11/07/2008
Nordic mineral minnow Beowulf Mining has agreed with Australia’s WAG to explore Sweden’s Kallak iron ore project.
Under the deal, Aussie-quoted WAG can earn a half-share of the project by completing an agreed work programme on Kallak, which was previously estimated by the Geological Survey of Sweden to hold 92 million tonnes of ore with 35 to 42 per cent iron. AIM-quoted Beowulf has already signed another farm-in agreement this year, over another Swedish iron ore project at Routevare.
Beowulf shares, which stood at 7.6p three years ago, now languish at a depressed 2.12p, valuing the company at £1.7 million.
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