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2017-08-21

Beowulf: Parkijaure Exploration Update

21 August 2017

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and
development company, focused on the Kallak magnetite iron ore project
and the Åtvidaberg polymetallic exploration licence in Sweden, and
its graphite portfolio in Finland, is pleased to provide an update on
its work programme for its Parkijaure nr 4 and nr 5 exploration
licences, which are situated south of the Kallak project area, and
are prospective for magnetite iron ore.

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

In the middle of September, the Company will mobilise its exploration
team to conduct a ground-magnetic survey, geological mapping, and to
ground-check historic airborne magnetic, ground magnetic and
gravimetric anomalies. The Autumn work programme will last
approximately four weeks, and enable the Company to identify drill
targets that could feature in a 2018 Kallak drilling programme.

With the restart of exploration activity at Kallak and Parkijaure, and
with continuing work programmes on its other exploration licences in
Sweden, the Company is in the process of hiring a full-time Project
Geologist to be based in Jokkmokk.

Kurt Budge, CEO, commented:

"It's exciting to be starting work at Parkijaure, which we hope, with
drilling, will significantly add to the iron ore resource already
defined at Kallak.

"To date, we have suspended further exploration on our Kallak and
surrounding licences, as we waited for a decision to be made on the
Kallak North Exploitation Concession, however, we have now decided to
move forward with our investigations.

"We are looking to build a strong, modern and sustainable mining
business in Sweden, and, as part of that, we will illustrate that
Jokkmokk has a potential iron ore district associated with both the
Kallak and Parkijaure licences. .

"I look forward to updating shareholders on our findings in due
course."

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 per cent owned subsidiary of Beowulf.

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993
Cantor Fitzgerald Europe(Nominated Advisor & Broker)
David Porter Tel: +44 (0) 20 7894 7000
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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http://news.cision.com/se/beowulf/r/parkijaure-exploration-update,c2329608
http://mb.cision.com/Main/11673/2329608/711602.pdf

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