Beowulf Mining PLC Retraction Statement - Kallak (5761A)
25 May 2023 - 4:00PM
UK Regulatory
TIDMBEM
RNS Number : 5761A
Beowulf Mining PLC
25 May 2023
25 May 2023
Beowulf Mining plc
("Beowulf" or the "Company")
Retraction Statement - Kallak
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, through its subsidiary Jokkmokk Iron Mines AB
operates the Kallak Project, for which Jokkmokk Iron holds the
exploitation licence. The Mineral Resources of the deposits have
been classified according to the PERC Standards 2017, by Howard
Baker (FAusIMM(CP)) an independent Competent Person. As was
reported by the Company via RNS on 25 May 2021, the total Measured
and Indicated resource, as prepared by Baker Geological Services
("BGS"), is 132 million tonnes ("Mt") grading 28.3 per cent iron
("Fe"), with an Inferred Mineral Resource of 39 Mt grading 27.1 per
cent Fe.
However, contrary to the PERC Standards and erroneously, the
Company aggregated a number of areas of mineralisation and
potential mineralisation which should be reported separately
informing that the Kallak Project area is "estimated to contain 389
million tonnes of iron mineralisation", in an RNS Reach press
release (dated 22 February 2023), and also at a presentation
delivered at the Mining Journal Select conference (held in London
on 28 March 2023). As this figure is not compliant with the PERC
Standard it is erroneously reported and should be disregarded. The
Company wishes to emphasise that no new studies have been carried
out and that this explanatory communication should be seen as a
clarification according to industry standards.
Enquires
Beowulf Mining plc
Tel: +46 (079) 060 56
Daniel Lagerqvist 62
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill Tel: +44 (0) 20 3470
/ Adam Cowl 0470
BlytheRay
Tel: +44 (0) 20 7138
Tim Blythe / Megan Ray 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
forecast.
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END
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