We recently started following resource developer Beowulf Mining (LON:BEM) who have a wide range of exploration projects in Sweden, though their main focus is currently on their two significant Iron Ore projects, Ruoutevare & Kallak in the northern part of the country. Following a £1m fundraising in March the company is now accelerating their activities and this has lead to a growing level of investor interest. Last week the company announced to the market that drilling is to commence to further define the resource at Kallak. We contacted Executive Chairman Clive Sinclair-Poulton and we are delighted that he and Technical Director Jan-Ola Larsson agreed to participate in this Q&A session with investors and readers of Mining Maven, to expand on their plans for the Company going forward:
General - Corporate
MM: The recent fundraising secured £1million for the company. How will this money be spent and how long are the funds anticipated to last?
CSP: You can see the immediate impact of the funding by the fact that money was raised in March, we received it at the end of March and drilling started at Kallak in April.
The funds will allow us to drill approximately 3,500 metres at Kallak and around 5,000 metres at Ruoutevare. This will allow us to get JORC classification at Kallak and improve our JORC classification at Ruoutevare. We want, in a year’s time, to have approximately doubled our iron-ore tonnage. The funds raised will allow us to achieve this tonnage along with the analytical work and associated costs related to this.
MM:Are you satisfied with the current portfolio of assets or are you continuing to look for new additions to the portfolio? If so, how do you identify new projects and are you solely limiting any search to properties within Sweden?
JO L: The assets we have, located in northern Sweden, are all of excellent status and of high potential to host major discoveries in prospective geological terrain. But we are always looking for new projects when they are identified. It is a process of knowing the regions well with geology and mineral prospects previously identified mostly by the Geological Survey of Sweden (SGU). Then we need to identify the prospects which are free for staking. There is an ongoing rush in Sweden to acquire licences and it is tough…
