Beowulf Mining

Sweden-focused Beowulf Mining (BEM) expects a new formal resource estimate for its Kallak North iron ore prospect in a month. The AIM-quoted company, which has so far established resource estimates of 200m tonnes for Kallak North and 400m tonnes for its Kallak South prospect, is also working to see if it can join the two together, while it reckons its other Swedish iron ore project, Routevare, could hold more than 200m tonnes.

Entrepreneurial boss Clive Sinclair-Poulton, who is understood to have received early approaches about potential off-take deals and partnerships for these projects, expects an envirionmental impact study to be ready by Christmas and hopes for exploitation licences from the Swedish authorities in April. The company says assay results have confirmed the presence of high grade iron mineralisation, at more than 30 per cent, 'over significant widths.'

Ely-based Beowulf recently agreed to subscribe to £250,000 of convertible loan notes in Plus-quoted Agricola, one-time AfrIcan ruby play now focused chiefly on gold in Morocco, and paid partly by rolling over loans due to Beowulf. Agricola also has tungsten prospects in Kazakhstan, which could be potentially be interesting, according to Sinclair-Poulton, who separately from Beowulf is also understood to be interested in former Plus company Dominion Energy, an oil and gas hopeful with prospects in Tunisia and ambitions to float on AIM.

Growth Company Investor recommended Beowulf, at 2.38p in 2009 and suggested partial profit-taking at 59p last April. Now 25p, the shares could rally significantly if current activities bear fruit.