Good afternoon Ladies and Gentlemen,
Beowulf Mining's (BEM) shares are staging a good recovery as Tuesday's bullish statement on attaining JORC classification on one of its iron projects brings in the buyers and takes out a bit of a stock overhang.
By mid-afternoon the shares are trading up 20% or 0.38p to 2.25p on volume of 611,244 shares.
On Tuesday the group announced that through its joint venture with WAG Ltd of Australia, its Routevare iron deposit in Northern Sweden had attained JORC classification of 140m tons at 39.1% iron and over 5% titanium. The company also announced that a major drilling campaign will begin in November of this year which is hoped will double the resource to around 280m tons.
If the Routevare deposit was in production with a resource of 140m tons, it is estimated that it would currently make it the third largest iron ore mine in Sweden and with iron ore prices at record levels, one of the most cash generative mining group's on AIM.
Best regards
Gary Middleton
St Swithins PR
