Beowulf Mining says that the drilling programme at the Kallak iron ore project in Sweden is nearing completion and drilling will start at its other iron ore project at Ruoutevare before the end of this year.
The 3,500 metres of drilling at Kallak is to define the quality and quantity of the resource. It should produce a maiden JORC resource. Three new permits have been acquired to the south of the Kallak area.
A slightly higher loss of £222,000 was reported in the first half of 2010. Capitalised exploration spending increased from £37,000 to £194,000.
Beowulf raised £1m at 2.5p a share in March and still had £752,000 in cash at the end of June 2010. There is also £250,000 of debt.
At 5.75p a share, Beowulf is valued at £8.39m.
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