Half-yearly Report

BEOWULF MINING PLC                               

                                 News Release                                  

              CHAIRMAN'S STATEMENT FOR THE 6 MONTHS TO JUNE 2008               

The Board of Beowulf Mining PLC ('Beowulf') is pleased to report the interim
results to 30 June 2008. The results show that Beowulf made a loss of £203,074
in the first 6 months of 2008 as compared to a loss of £192,170 in the first 6
months of 2007.

With the emergence and effects of the "credit crunch" in 2007 and 2008 the
directors of Beowulf decided that the best way to expand its exploration
activities without excessively utilising capital was to seek joint venture
partners on its five exploration projects in Sweden. As a result joint venture
partners are already in place to continue exploration on three of these
projects and discussions with potential joint venture partners are ongoing in
relation to the remaining two areas. Appropriate partners also provide Beowulf
with access to additional technical personnel.

Beowulf's shares started trading on the Swedish Aktietorget stock market (
www.aktietorget.se) in August 2008 under the symbol BEO. The shares are traded
in Swedish Krona on this market.

Beowulf's lead project in Sweden is the Ruoutevare Magnetite Project. The
project obtained WAG Limited (ASX:WAG) as a joint venture partner, who will
earn a 50% interest in the project by spending AUD$1,000,000 on a 3,000 - 5,000
metre delineation drilling program and, metallurgical test work. The project
has obtained an initial 140 million tonne JORC Resource from the geological
consultant Runge Limited, grading 39.1% iron, 5.7% titanium and 0.2% vanadium.
A diamond drilling program is expected to begin in November 2008 to target
extensions to the known mineralization, which Runge Limited suggested extend
beyond the presently drilled area.

WAG Limited has also become the joint venture partner of Beowulf's Kallak
Magnetite Project. They will earn a 50% interest in the project by completing
drilling, metallurgical test work and a magnetic survey. The Geological Survey
of Sweden (SGU) conducted exploration on the area and based on three diamond
drill holes and geophysical surveys have estimated a target iron ore tonnage of
88-92 million tonnes at 38-42% iron. Beowulf anticipates that the drilling
program will commence shortly after the conclusion of the Ruoutevare drilling
program scheduled for November 2008.

The increase demand for iron ore from China and India and the rise in price of
iron make Ruoutevare and Kallak commercially attractive properties.

Beowulf is awaiting a JORC classification of its Lulepotten copper gold deposit
on its Ballek Project. Agricola Resources PLC ("Agricola") has signed an option
and earn-in agreement with Beowulf on the Ballek project and is earning a 51%
interest by undertaking ground geophysical surveys followed by 3,200 metres of
diamond drilling by June 30, 2009. To date Agricola has completed the ground
geophysical surveys and 1,617 metres of diamond drilling. Agricola's interest
can be increased from 51% to 70% through funding a further USD $500,000 of
exploration expenditure.

Joint venture partners are being sought for the Grundtrask gold project and
Jokkmokk copper gold project. Discussions with potential partners are ongoing.

Beowulf has applied for extra exploration permits around the Ruoutevare, Kallak
and Jokkmokk project areas.

The Company strategy is to continue exploration and analysis work on all of the
Beowulf properties in order to prove up their resource base and commercial
worth.

Dr Robert Young
Chairman
Beowulf Mining PLC
September 2008


INCOME STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2008

                                                 (Unaudited)     (Unaudited)     (Audited)
                                                 6 months to     6 months to     Year ended
                                                 30 June 2008    30 June 2007    31 Dec 2007
                                                        £               £               £

CONTINUING OPERATIONS
Revenue                                                 -               -               -

Other operating income                                  -             150             150
Administrative expenses                          (210,462)       (198,662)       (378,775)


OPERATING LOSS                                   (210,462)       (198,512)       (378,625)

Finance costs                                      (5,000)              -          (4,167)

Finance income                                     12,388           6,342          20,154


LOSS BEFORE TAX                                  (203,074)      (192,170)        (362,638)

Tax                                                     -               -                -

LOSS FOR THE PERIOD                              (203,074)      (192,170)        (362,638)


Basic loss per share                               (0.26p)        (0.28p)          (0.52p)
Diluted loss per share                             (0.24p)        (0.23p)          (0.42p)



STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE 6 MONTHS ENDED 30 JUNE 2008

                                                (Unaudited)     (Unaudited)       (Audited)
                                                6 months to     6 months to      Year ended
                                               30 June 2008    30 June 2007     31 Dec 2007
                                                         £              £                £

Revaluation of investments                         (17,869)        (30,326)          68,319


NET (EXPENSE)/ INCOME RECOGNISED
DIRECTLY IN EQUITY                                 (17,869)        (30,326)          68,319

LOSS FOR THE PERIOD                               (203,074)       (192,170)        (362,638)


TOTAL RECOGNISED INCOME/
(EXPENSE) FOR THE PERIOD                          (220,943)       (222,496)        (294,319)




BALANCE SHEET
AS AT 30 JUNE 2008

                                                (Unaudited)     (Unaudited)        (Audited)
                                                6 months to     6 months to      Year ended
                                                30 June 2008    30 June 2007    31 Dec 2007
                                                         £               £               £

ASSETS
NON-CURRENT ASSETS
Intangible assets                                  237,058          258,586         240,943
Property, plant and equipment                        1,681            1,837           1,920
Investments                                        247,529          265,398         295,724


                                                   486,268          525,821         538,587


CURRENT ASSETS
Trade and other receivables                         30,760           48,338          34,426
Cash and cash equivalents                          561,490          236,067         671,231


                                                   592,250          284,405         705,657


LIABILITIES
CURRENT LIABILITIES
Trade and other payables                          (37,102)         (13,987)         (20,410)


NET CURRENT ASSETS                                555,148          270,418          685,247


NON-CURRENT LIABILITIES
Financial liabilities - borrowings
Interest bearing loans and borrowings            (250,000)              -          (250,000)


NET ASSETS                                        791,416          796,239          973,834


SHAREHOLDERS' EQUITY
Called up share capital                           808,982         663,982           745,482
Share premium                                   2,597,191       2,361,482         2,597,719
Share scheme reserve                                5,879               -                 -
Revaluation reserve                               142,529         160,398           190,724
Capital contribution reserve                       46,451          46,451            46,451
Retained earnings                              (2,809,616)     (2,436,074)       (2,606,542)

TOTAL EQUITY                                      791,416        796,239            973,834


CASHFLOW STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2008
                                               (Unaudited)      (Unaudited)         (Audited)
                                               6 months to      6 months to       Year ended
                                              30 June 2008     30 June 2007      31 Dec 2007
                                       Notes            £                £                £

Cash flows from operating activities
Cash generated from operations             1    (138,726)         (191,690)        (318,319)

Net cash from operating activities              (138,726)         (191,690)        (318,319)


Cash flows from investing activities
Purchase of intangible fixed assets              (46,904)         (74,238)          (93,534)
Purchase if tangible fixed assets                      -                -              (460)
Purchase of fixed asset investments                    -                -                 -
Interest received                                 12,388            6,342            20,154


Net cash from investing activities               (34,516)         (67,896)          (73,840)



Cash flows from financing activities
New loans in period                                   -                 -            250,000
Share issue                                       63,500                -            341,500
Cost of share issue                                   -                 -            (23,763)


Net cash from financing activities               63,500                 -            567,737


(Decrease)/Increase in cash
and cash equivalents                           (109,742)          (259,586)          175,578
Cash and cash equivalents at the beginning
of period                               2       671,231            495,653           495,653



Cash and cash equivalents at end of period     561,489             236,067           671,231



NOTES TO THE CASH FLOW STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2008

1. RECONCILIATION OF LOSS BEFORE TAX TO CASH GENERATED FROM OPERATIONS

                                                   (Unaudited)     (Unaudited)       Audited)
                                                   6 months to     6 months to     Year ended
                                                  30 June 2008    30 June 2007    31 Dec 2007
                                                            £               £              £

Loss before tax                                       (203,074)       (192,170)      (362,638)
Depreciation charges                                       239             263            640
Amortisation of exploration costs                       50,788          48,547         85,485
Equity-settled share-based payment transactions          5,351               -              -
Finance costs                                            5,000               -          4,167
Finance income                                         (12,388)         (6,342)       (20,154)


                                                      (154,084)       (149,702)      (292,500)

Decrease/(Increase) in trade and
other receivables                                        3,666         (30,990)       (17,078)
Increase/(Decrease) in trade and
other payables                                          11,692         (10,998)        (8,741)


Cash generated from operations                        (138,726)       (191,690)      (318,319)


2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the cash flow statement in respect of cash and cash
equivalents are in respect of these balance sheet amounts:

Period ended 30 June 2008

                                                           30 June 2008        1 Jan 2008
                                                                     £                 £
Cash and cash equivalents                                       561,489           671,231


Period ended 30 June 2007
                                                           30 June 2007        1 Jan 2007
                                                                     £                 £
Cash and cash equivalents                                      236,067            495,653


Year ended 31 December 2007

                                                           31 Dec 2007          1 Jan 2007
                                                                    £                   £

Cash and cash equivalents                                      671,231            495,653



Cash and cash equivalents consist of cash in hand and balances with banks.

NOTES TO THE FINANCIAL STATEMENTS UNAUDITED RESULTS
FOR THE 6 MONTHS ENDED 30 JUNE 2008

1. INFORMATION

The interim financial statements for the six month period ended 30 June 2008
have been prepared in accordance with IAS 34 "Interim Financial Reporting". The
disclosed figures are not statutory accounts in terms of section 240 of the
Companies Act 1985. Statutory accounts for the year ended 31 December 2007, on
which the auditors gave an unqualified report, have been filed with Registrar
of Companies.

This Interim Report has been prepared on a basis consistent with the accounting
policies expected to be applied for the year ending 31 December 2008, and which
are also consistent with the accounting policies applied for the year ended 31
December 2007 except for the adoption of new standards and interpretations.

2. ACCOUNTING POLICIES

Reporting entity

Beowulf Mining plc is a company domiciled in United Kingdom. The address of the
Company's registered office is 1 Green Hill, Little Thetford, Ely,
Cambridgeshire, CB7 3HD. The Company primarily is involved in the exploration
of copper and gold deposits.

Compliance with accounting standards

These financial statements have been prepared in accordance with International
Financial Reporting Standards and IFRIC interpretations and with those parts of
the Companies Act 1985 applicable to companies reporting under IFRS.

The financial statements have been prepared under the historical cost
convention.

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
maximum 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
whether necessary provisions are made accordingly.

Accumulated costs in respect of areas of interest that 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.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off
each asset over its estimated useful life.

      Plant and machinery - 25% on reducing balance                            

Investments

Fixed asset investments are stated at open market value. The revaluation
adjustment is taken to the revaluation reserve.

Taxation

Current taxes are based on the results shown in the financial statements and
are calculated according to local tax rules, using tax rates enacted or
substantially enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at
the rates of exchange ruling at the balance sheet date. Transactions in foreign
currencies are translated into sterling at the rate of exchange ruling at the
date of transaction. Exchange differences are taken into account in arriving at
the operating result.

Share-based payment transactions

Where equity settled share options are awarded to employees, the fair value of
the options at the date of grant is charged to the income statement over the
vesting period. Non-market vesting conditions are taken into account by
adjusting the number of equity instruments expected to vest at each balance
sheet date so that, ultimately, the cumulative amount recognised over the
vesting period is based on the number of options that eventually vest. Market
vesting conditions are factored into the fair value of all options granted. As
long as all other vesting conditions are satisfied, a charge is made
irrespective of whether market vesting conditions are satisfied. The cumulative
expense is not adjusted for failure to achieve a market vesting condition.

Where terms and conditions of options are modified before they vest, the
increase in the fair value of the options, measured immediately before and
after the modification, is also charged to the income statement over the
remaining vesting period.

Where equity instruments are granted to persons other than employees, the
income statement or share premium account if appropriate, are charged with the
fair value of goods and services received.

3. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares of
77,479,016 (30 June 2007 - 69,398,247 and 31 December 2007 - 69,466,329)
outstanding during the period.

Diluted earnings per share is calculated using the weighted average number of
shares of 85,100,445 (30 June 2007 - 83,098,247 and 31 December 2007 -
86,173,497) adjusted to assume the conversion of all dilutive potential
ordinary shares.

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