Beowulf Mining PLC Aitolampi Drilling Now Underway (0656F)
February 16 2018 - 1:00AM
UK Regulatory
TIDMBEM
RNS Number : 0656F
Beowulf Mining PLC
16 February 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.
16 February 2018
Beowulf Mining plc
("Beowulf" or the "Company")
Aitolampi Drilling Now Underway
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
announce that drilling at its Aitolampi graphite project is now
underway. Aitolampi is part of the Company's 100 per cent owned
Exploration Permit Pitkäjärvi 1.
The Company has plans to drill approximately 2,000 metres, up to
15 drill holes, with the drilling programme split into two phases.
The drilling contract has been awarded to a local Finnish
contractor, Oy Northdrill.
The first phase will be drilled on snow covered ground and take
three to four weeks to complete, with samples being sent for
analysis and testwork concurrently with drilling. After the
information collected from the first phase of drilling has been
fully analysed, the second phase of drilling will commence, most
likely in the summer of 2018.
The drilling programme for this year will support our objectives
of defining a maiden resource of 4-5 million tonnes, following the
guidelines of the JORC Code 2012 edition, and conducting a Scoping
Study.
Kurt Budge, CEO, commented:
"It's great to be back drilling at Aitolampi, and working again
with local Finnish contractor Northdrill, who did an excellent job
for us in 2017.
"There's a growing buzz in Finland regarding battery minerals
and metals, and we hope to take advantage of this.
"I look forward to making further updates on our progress".
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 Tel: +44 (0) 20 3771 6993
Officer
Cantor Fitzgerald Europe
(Nominated Adviser & 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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