08:00 Fri 04 Oct 2019
Beowulf Mining PLC - Management Update on Kallak North
("Beowulf" or the "Company")
Management Update on Kallak North
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, provides an update on its application for an Exploitation Concession for the Kallak North iron ore project ("Kallak").
CEO's Letter to the Minister of Enterprise and Innovation
The Company has received a response to the letter sent by the CEO to Mr
Expert Legal Review of Kallak Application
In September, the Company engaged a highly respected
"It is positive that
"It's six and a half years since the Kallak application was first submitted and it's widely recognised in
"I was in Jokkmokk between 26-27 September and met with
"However, the Company is not looking backwards, and, as we appear to be moving towards a decision by the Government, our discussions in Jokkmokk are about the future of Kallak and the town, working in partnership with the municipality, the community and the Sami reindeer herding community.
"Beowulf's Swedish and
Swedish Translation:
"Det är positivt att minister Baylan skriver om ett 'kommande beslut'.
"Det är 6,5 år sedan Kallak-ansökan först lämnades in och det är allmänt erkänt i Sverige att hanteringen av ansökan fullständigt misskötts. Fallet har därmed hamnat i fokus för internationella investerare, som bedömer hur attraktivt det är att investera i Sverige.
"Jag besökte Jokkmokk 26-27 september och träffade bl.a. kommunalrådet
"Företaget ser ändå inte bakåt. Eftersom vi verkar gå mot ett beslut av regeringen, så handlar våra diskussioner i Jokkmokk om framtiden för Kallak och kommunen, samt samarbete med kommunen, samhället och rennäringen..
"Beowulfs svenska och brittiska aktieägare har all rätt att vara upprörda över Kallakhistorien. Deras investering på cirka 80 miljoner svenska kronor i Kallak under ett decennium förtjänar mer. Den rättsliga analysen av vårt ärende är entydig och det borde inte förekomma något hinder för att koncessionen för Kallak beviljas. Jag ser fram emot att hålla marknaden uppdaterad. "
Enquiries:
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Tel: +44 (0) 20 3771 6993 |
SP Angel (Nominated Adviser & Broker) |
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Tel: +44 (0) 20 3470 0470 |
Blytheweigh |
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Tel: +44 (0) 20 7138 3204 |
Cautionary Statement
Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.
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