 35-42 % Iron.

Ballek Copper Gold Project

The Company has three licences that cover 11 copper prospects, including the
Lulepotten copper-gold deposit which was drilled by the Geological Survey of
Sweden (SGU) between 1960 and 1971 and found to contain 5.1 million tonnes of
0.73% copper and 0.25 grams per tonne of gold. This resource estimate is not
JORC compliant.

Jokkmokk Copper Gold Project

The Company has four licences over copper-gold projects, which were drilled in
2004 with positive results, and again in 2005 with somewhat disappointing
results.

Grundtrask Gold Project

The Company has three exploration permits in the Skellefte Mining District.
Drilling in 2003, 2004 and 2005 defined gold mineralisation defined over a
'Central Mineralised Zone' of 600 metres with grades of about 1 gram per ton.
Further work is required to establish if a higher grade can be located on the
licences.

Ussalahti Copper Project

The Company has three licence exploration permits prospective for massive
sulphide copper and gold deposits.






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