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2019-10-24

Beowulf: Plans To Investigate Iron Ore Potential At Parkijaure

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.

24 October 2019

Beowulf Mining plc

("Beowulf" or the "Company")

Plans To Investigate Iron Ore Potential At Parkijaure

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, is pleased to announce that the Company has been
awarded an Exploration Licence for Parkijaure nr 6 which covers
almost 1,000 hectares, situated to the south of Kallak North and
South deposits, and which is similarly prospective for magnetite iron
ore.

The magnetic signature of mineralisation at Kallak, extends southwards
from Kallak North to Kallak South, and then beyond to Parkijaure.
Interpretation of geophysical data suggests the potential for
additional magnetite mineralisation, which could add to the Kallak
North and Kallak South resource.

Parkijaure Geophysics

This week, Beowulf has awarded a contract to GeoVista AB in Sweden to
re-assess existing geophysical data and determine if an additional
Exploration Target is warranted at Parkijaure, to add to the Kallak
South Exploration Target.

PACIFIC Project

Beowulf is a partner in the European Union ("EU") funded PACIFIC
Project ("PACIFIC"), launched in June 2018. The project has received
EUR 3.2 million from the EU's Horizon 2020 research and innovation
programme and has a 36-month programme of activities being
coordinated by Université Grenoble Alpes.

The aim of PACIFIC is to develop a new, low-cost and environmentally
friendly tool for exploring for sub-surface mineral deposits. The
PACIFIC consortium is conducting fundamental and applied research to
develop two radically new and complementary mineral exploration
techniques, both based on passive seismic imagery. See project
website for more information: https://www.pacific-h2020.eu/

Kallak, including Kallak North, Kallak South and the Parkijaure
licence, has been chosen as one of two PACIFIC test sites.

At Kallak, Phase 1 work includes:

· Testing the multi-array method over the known magnetite iron ore
deposit to provide background data;

· Establishing seismic properties for the iron ore; and
· Correlating findings with the geological model for Kallak.
Testing of the multi-array method, using an array of receivers at
surface, was conducted at Kallak South in September 2019. In early
2020, a similar survey will be conducted at Kallak North, followed by
interpretation of the data and correlation with the existing
geological model for Kallak North and Kallak South.

Phase 2 work will include:

· Testing the multi-array method in parallel with drilling at
Kallak South and Parkijaure, with noise from drilling providing a
passive seismic source.

· Testwork will determine if a 3D seismic model can be constructed,
using the established seismic characteristics of the Kallak deposit,
and whether the 3D model can be used to identify previously
undiscovered magnetite mineralisation for the Kallak South
Exploration Target areas and for Parkijaure. This work would help
better define drill targets for verifying test results and resource
drilling.

Testing of the multi-array method in parallel with drilling is planned
for Autumn 2020. In anticipation of the Exploitation Concession being
awarded for Kallak North, the Company would then consider a follow-up
programme of drilling at Kallak South and Parkijaure.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"In anticipation of a decision on the Exploitation Concession for
Kallak North, we have been investigating how we can add to the
potential 250 million tonnes global resource defined at Kallak North
and South.

"Having been awarded the Parkijaure nr 6 exploration licence, we are
reviewing existing geophysics and have already begun testing passive
seismic technology at Kallak, with a view to using this non-invasive
exploration technology to help define additional iron ore resource.

"For a typical mining project, the mineral resource increases as the
full potential of a deposit is explored and proven-up over time. With
iron ore in Sweden, a good example would be LKAB's Kiruna,
established in 1890 and still producing today.

"I look forward to keeping the market updated on further progress."

Swedish Translation:

"Vi har i väntan på ett beslut angående bearbetningskonsessionen för
Kallak North undersökt möjligheterna att utöka malmpotentialen utöver
de 250 miljoner ton redan definierat vid Kallak North och South.

"Efter tilldelat undersökningstillstånd Parkijaure nr 6, så har vi
granskat existerade geofysik och påbörjat tester av passiva
seismikteknologin vid Kallak, med en ide om att använda
prospekteringstekniken i syfte att definiera ytterligare
järnmalmsresurser.

"För ett typiskt gruvprojekt, så ökar malmresursen i och med att att
den fullständiga potentialen av en fyndighet är undersökt. Ett bra
exempel är LKABs Kiruna gruva där produktionen startade 1890 och
producerar ännu idag.

"Jag ser fram emot hålla marknaden uppdaterad med fortsatta framsteg."

About Beowulf Mining plc

Beowulf's strategy is to build a sustainable and innovative mining
company, which creates shareholder value by developing mining assets,
delivering production and generating cash flow, and in so doing meets
society's ongoing need for minerals, metals and economic prosperity.

Beowulf is developing a high-quality asset base, which is diversified
by geography and commodity, enabling it to simultaneously advance
several projects up the mining value curve and create shareholder
value.

Additionally, the Board of Directors continues to look beyond the
Company for value creation opportunities.

The Company's first priority remains the award of the Exploitation
Concession for Kallak North, and thereafter completing the Scoping
Study. The introduction of a strategic partner/investor who
understands the value of Kallak as a high-quality asset, which could
be in production within four to five years, is an ongoing
consideration, but does not preclude the Company from continuing to
add value to Kallak in the meantime.

Fennoscandian Resources ("Fennoscandian"), the Company's graphite
business, is pursuing a strategy to develop a `resource footprint' of
natural flake graphite prospects that can provide `security of
supply' and enable Finland to achieve its ambition of
self-sufficiency in battery manufacturing. The Company is a
recipient of Business Finland funding, which is supporting
Fennoscandian to move downstream, and develop its knowledge in
processing and manufacturing value-added graphite products.

The Company owns 40.1 per cent of Vardar Minerals ("Vardar"), a UK
registered exploration company with a focus on the metal endowed
Balkan region and one of the first companies to be awarded
exploration licences in Kosovo. Vardar holds exploration licences
for the Mitrovica and Viti projects. Both projects are located
within the Tethyan Belt, a major orogenic metallogenic province for
gold and base metals which extends from the Alps
(Carpathians/Balkans) to Turkey, Iran and Indochina, and contains
several world class discoveries. The Tethyan Belt of south-east
Europe can be regarded as Europe's chief copper-gold
(lead-zinc-silver) province.

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% owned subsidiary of Beowulf.

Mr Blomqvist consents to the inclusion in the announcement of the
information presented in the form and context in which it appears.

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev Tel: +44 (0) 20 3470 0470
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.

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https://news.cision.com/se/beowulf/r/plans-to-investigate-iron-ore-poten...
https://mb.cision.com/Main/11673/2939816/1128513.pdf

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