Beowulf first-quarter losses rise

Beowulf Mining posts before and after tax losses of £191,000 for the three months to the end of March - up from £125,000 last time.

The company says the results reflect its ongoing exploration activities and higher cost base.

Executive chairman Clive Sinclair-Poulton said that during the quarter the company and its wholly-owned Swedish subsidiary, Jokkmokk Iron Mines AB, had endeavoured to resolve regulatory issues over drilling on the Kallak iron ore project.

He added: "I am pleased to report that, by the end of May, these operational matters had been addressed with drilling now back under way."

He continued: "We remain positive on the outlook for the global iron ore market, as the EU still needs to import more than 80% of its demand requirements.

"Although global markets continue to be extremely volatile and uncertain, we are taking a longer term view, in the order of a five year plus timeframe.

"We are also committed to the Jokkmokk region, demonstrated by our continued desire to prove up our existing Kallak licence areas as well as the recent registration of an application for a further exploration licence area, Kallak nr3, covering an area of approximately 5.6sq km as a small direct extension to the west of the iron deposit within the Kallak nr1 licence area.

"We believe there is great potential and will continue to focus our resources on Kallak's further development.

"The group is now well placed to progress over the rest of the year with solid preparations underway for 2013 and beyond."

At 8:15am: (LON:BEM) share price was 0p at 12.75p

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