Beowulf: Graphite Drilling Starts in Finland

22 February 2017 

See Press Release Graphite Drilling Starts in Finland

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Beowulf (AIM: BEM; AktieTorget: BEO), the Nordic focused 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 announce that drilling has started at its Aitolampi graphite prospect in Finland, part of its 100 per cent owned Exploration Permit Pitkäjärvi 1.

The Company plans an approximate 2,000 metre drill programme, up to 30 drill holes, split in two phases. The first phase will drill 1,150 metres, taking two to three weeks to complete and samples for testwork will be shipped concurrently with drilling.  The second phase of drilling will start in the summer of this year, after all of the information from the first phase has been analysed in full.

Kurt Budge, CEO, commented:

“I am delighted to announce that we have started the drilling programme at Aitolampi which will significantly enhance our geological understanding of the prospect, and provide representative sample material for further testwork.

“We look forward to providing shareholders with further updates on our progress and findings in due course.”

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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.