Announcement
Beowulf Mining PLC : ?tvidaberg nr1 Swedish Exploration Licence Awarded
RNS Number : 9666Z
Beowulf Mining PLC
02 June 2016
2 June 2016
Beowulf Mining plc
("Beowulf" or the "Company")
Åtvidaberg nr 1 Swedish Exploration Licence Awarded
Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development Company focused on the Kallak magnetite iron ore project in northern Sweden and its graphite portfolio in Finland, is pleased to announce that the Mining Inspectorate of Sweden has awarded the Company an Exploration Licence for Åtvidaberg nr 1, with the Company focusing on the prospect of polymetallic discoveries.
Overview
· The licence area covers 225 square kilometres ("km2") and is located in the Bergslagen area, southern Sweden. The licence is valid for 3 years from the 30 May 2016.
· Bergslagen is one of Europe's oldest mining districts and yielded a substantial portion of Sweden's mineral wealth in the 1800-1900s, with a number of large mines and hundreds of smaller mines producing copper, zinc, lead, gold, silver and iron ore. Current operating mines in the area include Boliden's Garpenberg and Lundin Mining's Zinkgruvan.
· Most of southern Bergslagen has seen little modern exploration, yet it hosts Bersbo, one of Sweden's largest early copper mines, and Zinkgruvan, Sweden's most important zinc mine.
· Other than at Zinkgruvan, exploration activity in Bergslagen has predominantly focused on finding new outcropping ore bodies. Some historic mining areas have not been mapped here since the early 1900s.
· The ore types that Beowulf is exploring for are amenable to modern exploration methods, and the Company hopes to build a detailed picture of what lies at shallow depth. The southern Bergslagen district comprises strong potential for the types of Volcanic Massive Sulphide ("VMS") deposits typical to the area, namely exhalative style, exemplified by the nearby Zinkgruvan mine, and replacement-reaction style, exemplified by the Falun mine.
· Beowulf has created a Geographic Information System ("GIS") Database, capturing significant historical data for the area. Beowulf has also established an expert team who are familiar with the area, geological setting, and style of deposit we are exploring for.
Kurt Budge, CEO, commented:
"We are delighted to have been awarded an Exploration Licence for Åtvidaberg nr 1, maintaining our Nordic focus, while adding some commodity diversification to our asset base.
"We are reaffirming our commitment to doing business in Sweden, re-building our exploration activities with such an exciting prospect in the country. It's often said that the best place to explore is next to a producing mine, and that is the potential offered by Åtvidaberg, benefited also by its location in an established mining jurisdiction, with access to infrastructure and a highly skilled workforce.
"With both our graphite portfolio in Finland and polymetallic focus with Åtvidaberg, we are focused on 'intelligent exploration'. This includes managing our costs, understanding all the historic data that is available, efficiently committing resources to fieldwork to develop our knowledge base, to eventually define the best possible targets for drilling.
"The Company already has personnel in the field conducting an initial 'brainstorming' assessment of priority targets, and an off-site expert team is analysing various aspects of the GIS database. The findings of these activities will inform our work for a second field programme later this summer.
"The board and I look forward to updating the market in due course on our progress."
Please use the following link to hear an interview with Kurt Budge, CEO:
http://www.brrmedia.co.uk/broadcasts-embed/574f139b4c64e59e61dc67de/event/?popup=true
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 has conducted a desktop review of source documents and data which underpins the technical statements disclosed herein and approves the disclosure of technical information in the form and context in which it appears in this announcement, in his capacity as a Competent Person, as required under the AIM rules. It should be noted that the technical disclosure herein, for which the Competent Person takes responsibility, is based on desk-top review of historical documents only, and no data verification works or project inspections have been carried out by the Competent Person at this time.
Mr. Rasmus Blomqvist is a full-time employee of Oy Fennoscandian Resources AB, a 100% owned subsidiary of Beowulf.
Enquiries:
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Beowulf Mining plc |
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Kurt Budge, Chief Executive Officer |
Tel: +44 (0) 20 3771 6993 |
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Cantor Fitzgerald Europe (Nominated Advisor & Joint Broker) |
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Stewart Dickson / Phil Davies / Carrie Drummond |
Tel: +44 (0) 20 7894 7000 |
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Blytheweigh |
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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.
This information is provided by RNS
The company news service from the London Stock Exchange
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