Drilling Report

Beowulf Mining PLC
06 June 2007


                               BEOWULF MINING PLC


                                 Press Release


               Diamond Drill Results from Grundtrask Gold Project

    LATEST DRILLING AT GRUNDTRASK GOLD PROSPECT, NORTHERN SWEDEN SHOWS GOLD
 MINERALISATION PRESENT OVER 800 METRES OF STRIKE LENGTH AND OPEN AT BOTH ENDS
                                  AND AT DEPTH

London: 6 June 2007

Beowulf Mining PLC (AIM:BEM), the AIM-traded mineral exploration company is
pleased to announce that analytical results have been received from the latest
diamond drilling programme on the company's 100% owned Grundtrask gold project
in the Skellefte Mining District, N. Sweden. The drill programme tested the
southern extension where higher gold grades were noted from previous drilling in
2005 by Beowulf.

During 2006 and early 2007 an additional 10 diamond drill holes were completed
on the Grundtrask project. The holes were all targeted on the structure, now
called the Southern Gold Structure, that was identified by DDH 05004.


Drilling just completed, has outlined a sigmoidal shaped mineralised zone
consisting of dense sheet-veining over a strike length of greater than 160m with
widths of up to 20 metres. Gold grades of up to 5.2m at 4.28g/t have been
returned from the Southern Gold Structure and these are summarised in the table
below.


Geological interpretation of drill core from Grundtrask has demonstrated the
existence of a mineralised corridor in which sigmoidal gold bearing structures,
of which the Southern Gold Structure is just one example, occur over a strike
length of in excess of 800m. The three sigmoidal structures that have been
interpreted to date are believed to be generated by compressional tension
domain.


The mineralised structures are characterised by intense micro-veining of quartz,
arsenopyrite and chalcopyrite in a host of silicified intermediate lavas of the
Vargfors Formation. Conspicuous molybdenite, (the major ore mineral of
molybdenum), also occurs in veins in some of the drill holes. The gold, is
believed to be carried in the chalcopyrite.


Highlights of the recent drill campaign include 5.2m at 4.28g/t Au from 5.8m and
16.9m at 1.86g/t Au from 15.5m in DDH 06002, 18m at 1.77g/t Au from 41m in DDH
06005.


Details of all drill holes are given in Table 1 below. The drill core samples
have been assayed for gold by Fire Assay techniques and additional metal
elements by ICP at the ALS/Chemex Laboratory in Vancouver. Analysis of the
samples involved analysis of blank, duplicate and random standard reference
samples.


Table 1. GRUNDTRASK GOLD DIAMOND DRILL RESULTS

Gold

Hole No          From To     Length (m) Grade g/t

#04001           53.00 57.62  4.62       2.80

#04002           49.70 50.70  1.00       1.17

#04003   NSI

#05001   NSI

#05003   NSI

#05004           27.85 41.80 13.95       1.94

#06001           16.60 18.50  1.90       2.11

        plus     27.90 33.60  5.70       2.53

        plus     61.90 62.15  0.25       8.22

#06002            5.80 11.00  5.20       4.28

        plus     15.50 32.40 16.90       1.86

#06003           10.10 17.70  7.60       2.43

        plus     20.90 24.40  3.50       3.79

        plus     26.10 27.80  1.70       3.40

        plus     31.30 37.20  5.90       2.47

#06004           65.10 65.30  0.20       4.29

        plus     62.60 63.60  1.00       1.11

#06005           41.00 59.00 18.00       1.77

#06006           22.60 24.41  1.81       1.10

#06007   NSI

#06008            7.55  8.20  0.65       2.20

        plus     18.00 22.00  4.00       1.01

        plus     32.00 33.00  1.00       2.10

        plus     79.00 85.00  6.00       1.02

#06009           34.00 35.00  1.00       1.16

        plus     41.00 44.00  3.00       1.26

        plus     51.10 51.46  0.36       1.30

        plus     63.00 64.00  1.00       1.22

#06010   NSI


NSI = No significant intercept.


Commenting on the results Dr. Jan-Ola Larsson, Beowulf's Technical Director,
stated that 'The drilling has encountered gold bearing sulphide mineralisation
at shallow depths starting at 12 metres or less, making the deposit amenable to
open pit mining. The latest results show that this mineralised structure is now
over 800 meters long.

The mineralisation is now attracting the interest of several companies who have
expressed an interest in a joint venture arrangement. Beowulf will continue
diamond drilling in 2007 and programme scale depends on the outcome of joint
venture discussions.'

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.

For further information 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]
  * Charles Dampney - City Capital Securities Ltd - Tel: [phone]
  * Gary Middleton, St Swithins PR Ltd - Tel. [phone]








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