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Beowulf Mining

  • BY: Andrew Hore |
  • POSTED: 28/10/2008 |

Beowulf Mining’s joint venture partner on its iron projects has given notice that it wants to withdraw from the agreement.

ASX-listed WAG Ltd appears to be ending the joint venture covering Ruoutevare and Kallak deposits because it is trying to conserve its cash. WAG has completed a survey of the deposits which includes analysis of geological and metallurgical data.

Looking on the bright side for Beowulf, WAG funded the attainment of a JORC classification of 140Mt at 39.1% iron and 5.7% titanium for the Ruoutevare project.

Beowulf owns 100% of the projects and the deal with WAG has enabled it to continue to make progress at no cost. It will need to find another partner in order to exploit these resources.

At 2p a share, Beowulf is valued at £1.62m. At the end of June 2008, Beowulf had cash of £561,000 and borrowings of £250,000.

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