April 28, 2009 / 8:58 AM / 10 years ago

UPDATE 1-Beowulf says iron extraction possible at Ruoutevare

* Says results give basis for economic evaluation study

* Final product contains 97 pct iron, 0.5 pct titanium

* Shares up 100 pct (Adds details)

April 28 (Reuters) -Sweden-focused mineral explorer Beowulf Mining Plc (BEM.L) said on Tuesday tests have confirmed that it was possible to fully extract iron, titanium and vanadium from the ores of Ruoutevare iron deposit in Northern Sweden, doubling the value of its shares.

The AIM-listed company, which is working on five projects in Northern Sweden, said the results would provide the basis for a preliminary economic evaluation study of the project after which pilot plant studies can be planned.

Beowulf, which owns 100 percent of the Ruoutevare iron deposit, said the titanium-magnetite ore from the deposit produced final product of high-grade sponge iron powder containing 97 percent iron and less than 0.5 percent titanium, and 0.02 percent vanadium.

“These metallurgical results confirm the potential of the Ruoutevare project - we have over 140 million tonnes at 39 percent iron inferred and we expect the new studies to show further positive results in due course that will demonstrate the commercial aspects of the project,” Chairman Clive Sinclair-Poulton said in a statement.

Shares of the company were up 100 percent at 2.5 pence at 0848 GMT on the London Stock Exchange. (Reporting by Ramkumar in Bangalore; Editing by Tresa Sherin)

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