April 28, 2009 / 12:11 PM / 10 years ago

STOCKS NEWS EUROPE-Beowulf jumps on Ruoutevare statement

Shares in Sweden-focused mineral explorer Beowulf Mining (BEM.L) rocket 90 percent after tests confirm it is possible to fully extract iron, titanium and vanadium from the ores of its Ruoutevare iron deposit in northern Sweden.

“It was quite a good statement... but basically, the small exploration companies at the moment, there’s a bit of appetite for them,” says a trader.

“Any positive news for these juniors, the punters will pick up on it, and they are driving the price much higher,” he said.

He adds that the shares are quite “bombed out” at the moment.

Before Tuesday’s surge, Beowulf shares had plunged by about 74 percent from a June 2008 peak.

Reuters Messaging rm://tricia.wright.reuters.com@reuters.net

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