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Beowulf Mining PLC

Beowulf still on course to receive Kallak South final assay results in the second quarter

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Beowulf Mining (LON:BEM) said it is still on course to receive final assay results on its Kallak South iron ore project on schedule in second quarter of this year despite Sweden’s coldest winter in a century.

With temperatures plummeting as low as minus 35 degrees Celsius, the company has drilled just 10 of a planned 32 holes for 951 metres. Assay results for this phase of the programme are expected later this month. Beowulf plans to drill 3,500 metres in all.

Chairman Clive Sinclair-Poulton said: "The most severe winter in over 100 years in Northern Sweden has served to slightly delay our progress at Kallak South. 

“However I am pleased to report that conditions have now improved and we remain on course to complete drilling and receive final assay results during the second quarter of 2011. 

“Under Swedish law, drill operators must halt operations at temperatures of -25 degrees celsius and at -35 degrees celsius the oil in the drill can freeze.”

The company owns the twin projects Kallak South and Kallak North in northern Sweden that are expected form the basis of a world class iron project ideally situated for the European market.

Last month the group revealed the ‘Kallaks’ could contain more than 600 million tonnes of iron ore. 

So far it has covered around 600 metres across an extension of the most northerly part of the target.  Detailed magnetic data indicates that this extends for more than 2,400 metres, and it has a maximum width of 400 metres in the centre.

Separately, Beowulf revealed it had assumed the role of operator of the Ballek copper-gold joint, also in northern Sweden, after earning a 50 per cent stake from partner Energy Ventures.

It did so by drilling just over 1,600 metres that confirmed “widespread anomalous copper-gold mineralisation”.

At the same time Beowulf revealed it had appointed Fred Boman as production consultant to the company.

He is a Stockholm-based mining engineer with 35 years of experience. And will advise the group on accelerating its projects towards production. 

Sinclair-Poulton said: “I would also like to welcome Fred Boman as a consultant to the company. 

“His proven experience in bringing exploration companies into the production phase will be invaluable to Beowulf at this exciting stage in its development where we are receiving indications of large tonnages of iron ore."


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