Kallak iron ore project:
* Maiden independent JORC compliant Inferred Resource estimate completed by GeoVista AB ("GeoVista") for the Company's Kallak North iron ore deposit of 131.6 million tonnes ("Mt") grading at 28% iron (Fe). Exploration target identified for Kallak South of 200Mt to 230Mt grading at 31% iron (Fe).
* Additional extensive two phase infill drilling programme of up to approximately 57,000m scheduled for Kallak. Initial plans are for 7,000m of drilling at Kallak North, principally seeking to confirm whether Kallak North and South are a single ore body.
* Environmental Impact Study progressing on the Kallak iron ore deposits.
* 2012 drilling campaign at Kallak currently suspended pending receipt of formal approval of the Company's work plans from the Swedish Mining Inspectorate, further to objections raised by the local Saami community seeking to delay the new drilling campaign to May 2012 due to seasonal reindeer herding. Consultation process with the local Saami community ongoing.
Ballek joint venture copper-gold project:
* Letter of intent signed with Dala Prospektering AB to undertake approximately 3,000m of drilling at the Ballek copper-gold project, preliminarily scheduled for late 2012.
* Nil revenue (2010: Nil), loss before and after taxation of £690,818 (2010: £474,395), basic loss per share of 0.41p (2010: 0.34p) and nil dividend (2010: Nil).
* Successful placings and subscription completed in May and November 2011 raising approximately £1 million (gross) and £6.7 million (gross) respectively from new and existing investors.
* Approximately £6.05 million in cash held at the year end.
Clive Sinclair-Poulton, Executive Chairman of Beowulf, commented:
"Throughout 2011 we have again concentrated our efforts on our flagship iron ore deposits at Kallak, which we believe offer the best near term development opportunity for the Company and its shareholders. Completion of our largest ever fundraising of £6.7 million (gross) in November 2011 will assist us in implementing an ambitious two phase infill drilling campaign of up to 57,000m seeking to improve our maiden JORC compliant resource estimate for Kallak North and establish a JORC resource estimate for Kallak South, which has proved to be a much more substantial deposit than originally envisaged.
We are actively consulting with the Swedish Mining Inspector and the local Saami community to seek a swift resolution to their work plan objections and look forward to recommencing our 2012 drilling campaign at the earliest opportunity."
Beowulf Mining Plc
Clive Sinclair-Poulton, Chairman Tel: +353 (0)85 739 2674
Strand Hanson Limited
Matthew Chandler / Simon Raggett Tel: +44 (0)20 7409 3494
Alexander David Securities Limited
David Scott Tel: +44 (0)20 7448 9820
Lothbury Financial Services Limited
Gary Middleton / Michael Padley Tel: +44 (0)20 7868 2010
or visit http://www.beowulfmining.net