Drilling Update

Beowulf Mining PLC
13 September 2006


                                  PRESS RELEASE

                             BEOWULF MINING REPORTS


HIGH GRADE GOLD OVER SUBSTANTIAL WIDTHS FROM LATEST DRILLING AT GRUNDTRASK GOLD
                           PROSPECT, NORTHERN SWEDEN.

 MINERALISATION PRESENT OVER 750 METRES OF STRIKE LENGTH AND OPEN AT BOTH ENDS
                                  AND AT DEPTH


London 13 September: Beowulf Mining PLC (AIM:BEM), the AIM quoted 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 of the 'Central Gold Zone' where higher
gold grades were noted from previous drilling in 2005 by Beowulf.


Four inclined drill holes for a total of 265 metres were drilled.

The latest drilling has revealed higher gold assays than previous intersections
obtained from 2003-2005. Several meter-sections displaying gold grades of more
than four grams per tonne ('g/t') were obtained, and the highest gold assay of
12.67 g/t over 1.20 m is recorded in a magnetite rich section of drill hole
06-002. This high-grade sample occurs within a 27.50m section of continuous gold
mineralisation for 27.50 m (between 5.80-33.30m) with an average grade of 2.05 g
/t.

Similar high grade gold grades are noted in drill hole 06-003 with 2.06 g/t
obtained over 27.10 metres (from 10.10 to 37.20m).

Combined with results of earlier drilling by Beowulf the mineralised structure
defined as 'The Central Gold Zone' can now be traced over a strike length of 750
metres, with an average width of 25 metres. The mineralisation is open at both
ends and at depth.

In order to verify the extent of the gold mineralisation both in length and
width, the company is planning to carry out further drilling on the indicated
extensions at both ends of the Central Zone Gold Mineralisation.

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 duplicate samples.

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 and extending to 37.20 metres,
making the deposit amenable to open pit mining. The latest results show that
this mineralised structure carries higher gold grades. This is of great
importance and enhances the economic potential of the project. The extension of
these high grade gold bearing zones will be the focus of our forthcoming
drilling programme at Grundtrask'.



Table 1

Gold assay results and technical details of drillholes DDH 06-001, 06-002,
06-003 and 06-004 of the Grundtrask Gold Project area, N. Sweden.

+-------+------------+-----------+-------+-------+-------+----------------------+---------------+
| Drill |Co-ordinates|Over-burden| Core  |Azimuth| Angle |       Interval       |               |
|Hole No|            |  metres   |Length |degrees|degrees|       (metres)       |               |
|       |   (UTM)    |           |metres |       |       |                      |               |
|       |            |           |       |       |       |                      |               |
|       |            |           |       |       |       |                      |     Gold      |
|       |            |           |       |       |       |                      |               |
|       |            |           |       |       |       |                      |     Assay     |
|       |            |           |       |       |       |                      |               |
|       |            |           |       |       |       |                      |      g/t      |
+-------+------------+-----------+-------+-------+-------+----------------------+---------------+
|06-001 | 7229 713/  |   7.50    | 7.50- |  210  |  45   |16.60 - 37.85 = 21.25m|   1,17 g/t    |
|       |            |           |       |       |       |                      |               |
|       |1666 531    |           |71.90  |       |       |29.40 - 33.60 = 4.20 m|   2.93 g/t    |
|       |            |           |       |       |       |                      |               |
|       |            |           |       |       |       |61.90 - 62.15 = 0.25 m|   8.22 g/t    |
+-------+------------+-----------+-------+-------+-------+----------------------+---------------+
|06-002 | 7229 724/  |   5.80    | 5.80- |  210  |  45   |                      |               |
|       |            |           |       |       |       |                      |               |
|       |1666 518    |           |47.85  |       |       |5.80 - 33.30 = 27.50 m|2.05 g/t       |
|       |            |           |       |       |       |                      |               |
|       |            |           |       |       |       |5.80 - 11.00 = 5.20 m |   4.28 g/t    |
|       |            |           |       |       |       |                      |               |
|       |            |           |       |       |       |5.80 - 7.00 = 1.20 m  |   12.67 g/t   |
+-------+------------+-----------+-------+-------+-------+----------------------+---------------+
|06-003 | 7229 750/  |   4.50    | 4.50- |  210  |  60   |                      |               |
|       |            |           |       |       |       |                      |               |
|       |1666 449    |           | 70.20 |       |       |10.10 - 37.20 = 27.10m|2.06 g/t       |
|       |            |           |       |       |       |                      |               |
|       |            |           |       |       |       |21.80 - 23.60 = 1.80 m|6.26 g/t       |
+-------+------------+-----------+-------+-------+-------+----------------------+---------------+
|06-004 | 7229 853/  |   11.50   |11.50- |  210  |  45   |62.60 - 63.60 = 1.00 m|   1.11 g/t    |
|       |            |           |       |       |       |                      |               |
|       |1666 405    |           |75.00  |       |       |65.10 - 65.30 = 0.20 m|   4.29 g/t    |
|       |            |           |       |       |       |                      |               |
+-------+------------+-----------+-------+-------+-------+----------------------+---------------+

Total amount of drilling: 265 m







Technical background:


The Beowulf exploration permits of the Grundtrask area cover 43 square
kilometres. Within the permits anomalous gold anomalies in basal till samples
extend over large areas. Detailed ground geophysical surveys (IP) have outlined
a number of bedrock structures possibly being associated with these gold
anomalies. Drill testing by Beowulf has now confirmed that only one of these
bedrock structures defined as 'The Central Zone Gold Mineralisation' has a
potentially gold bearing extension of over 750 metres with an average width of
more than 25 metres. At the most southerly intersection the average gold grade
is more than 2 g/t where also the highest gold grade so far recorded is 12.7 g/t
over 1.2 m of length of drillcore. The gold bearing zone remains wide open at
both ends. However, this mineralised structure alone cannot explain the high
levels of gold encountered in most of the basal till samples and the Directors
believe, that further gold bearing bedrock structures remain to be discovered
within the Grundtrask property.


A number of favourable factors are of importance in consideration for a mining
operation to start up in the Grundtrask area. The terrain consists of gently
rolling hills extending parallel with the Central Zone mineralisation. The well
drained area of relatively thin cover of glacial deposits is extensively covered
by pine and spruce forests. The road network is excellent with good forestry
roads crosscutting the area. A major, high standard road runs only 500 m away
from the Central Zone mineralisation. This road is used by the Lundin and
Boliden mining companies for transporting ore, between the Storliden mine
located nearby to a concentrator plant at Boliden. The nearest major
hydroelectric power station is located at the Skellefte River only two
kilometres away.


All four drill holes, in 2006, have cut through sulphide mineralisation over
substantial widths. Arsenopyrite is abundant in all drill cores and occurs as
massive veins and as disseminated smaller grains. Although gold is encountered
in all sulphide sections higher gold grades are found in narrow magnetite bands
mainly associated with pyrite or pyrrhotite. Black tourmaline is observed being
associated with the mineralisation. Some holes display wide fracture zones
within the mineralised sections, which caused some difficulty in drilling and
core retrieving. The sulphide mineralisation is hosted by mafic metavolcanics
within the Vargfors formation of the Skellefte vaolcanic belt..




Notes to Editors.

Beowulf Mining PLC ('Beowulf') is focused primarily on the exploration and
development of mineral deposits in Sweden.

Beowulf has six areas claimed in Northern Sweden. All areas are considered to
have commercial potential. Two of these are defined as project areas where field
exploration is on going by the Company. The project areas are:-

1. Ruoutevare Iron Titanium Project

Drilling in the 1970's by the Swedish Geological Surrey study estimated 116
million tonnes, with an average of 38.2% iron and 5.6% titanium. A richer
section of 20 million tonnes is registered with a grade of 47% iron and 11%
titanium oxide. Beowulf is conducting surveys to a pre-feasibility study on the
deposit. This will determine if the deposit can be brought into production.

2.Grundtrask Gold Project

The Company has three exploration permits in the Skellefte Mining District.
Drilling in 2003, 2004, 2005 and 2006 has outlined a gold mineralization defined
as 'Central Zone' of more than 750 metres of length. Gold grades of about one
gram per tonne have been obtained in the northern part but recent drilling on
the southern extension shows substantially higher gold grades. Further work is
required to better define higher gold grade zones of this structure as well as
elsewhere on the licences.


For further information :-

Dr. Robert Young, Chairman
Beowulf Mining plc Tel: [phone]


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


Nick Bealer
King & Shaxson Tel: [phone]


Charles Dampney
City Capital Securities Limited Tel: [phone]


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






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