TIDMBEM
RNS Number : 4653O
Beowulf Mining PLC
21 August 2017
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of Kurt Budge, Chief Executive Officer.
21 August 2017
Beowulf Mining plc
("Beowulf" or the "Company")
Parkijaure Exploration 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 its work programme for its Parkijaure nr 4 and
nr 5 exploration licences, which are situated south of the Kallak
project area, and are prospective for magnetite iron ore.
The magnetic signature of magnetite mineralisation at Kallak,
extends southwards from Kallak North to Kallak South, and then
beyond to the Parkijaure licences. Interpretation of geophysical
data suggests the potential for additional magnetite
mineralisation, which could add to the Kallak North and Kallak
South resource.
In the middle of September, the Company will mobilise its
exploration team to conduct a ground-magnetic survey, geological
mapping, and to ground-check historic airborne magnetic, ground
magnetic and gravimetric anomalies. The Autumn work programme will
last approximately four weeks, and enable the Company to identify
drill targets that could feature in a 2018 Kallak drilling
programme.
With the restart of exploration activity at Kallak and
Parkijaure, and with continuing work programmes on its other
exploration licences in Sweden, the Company is in the process of
hiring a full-time Project Geologist to be based in Jokkmokk.
Kurt Budge, CEO, commented:
"It's exciting to be starting work at Parkijaure, which we hope,
with drilling, will significantly add to the iron ore resource
already defined at Kallak.
"To date, we have suspended further exploration on our Kallak
and surrounding licences, as we waited for a decision to be made on
the Kallak North Exploitation Concession, however, we have now
decided to move forward with our investigations.
"We are looking to build a strong, modern and sustainable mining
business in Sweden, and, as part of that, we will illustrate that
Jokkmokk has a potential iron ore district associated with both the
Kallak and Parkijaure licences. .
"I look forward to updating shareholders on our findings in due
course."
Competent Person Review
The information in this announcement has been reviewed by Mr.
Rasmus Blomqvist, a Competent Person who is a Member of the
Australasian Institute of Mining and Metallurgy. Mr. Rasmus
Blomqvist has sufficient experience, that is relevant to the style
of mineralisation and type of deposit taken into consideration, and
to the activity being undertaken, to qualify as a Competent Person
as defined in the 2012 Edition of the "Australasian Code of
Reporting of Exploration Results, Mineral Resources and Ore
Reserves".
Mr. Rasmus Blomqvist is a full-time employee of Oy Fennoscandian
Resources AB, a 100 per cent owned subsidiary of Beowulf.
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 3771 6993
Officer
Cantor Fitzgerald Europe
(Nominated Advisor & Broker)
David Porter Tel: +44 (0) 20 7894 7000
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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