Further Investment of £100,000 in Vardar
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
6 November 2019
Beowulf Mining plc
("Beowulf" or the "Company")
Further Investment of £100,000 in Vardar
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, is pleased to announce that the Company has today invested a further £100,000 in Vardar Minerals Limited ("Vardar"), which increases the Company's ownership of Vardar from 40.1 per cent to 41.5 per cent.
The funds will enable Vardar to conclude its 2019 exploration programme and to ready itself for starting DC-IP geophysical surveys in 2020.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"Following this autumn's announcements regarding Vardar's exploration achievements at Mitrovica and Viti, and the Board's excellent visit to Kosovo, Beowulf has decided to invest a further £100,000 in Vardar and increase its ownership to 41.5 per cent.
"Vardar represents a significant opportunity for the Company to continue to invest in exploration. It's pleasantly refreshing to work in Kosovo, where, on the past year's evidence, Vardar has been able to make tremendous progress, get things done, and deliver real exploration success.
"I look forward to keeping the market updated on further progress."
About Beowulf Mining plc
Beowulf's strategy is to build a sustainable and innovative mining company, which creates shareholder value by developing mining assets, delivering production and generating cash flow, and in so doing meets society's ongoing need for minerals, metals and economic prosperity.
Beowulf is developing a high-quality asset base, which is diversified by geography and commodity, enabling it to simultaneously advance several projects up the mining value curve and create shareholder value.
Additionally, the Board of Directors continues to look beyond the Company for value creation opportunities.
The Company's first priority remains the award of the Exploitation Concession for Kallak North, and thereafter completing the Scoping Study. The introduction of a strategic partner/investor who understands the value of Kallak as a high-quality asset, which could be in production within four to five years, is an ongoing consideration, but does not preclude the Company from continuing to add value to Kallak in the meantime.
Fennoscandian Resources ("Fennoscandian"), the Company's graphite business, is pursuing a strategy to develop a 'resource footprint' of natural flake graphite prospects that can provide 'security of supply' and enable Finland to achieve its ambition of self-sufficiency in battery manufacturing. The Company is a recipient of Business Finland funding, which is supporting Fennoscandian to move downstream, and develop its knowledge in processing and manufacturing value-added graphite products.
The Company owns 41.5 per cent of Vardar, a UK registered exploration company with a focus on the metal endowed Balkan region and one of the first companies to be awarded exploration licences in Kosovo. Vardar holds exploration licences for the Mitrovica and Viti projects. Both projects are located within the Tethyan Belt, a major orogenic metallogenic province for gold and base metals which extends from the Alps (Carpathians/Balkans) to Turkey, Iran and Indochina, and contains several world class discoveries. The Tethyan Belt of south-east Europe can be regarded as Europe's chief copper-gold (lead-zinc-silver) province.
Induced Polarisation (IP) - Variations in chargeability can be diagnostic, for example, when aiming to characterize a mineral deposit (e.g. Mt. Isa), where the chargeability of the mineralized zone is often higher than the host rock. Often an induced polarization (IP) experiment is performed with the Direct Current Resistivity (DCR) hence they are often called DC-IP survey. Both conductivity and chargeability distribution can be recovered from a DC-IP survey.
Beowulf Mining plc
Kurt Budge, Chief Executive Officer
Tel: +44 (0) 20 3771 6993
(Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev
Tel: +44 (0) 20 3470 0470
Tim Blythe / Megan Ray
Tel: +44 (0) 20 7138 3204
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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