Drilling Report

Beowulf Mining PLC
01 February 2007


BEOWULF MINING plc


•Winter drilling program completed at Grundtrask, N. Sweden


•Further gold mineralization intersected


London: 1 February, 2007: Beowulf Mining PLC (AIM:BEM), the AIM listed mineral
exploration company is pleased to announce that the winter diamond drilling
program has been completed on the Company's 100% owned Grundtrask area in the
Skellefte Mining District, N. Sweden. The drill program has further tested the
southern extension of the 'Central Gold Zone' outlined from earlier drilling by
Beowulf.


Six inclined drill holes totalling 533.7 metres have been completed. Five of the
holes have encountered sulphide mineralisation comprising relatively fine
grained arsenopyrite, pyrite, molybdenite and chalcopyrite. To date Beowulf has
completed 19 drill holes.


The Central Gold Zone is now known to be over 800 m in length with widths of up
to 25 m. The drilling has shown mineralisation at shallow depths, under a
relatively thin cover (12 metres or less) of overburden, making the deposit
amenable to open pit mining.


The best intersection of the first hole (06 005) drilled in this program
revealed a mineralised section of 18 m with 1.77 grams per tonne gold using a 1
gram per tonne of gold cut off. Results of all other five holes are awaited.


Commenting on the results Dr. Jan Ola Larsson, Beowulf technical director stated
'We have the results of fourteen holes to date and we believe the results
confirm the potential for a significant, shallow-depth gold resource potentially
exceeding 500,000 ounces. We look forward to reporting further news as the assay
results are received.' (Research report available at http://
www.beowulfmining.com)


In accordance with the 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                            Tel: [phone]


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


Nick Bealer
King & Shaxson Capital Limited                Tel: [phone]


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


Charles Dampney
City Capital                                  Tel: [phone]





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