Beowulf Mining plc announced an operational update, together with details of the relinquishment of certain exploration permits. Highlights: Application for exploitation concession for Kallk North deposit submitted. Good progress made with the drilling campaign at Kallak South; two rigs in operation and approximately 2,900 metres drilled to date covering 13 holes. Kallak North work plans now valid as no objections received. Test mining operations to commence as scheduled and will include limited forest clearing, till removal, the cleaning of exposed bedrock (for geological mapping), drilling and blasting of 16 test pits and road transport by truck of approximately 400 tonnes of mineralised material to a pilot plant in Finland. Relinquishment of certain exploration permits, including Ruoutevare nr1, in order to concentrate resources on those projects which offer the best potential for generating long term shareholder value. In accordance with Swedish mineral legislation and regulations, a concession shall normally be granted if: (i) a mineral deposit has been found which can probably be exploited economically; and (ii) if the location and nature of the deposit does not make it inappropriate that the applicant is granted the concession requested. In addition to the results of all drilling and metallurgical test works, the application included reports on the exploration work performed, brief plans in respect of a potential future mining operation and a detailed Environmental Impact Assessment (EIA). In conjunction with the group's annual audit process, the Board has conducted a comprehensive review of the company's project portfolio and the status and scheduled expiry dates of its exploration permits. In line with the company's principal strategic focus on the advancement of its promising Kallak North and Kallak South iron ore deposits, the Board has decided to relinquish the group's permit in respect of the Ruoutevare project, together with certain other non-core exploration permits, in order to concentrate resources on the projects which offer the best potential for generating long term shareholder value.

Beowulf Mining plc announced unaudited consolidated earnings results for the year ended December 31, 2012. For the year, the company reported operating loss of £1,123,722 compared to £845,452 a year ago. Loss before tax was £1,047,486 compared to £832,235 a year ago. Loss for the year was £1,047,486 compared to £832,235 a year ago. Diluted LPS was 0.49 pence compared to 0.49 pence a year ago. Net cash used in operating activities was £998,672 compared to £626,635 a year ago. Purchase of intangible fixed assets was £1,292,533 compared to £932,350 a year ago. Purchase of tangible fixed assets was £419. Purchase of fixed asset investments was £76,763.

Further to the announcement of February 1, 2013, Beowulf Mining plc confirmed that JIMAB recommenced its Kallak South drill programme, in accordance with the approved work plan, on February 4, 2013. Drill site access preparation works took slightly longer than expected due to road cleaning and compacting of access tracks to the drill sites necessitated by heavy snow cover and freezing temperatures in the Jokkmokk area. However, two drill rigs are now fully operational on site with approximately 512m drilled on the first two holes as at February 23, 2013. The planned extensive drilling campaign of up to approximately 19,000m is principally targeting a maiden JORC compliant resource estimate for the Kallak South deposit as well as seeking to determine whether the Kallak South and Kallak North deposits are geologically connected.