Farm-In Agreement

BEOWULF MINING PLC                               

                                 Press Release                                 

                           RUOUTEVARE PROJECT UPDATE                           

Beowulf Mining PLC (AIM: BEM) ("the Company"), the AIM-traded mineral
exploration company which owns several exploration projects in Sweden is
pleased to announce that WAG Limited (ASX:WAG) has successfully completed its
due diligence on the Ruoutevare Iron Ore Project, and has entered into a formal
Farm In and Joint Venture Agreement with Beowulf Mining PLC. The Agreement is
subject to Shareholder Approval by WAG Limited at an EGM on 5 September 2008

The Agreement incorporates the terms of the Term Sheet announced on 4 June
2008, save that the total metres to be drilled by WAG Limited has been amended
from 5,000 metres to a range of 3,000 - 5,000 metres. Under the Agreement, upon
WAG Limited earning a 50% interest in the Ruoutevare Iron Ore Project, the
parties shall be associated in an unincorporated joint venture.

Technical data for the Ruoutevare Project has been compiled by WAG Limited and
is currently undergoing independent review in order to determine if the
existing target mineralisation can be converted into a JORC Resource category.
The Company expects the results of this review by the end of September at the
latest.

A drilling programme is currently being planned and local authorities are being
consulted in relation to land access. The objective of the drilling programme
is to increase the size of the Ruoutevare magnetite deposit, which has been
calculated by the Geological Survey of Sweden to contain at least 116,000,000
tonnes with an average grade of 38.2% iron and 5.6% titanium . This data was
reviewed by Snowden Mining Industry Consultants who verified a resource of
123,000,000 tonnes of resource grading 37% iron and 5.3% titanium a slight
increase in volume with a corresponding decrease in grade. WAG Limited will
produce a new tonnage figure, a metallurgical report and a scoping study of the
deposit after the drilling. Drilling is planned to commence in November 2008
and to be completed in early 2009.

Contact:

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