Beowulf signs farm-in agreement for Ruoutevare iron ore project with WAG -UPDATE

June 4, 2008

June 4th (Hemscott) – Beowulf Mining Plc. said it signed a farm-in agreement with WAG Ltd. for the exploration and evaluation of the Ruoutevare iron and titanium project, its flagship exploration project, in northern Sweden.

Shares in the company have soared since Monday when David Steinepreis, former chairman of Ascent Capital, acquired RAB Capital’s entire 10.82 percent stake in Beowulf. Steinepreis resigned from WAG in March but his brother Gary is still a director of the Australian-based company.

At 1:20 p.m., Beowulf shares were up 0.125 pence, or 3.0 percent, at 4.25p. The shares have doubled from Friday’s close of 2.125p.

Under the joint venture agreement, WAG will complete a work programme within 18 months at a cost of A$1 million and on completion will earn a 50-percent interest in the Ruoutevare project.

On Monday, AIM-listed Beowulf said that while it was unable to find a suitable drilling rig in 2007 for Ruoutevare, it anticipates drilling will start there this year. It noted that the dramatic increase in iron ore prices has focused attention on all the iron ore projects in Sweden and strengthened the economic case for the exploitation of Ruoutevare.


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