Farm-In Agreement

BEOWULF MINING PLC                               

KALLAK MAGNETITE PROJECT - JOINT VENTURE AGREEMENT SIGNED

28 August 2008: Beowulf Mining PLC ("Beowulf" AIM:BEM, Aktietorget:BEO), the
mineral exploration company which holds licences over several iron, copper,
uranium and gold projects in Sweden is pleased to announce that WAG Ltd ("WAG")
(ASX:WAG) has successfully completed its due diligence on the Kallak Magnetite
Project and has entered into a Farm in and Joint Venture Agreement with
Beowulf. Having previously entered into the Ruoutevare Project Agreement, the
Kallak Project is the Company's second Swedish iron ore Farmin and Joint
Venture Agreement with WAG. Both Agreements are subject to WAG Shareholder
Approval at a Shareholders Meeting to be held on 5 September 2008.

The Agreement incorporates the terms announced on 9 July 2008. Under the
Agreement WAG will earn a 50% interest in the Kallak Project by completing
drilling, metallurgical testwork and a magnetic survey by April 2010. Upon WAG
earning a 50% interest in the Kallak Project, the parties shall be associated
in an unincorporated joint venture.

As announced on 9 July 2008, based on exploration by the Geological Survey of
Sweden (SGU) consisting of three diamond core drill holes and geophysical
surveys, the Kallak Magnetite Project has estimated target iron mineralisation
of 88 - 92Mt at 35 - 42% Fe. The potential quantity and grades are conceptual
in nature.

WAG has compiled and reviewed all technical information relating to the Kallak
Project and is currently investigating various options for the forthcoming
magnetic survey program. Once the geophysical information has been captured and
interpreted WAG will design a suitable exploration drilling program designed to
both increase the current target mineralisation and generate sufficient
information to establish a JORC code compliant resource. Beowulf anticipates
that the drilling program will commence shortly after the conclusion of the
Ruoutevare drill program scheduled for November 2008.

Notes to editors:

On 19 August 2008, the Company announced a maiden Inferred Mineral Resource
estimate of 140Mt grading 39.1% iron (Fe), 5.7% titanium (Ti) and 0.2% vanadium
(V) (cut-off grade of 30% iron) for the nearby Ruoutevare Magnetite Project.
The Kallak deposit lies approximately 70 kilometres from Ruoutevare.

Contact:

Dr. Robert Young, Chairman, Beowulf Mining Plc
[phone]

Gavin Burnell, Ruegg & Co Limited
[phone]

David Scott / Nick Bealer, Alexander David Securities Limited
[phone]

Gary Middleton, St. Swithins PR Ltd
07951 603 289