Beowulf Mining PLC Kallak North Exploitation Concession Update (6396K)
April 12 2018 - 1:00AM
UK Regulatory
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: +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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