TIDMBEM
RNS Number : 1575H
Beowulf Mining PLC
02 August 2021
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law
by the European Union (Withdrawal) Act 2018. Upon the publication
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be in the public domain.
2 August 2021
Beowulf Mining plc
("Beowulf" or the " Company ")
GBP100,000 investment in Vardar Minerals
Beowulf (AIM: BEM; Spotlight : BEO), the mineral exploration and
development company, is pleased to announce that the Company has
invested a further GBP100,000 in Vardar Minerals Ltd ("Vardar").
The investment increases the Company's ownership in Vardar from
48.4 per cent to approximately 49.4 per cent.
2021 Drilling Programme
To date, Vardar has been unable to commence the planned summer
drilling programme, as it awaits final approval of its licence
applications. The Independent Commission on Mines and Minerals
("ICMM") Board, the body that administers mineral licence
permitting in Kosovo, renews licences and issues new licences,
reached the end of its members' elected terms approximately one
year ago. The selection of a new board has been delayed, firstly by
COVID related disruptions and secondly by Kosovo's parliamentary
elections, which took place in February 2021. This selection
process has now started and Vardar expects the ICMM Board to be in
operation by the end of September 2021 and, thereafter, the backlog
of applications to be processed with some urgency.
On 30 July 2020, Vardar submitted its licence renewal
applications for Mitrovica and Viti on time and these applications
were approved by the pre-board process and are ready for signature
by the ICMM Board. In anticipation of the licences being re-issued,
the ICMM approved the geophysics programme at Mitrovica undertaken
in Q3 and Q4 2020 and the building of access roads and drilling
platforms ahead of the planned drilling on the lead-zinc targets at
Wolf Mountain and gold targets at Majdan Peak.
Assuming that the licences will be approved by the ICMM Board in
late September, Vardar is hoping to be able to use two diamond
drill rigs to complete the planned drilling programme prior to the
onset of Winter. These plans remain contingent on securing two rigs
once the licences are issued. Beowulf's investment is funding
advance procurement of necessary support equipment.
New Licence Application
Vardar has submitted an application for a new exploration
licence area which has been approved by the pre-board process and
is ready for signature by the ICMM Board. The application covers an
area of 87 square kilometres, extends to the north and northeast of
the Mitrovica Project, and includes several areas with significant
alteration associated with Oligo-Miocene magmatics along with
associated gossans and evidence of historical artisanal workings.
The licence encompasses the extension of a distinct northwest
trending zone of lead-zinc-silver ("Pb-Zn-Ag") mineralisation from
the Stan Terg deposit through the Wolf Mountain target. Plans are
being drawn up for a comprehensive ground based and airborne drone
exploration programme in spring 2022.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"The Company was pleased to see another democratic election take
place in Kosovo earlier this year and we have had to be patient
while the new Government takes office and learns about the
importance of Kosovo's developing mining sector.
"It's good to know that the formation of the new ICMM Board is
underway and Vardar and Beowulf have been working with the British
Embassy in Pristina, and other exploration companies, to ensure
that the Government understands the excessive time we have been
waiting for licence approvals and the importance of giving
investors in Kosovo confidence in legal and regulatory
processes.
"The Vardar team is now adjusting its plans for an intense
drilling programme in the Autumn, about 3,300 metres into lead-zinc
targets at Wolf Mountain and gold targets at Majdan Peak.
"I look forward to providing further updates on progress in
Kosovo."
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 7583 8304
Officer
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill Tel: +44 (0) 20 3470 0470
/ Adam Cowl
Blytheweigh
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204
About Beowulf Mining plc
Beowulf Mining plc ("Beowulf" or the "Company") is an
exploration and development company, listed on the AIM market of
the London Stock Exchange and the Spotlight Exchange in Sweden. The
Company listed in Sweden in 2008 and is approximately 73.4 per cent
owned by Nordic shareholders.
The Company's purpose is to be a responsible and innovative
company that creates value for our shareholders, wider society and
the environment, through sustainably producing critical raw
materials needed for the transition to a Green Economy and to
address the Climate Emergency.
The Company's asset portfolio is diversified by commodity,
geography and the development stage of its various projects and
features metals in demand, including iron ore, graphite, copper,
lead, zinc and precious metals.
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.
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