Beowulf Mining has acquired Finnish graphite exploration company Oy Fennoscandian Resources.

Following the acquisition, Beowulf has now a portfolio of four early stage graphite exploration projects in Finland. Fennoscandian holds interests in all the projects under 100%-owned claim reservations.

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The projects are Viistola, Haapamäki, Piipumäki and Kolari, which have all been explored historically. Data is readily available for the Viistola project.

"Fennoscandian gives Beowulf a jump-start into the graphite sector."

Viistola is located in eastern Finland, 30km south-east of the town of Joensuu.

Beowulf Mining CEO Kurt Budge said: "Fennoscandian gives Beowulf a jump-start into the graphite sector, providing the company with an attractive portfolio of projects in a known and well understood mining jurisdiction.

"Beowulf has been assessing potential acquisition targets and conducting due diligence over the last 14-months with a view to looking beyond solely delivering exploration success and towards delivering production."

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More recently, the FennoFlake project, which Fennoscandian is a key partner, has carried out additional exploration.

The role of Beowulf in the project will provide the company with access to market insight.

Prior to prioritising exploration funds, Beowulf will include ranking projects in the portfolio as part of work plan for its graphite projects in 2016.

Beowulf also signed a memorandum of understanding (MoU) with Finland-based Oy Fennoscandian Investment Group to assess nickel and polymetallic exploration assets across the Nordic region.