JORC Resource at Ruoutevare Project JV

BEOWULF MINING PLC                               

                JORC Resource on the Ruoutevare Project, Sweden                

19 August 2008

Beowulf Mining PLC (AIM: BEM ; Aktietorget: BEO) ("the Company"), the AIM and
Aktietorget - traded mineral exploration company which owns several exploration
projects in Sweden is pleased to announce that WAG Limited (ASX:WAG) Beowulf's
Joint Venture Partner has announced the following on the ASX market :-

               Maiden 140 Million Tonne Magnetite JORC Resource                
                         at Ruoutevare Project, Sweden                         

  * Ruoutevare contains 140Mt Inferred JORC Mineral Resource at 39.1% iron,
    5.7% titanium and 0.2% vanadium
   
  * WAG earning 50% of Ruoutevare
   
  * Major drilling program expected to begin November 08 with excellent
    potential to significantly increase the resource
   
  * Nearby Kallak Magnetite Project contains target iron mineralisation ranging
    from 88Mt to 92Mt at a grade range of 35% - 42% iron
   
WAG Limited (ASX: WAG) is pleased to announce the completion of a maiden
Mineral Resource estimate compliant with the JORC Code reporting standards for
the Ruoutevare Magnetite Project in Norrbotten County, northern Sweden.

This follows the signing of the Ruoutevare Farmin & Joint Venture Agreement
between WAG and AIM-listed Beowulf Mining plc ("Beowulf") whereby WAG, subject
to Shareholder approval, will earn 50% of the project by spending AUD$1,000,000
on a 3,000 - 5,000 metre delineation drilling program and metallurgical test
work.

The Ruoutevare Project is situated 150km southwest of the world's second
largest underground mine - the 2.3 billion tonne Kiruna iron ore mine.
Ruoutevare is located 180km by road from the nearest potential road-rail
reloading site.

Completed by geological consultants Runge Limited, the Inferred Mineral
Resource estimate of 140 million tonnes (Mt) grading 39.1% iron (Fe), 5.7%
titanium (Ti) and 0.2% vanadium (V) (cut-off grade of 30% Fe) exceeds WAG's
initial estimate of between 116-123Mt of mineralisation.

The Ruoutevare Resource is based principally on 32 diamond core drill holes
totalling 6,223m, drilled by the Geological Survey of Sweden (SGU) in the early
1970s. SGU estimated 116Mt at 38.2% Fe, 5.6% Ti and 0.17% V. Detailed ground
magnetic and metallurgical test work was made available to Runge, together with
geological mapping of the deposit completed in 2006. A comprehensive review of
the drill data and geophysical information, together with the findings of the
2006 geological mapping report indicate that mineralisation extends beyond the
area drilled by SGU.

In addition to the 140Mt Inferred Resource at the Ruoutevare Project, the
nearby Kallak Magnetite Project, based on exploration by SGU consisting of
three diamond core drill holes and geophysical surveys, has target iron
mineralization of 88 - 92Mt at 35 - 42% Fe. WAG has entered into a second
Farm-in Agreement with Beowulf whereby, subject to Shareholder approval, WAG
will earn 50% of Kallak by completing drilling, metallurgical test work and a
magnetic survey program. The potential quantity and grades for Kallak are
conceptual in nature. There has been insufficient exploration to define a
Mineral Resource compliant with the JORC Code and it is uncertain if further
exploration will result in the determination of a Mineral Resource.

Drilling Program and Metallurgical Review

A diamond drilling program is expected to begin in November 2008 to target
lateral extensions of the known mineralisation. The program is aimed at
significantly increasing resources at Ruoutevare and upgrading the existing and
subsequently identified Resource into JORC Code Indicated and Measured
categories.

Detailed metallurgical test work of the Ruoutevare deposit was first carried
out by the Swedish government-owned iron ore mining company LKAB with
subsequent work by Finnish steel company Rautaruukki. The reports have been
translated into English and submitted to metallurgical consultants for review.
Following the review a metallurgical test work program will be developed and
incorporated into the drilling program.

Ruoutevare Magnetite Project Overview

The Ruoutevare Magnetite Project consists of one Exploration Permit covering a
total area of 850 hectares located approximately 1,100km north of Stockholm in
Norrbotten County, 13km north west of the small village of Kvikkjokk ( See
Figure 1 - www.beowulfmining.com). The 2.3 billion tonne Kiruna iron ore mine,
the world's second largest underground mine, is located approximately 150km
northeast and the Malmberget iron ore mine is located 120km to the east.

LKAB own and operate both the Kiruna and Malmberget iron ore mines as well as
the Luleå-Malmberget-Kiruna-Narvik railway route used to transport the iron
concentrates and pellets. LKAB also own storage and ship loading facilities at
the Luleå port (Baltic Sea) and the Narvik Port (Norwegian Sea) in Norway.

The Ruoutevare project is approximately 180km by road from the nearest
potential road-rail reloading site on the Luleå-Malmberget-Kiruna-Narvik
railway route. Power accessibility and relative cost is excellent in Sweden,
with the Seitevare hydroelectric plant located 75km by road from the Ruoutevare
Project.

Ruoutevare Geology and JORC Inferred Resource Estimate

The Ruoutevare magnetite deposit is an out-cropping, flat-lying to gently
dipping magnetite rich layer about 150m thick within an anorthositic gabbro.
The magnetite ranges from massive to disseminated and is associated with
ilmenite.

The magnetite mineralisation consists of four lenticular pods of mineralisation
that are interpreted to be the result of magmatic layering within the intrusive
complex. The most significant mineralised body is approximately 1,500m long and
200m to 300m wide.

There appears to be good potential to substantially increase the resource by
drilling extensions to the existing resource and by testing other magnetite
bearing zones in the vicinity of the deposit.

The resource was estimated in a standard block model using Ordinary Kriging
interpolation. The interpolation was constrained by resource outlines based on
mineralisation envelopes prepared using a nominal 30% Fe cut-off grade.

A rotated Surpac block model was created to encompass the full extent of the
Ruoutevare deposit (Figure 2 - www.beowulfmining.com). The block model used a
primary block size of 100m NS by 50m EW by 8m vertical with sub-cells of 25m by
12.5m by 2m. The parent block size was selected on the basis of 50% of the
average drill hole spacing within the main mineralised zones.

Mining in Sweden

Sweden is by far the largest iron ore (mostly magnetite) producer in the EU,
and it is also among the leading producers of base and precious metals. Sweden
provides modern and efficient infrastructure well-established via roads, rail
and water. Swedish iron ore is significantly cheaper for European consumers due
to lower shipping costs compared to southern hemisphere iron ore imports.

The many benefits of operating in Sweden include well developed infrastructure,
a highly skilled mining and exploration workforce, extremely low sovereign risk
and a very strong mining culture built up over many decades. Importantly for
magnetite processing, power accessibility in northern Sweden is excellent and
power costs are generally the lowest in Europe.

In recent times considerable exploration activity has been carried out by large
and small Swedish and foreign exploration companies. Iron ore exploration and
development activity in particular has increased with at least two former iron
ore mines (Grängesberg Mine and Dannemora Mine) planning on re-opening in the
near future. Additionally, numerous companies have advanced iron ore
development projects well underway, most notably the Stora Sahaavara project
south east of Kiruna.

Enquiries:

James Allchurch

Director

WAG Limited

[phone]

[e-mail]

Competent Persons Statement

The information in this report which relates to Mineral Resources is based on
information compiled by Mr Paul Payne, who is a Corporate Member of the
Australasian Institute of Mining and Metallurgy, and an independent consultant
to the Company. Mr Payne is Principal Geologist with Runge Limited and has over
23 years of mining and evaluation experience in a variety of mineral deposit
styles including iron ore mineralisation. Mr Payne has sufficient experience
which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the "Australasian Code for
reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Payne
consents to inclusion in the report of the matters based on his information in
the form and context in which it appears.

The information in this report which relates to the Kallak Magnetite Project is
based on information compiled by Mr Allen J Maynard, who is a Corporate Member
of the Australasian Institute of Mining and Metallurgy, a Member of the
Australian Institute of Geoscientists and independent consultant to the
Company. Mr Maynard is principal of Al Maynard & Associates and has over 25
years of exploration and mining experience in a variety of mineral deposit
styles including iron ore mineralisation. Mr Maynard has sufficient experience
which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the "Australasian Code for
reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr
Maynard consents to inclusion in the report of the matters based on his
information in the form and context in which it appears.

Commenting on the release Dr Robert Young, Chairman of Beowulf said,

"The fast track preparation of the JORC Resource estimate helps to justify our
decision to enter in to a Joint Venture with WAG Limited. We are especially
pleased that the JORC estimate has beaten our initial expectations and we
anticipate the drilling campaign in November 2008 will increase the tonnage
further at Ruoutevare."

In accordance with AIM Rules, the information in this announcement has been
reviewed and signed off by Dr. Jan Ola Larsson, (Fil. Kand, PhD, DIC).
Technical Director of the Company, who has over 30 years relevant experience
within the sector.

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