Beowulf Mining PLC Kallak North Exploitation Concession Update (6396K)

TIDMBEM

RNS Number : 6396K

Beowulf Mining PLC

12 April 2018

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.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Kurt Budge, Chief Executive Officer.

12 April 2018

Beowulf Mining plc

("Beowulf" or the "Company")

Kallak North Exploitation Concession Update

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, has been in communication with The Government of Sweden, and understands that the Government's review of submissions made by interested parties, with regard to the Company's application for an Exploitation Concession for Kallak North, continues. As the Government has yet to complete its review of all documents received, it cannot give a definitive timing for a final decision.

The Company will continue to keep the market informed regarding developments in the application process. The Company requests that shareholders do not contact the Government directly, as responding to enquiries is time consuming for those reviewing the Kallak project, taking them away from dealing with the matter in hand.

Kurt Budge, CEO, commented:

"It is clear that the Government is being thorough in its review, and taking the time it needs to complete a rigorous and objective assessment of the facts.

"Though shareholders may be frustrated with no definitive timeline for a decision, Kallak is an important project for Jokkmokk and the County of Norrbotten and should be treated with the care and attention it deserves, and an observance of due process.

"The Government has the opportunity to look at the 'big picture', the interdependencies of capital projects in the region, mining, rail, port, and power, and the potential for Kallak to play its part in a sustainable economic future for Jokkmokk and Norrbotten.

"Kallak has support from local and regional politicians, and business focused agencies, who recognise that the Company has invested SEK77 million, and that it is committed to developing an innovative, modern, and sustainable mining project, that showcases the best of what Sweden can deliver.

"While the Company waits on Kallak, the Company's exploration teams have been busy with drilling the Aitolampi graphite project in Finland, and a geophysics survey at Åtvidaberg in southern Sweden.

"The Board will be in Finland next week, attending the Nordic Mining Investment Conference, where I will make a presentation titled 'Mining a future in the Nordics - Staying the distance'. Also, we will hold a workshop with our exploration team, to review our graphite portfolio and our plans for the Aitolampi project, as well as Åtvidaberg.

"I look forward to updating shareholders in due course on our progress at Aitolampi and Åtvidaberg."

Enquiries:

 
 Beowulf Mining plc 
 Kurt Budge, Chief Executive     Tel: [phone] 
  Officer 
 Cantor Fitzgerald Europe 
  (Nominated Adviser & Broker) 
 David Porter                    Tel: [phone] 
 Blytheweigh 
 Tim Blythe / Megan Ray          Tel: [phone] 
 

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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April 12, 2018 02:00 ET (06:00 GMT)