Beowulf Mining frustrated by Kallak North exploration concession process

Beowulf Mining's shares rose almost 7% after saying it remains hopeful it will be issued an exploration concession for the Kallak North project, but is frustrated with a now four-year-long application process laden with "twists and turns".

It had written to Sweden's Mining Inspectorate to state it did not agree with that body consulting with Sweden's National Heritage Board and Environmental Protection Agency in relation to Kallak North project.

"Both these agencies have already reviewed the company's application for an Exploitation Concession for Kallak North and provided comments," it said in a statement.

Beowulf has stated it was for the County Administrative Board (CAB) for the County of Norrbotten to answer the Mining Inspectorate's questions and to give an opinion on the Company's application.

"The CAB has stated on more than one occasion that the company's Environmental Impact Assessment (EIA) is sufficient for an assessment, and in July 2015, the CAB detailed a robust economic case for Kallak," said Beowulf.

CEO Kurt Budge commented it was reassuring the Mining Inspectorate was now showing some urgency with regards to handling the application.

"But the level of frustration now felt, after submitting the application nearly four years ago, and with all the twists and turns since I became involved, is palpable," he said.

At 10:27 GMT, shares in AIM-listed Beowulf were up 6.41% to 10.38p each.