Beowulf Mining says a ‘JORC’ (mining industry standard) resource estimate for Ballek, its Swedish copper and gold project, is imminent.

The AIM-quoted Nordic mineral minnow, headed by entrepreneurial Dr Bob Young, suggests Ballek might contain 60 million tonnes at an encouraging 1 per cent copper, with low-grade gold as well, at 0.25 grammes per tonne of ore.  

Beowulf has reached a farm-in agreement for Ballek with Agricola Resources, a PLUS quoted concern which has backing from Australian group Energy Ventures and is rumoured by market gossip to have attracted interest from Canada.

A larger prospect in Beowulf’s north Swedish portfolio is Routevare, where it has already established a JORC resource estimate of 140 million tonnes with 39 per cent iron ore.

Another Australian company, WAG, is Beowulf’s joint venture partner there and is already negotiating crucial off-take deals for future production, according to Young.

He also says WAG is lined up to come in on a third Beowulf project, Kallak, with a claimed potential of 100 tonnes of iron ore, and adds that he is negotiating another joint venture deal for Beowulf’s Jokkmokk copper project in Lapland, from which American group Phelps Dodge pulled out some time ago. Young says Beowulf hopes to arrange yet another joint venture, for its Grundtrask gold prospect.

However gleaming its claimed potential, Beowulf, where small company backer Bruce Rowan holds 29 per cent, has a dire share price history, having dropped from 6.37p to 1.62p between 2006 and last March.

The company says Australian entrepreneur David Steinepreis (brother of one of WAG’s directors) unsuccessfully sought control after buying an 11 per cent holding from investment group RAB, a block which later overhung the market.

Young says these shares have found a home in friendly hands and the overhang is over. Now 2.62p, valuing the company at a mere £2.12million, Beowulf has undoubted speculative appeal, but is not without risk.  

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Beowulf Mining	AIM	£1.62m	2.00p	0.00p
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Resource hopes at Beowulf			03/09/2008
Beowulf strikes iron deal			11/07/2008
Beowulf goes for uranium			30/01/2007
Beowulf aims for production			17/07/2006
Titanium lures Young			26/01/2006