TIDMBEM
Beowulf Mining PLC
04 August 2016
4 August 2016
Beowulf Mining plc
("Beowulf" or the "Company")
Kallak North Exploitation Concession Application Update
Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration
and development company, focused on the Kallak magnetite iron ore
project and the Åtvidaberg polymetallic exploration licence in
Sweden, and its graphite portfolio in Finland, is pleased to
provide an update on the application process for Kallak North.
Kallak North
On the 1 July 2016, the Government of Sweden asked the Mining
Inspectorate of Sweden to review the Company's application for an
Exploitation Concession for Kallak North in the context of the
Supreme Administrative Court's judgement in the case of the Norra K
rr project.
Since the Government's request to the Mining Inspectorate, the
Company has continued its dialogue with key stakeholders, but this
has been interrupted by the summer holidays.
In all discussions, the Company has stated that it believed it
is in the best interests of its stakeholders in Sweden, and its
Swedish and non-Swedish shareholders, that the Company's
application be further reviewed by the Mining Inspectorate, so that
any future award of the Exploitation Concession is consistent with
the Supreme Administrative Court's judgement in the case of the
Norra K rr project.
Beowulf has maintained that for this stage of permitting, the
Company's Environmental Impact Assessment has provided the required
level of technical detail, including comprehensive studies,
covering all activities associated with a future mining operation
and its impacts. We are firm in our belief that we have met all
legal requirements for being awarded the Concession.
Almedalen
Kurt Budge, Chief Executive Officer ("CEO") of Beowulf, attended
Almedalen during the week of the 4 July 2016. Almedalen takes place
each year in Visby, Sweden, and provides a unique arena for Swedish
decision-makers in business, politics and NGOs to meet, build
relationships, discuss and debate.
At Almedalen, the CEO was able to meet with representatives of
the Swedish mining industry, unions, politicians, local government
representatives from mining areas in Sweden and regulators. During
these meetings, the CEO was able to present Beowulf, the Kallak
project and our Åtvidaberg exploration licence, to key influencers
and stakeholders, listen to feedback and respond to questions.
The CEO explained Beowulf's progress, since the end of 2014,
improved relationships with key stakeholders, in and around
Jokkmokk, in the County of Norrbotten, with the mining industry in
Sweden and with regulators, manifesting itself in the support of
the County Administrative Board for the Kallak North application in
July 2015 and the recommendation of the Mining Inspectorate that
the Concession be awarded in November 2015.
The CEO reinforced the Company's key messages, of being
respectful towards all our stakeholders, looking forward to
becoming a local partner in Jokkmokk, with a focus on delivering
responsible development at Kallak, and voiced the Company's
ambition to build a sustainable and modern mining business in
Sweden.
Almedalen provided the Company with an opportunity to further
demonstrate its commitment to Sweden, by participating in a
significant event for the country, taking a leadership position on
issues we believe are important to the Swedish mining industry, and
seeking to be involved in future discussions.
Kurt Budge, CEO, commented:
"We have had a busy few days updating shareholders on Beowulf's
activities.
"We are pleased to provide exciting findings on Åtvidaberg, our
Swedish exploration licence, and our Finnish graphite, both early
stage exploration efforts, but showing their potential for creating
shareholder value, yet to be recognised in our share price.
"These new business lines do not remove the focus and attention
from Kallak North, and our 'behind the scenes' efforts to securing
the Exploitation Concession continue. I remain firmly committed to
working with our Swedish stakeholders over the coming months.
"As we wrote in our last letter to the Government of Sweden,
Beowulf will be looking for transparency and a definite timeline by
which we can expect a decision on Kallak North, and I hope that
once discussions restart after the summer holidays, we can provide
more details to shareholders on these aspects.
"I look forward to updating shareholders on our progress in due
course."
Please use the following link to hear an interview with Kurt
Budge, CEO:
https://www.brrmedia.co.uk/broadcasts-embed/57a201033f268dbe45bea34b/event/?popup=true
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 3771 6993
Officer
Cantor Fitzgerald Europe
(Nominated Advisor & Broker)
Stewart Dickson / Phil Davies Tel: +44 (0) 20 7894 7000
/ Carrie Drummond
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204
Cautionary Statement
Statements and assumptions made in this document with respect to
the Company's current plans, estimates, strategies and beliefs, and
other statements that are not historical facts, are forward-looking
statements about the future performance of Beowulf. Forward-looking
statements include, but are not limited to, those using words such
as "may", "might", "seeks", "expects", "anticipates", "estimates",
"believes", "projects", "plans", strategy", "forecast" and similar
expressions. These statements reflect management's expectations and
assumptions in light of currently available information. They are
subject to a number of risks and uncertainties, including, but not
limited to, (i) changes in the economic, regulatory and political
environments in the countries where Beowulf operates; (ii) changes
relating to the geological information available in respect of the
various projects undertaken; (iii) Beowulf's continued ability to
secure enough financing to carry on its operations as a going
concern; (iv) the success of its potential joint ventures and
alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding
any mineral project at an early stage of its development, the
actual results could differ materially from those presented and
forecast in this document. Beowulf assumes no unconditional
obligation to immediately update any such statements and/or
forecasts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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