AIM-listed Beowulf Mining has announced a 30 per cent increase in unaudited losses for the year to 31 December 2009. The company, which is exploring mineral deposits in northern Sweden, announced losses of £520,096 – up from £398,664 in 2008.
The company also announced that ongoing metallurgical tests at its Ruoutevare Iron Titanium Project have to date produced a final high grade product of sponge iron containing 95% iron and 1.5% titanium.
During the year the company signed a new earn-in joint venture agreement signed with Energy Ventures Limited (EVE) for its Ballek joint-venture, replacing Agricola Resources Plc. EVE have commenced a 1,600m drilling programme at the Ballek joint venture with results anticipated by the end of April of this year.
Beowulf also acquired Agricola's Swedish assets, comprising a package of five highly prospective gold, copper, nickel and uranium exploration licences at Geddaur in northern Sweden as well as securing an exploration licence for Sweden’s largest molybdenum deposit at Munka. The company is said to be looking for other assets to complement and extend its project portfolio.
Commenting on the results Clive Sinclair-Poulton, Executive Chairman of Beowulf said:"Despite a challenging backdrop of global economic uncertainty, Beowulf made significant progress during 2009 and now has an enhanced project portfolio and a new joint venture partner in the form of EVE. Demand for commodities has recovered strongly and we look forward to reporting further progress during 2010."
During the year the company raised £500,000 in working capital via a share placement at a price of 2p per share.
No dividend will be paid.
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