Joint Venture

TECHNICAL UPDATE ON AGRICOLA RESOURCES PLC'S AND                

  BEOWULF MINING PLC'S BALLEK JOINT VENTURE, SWEDEN AS ANNOUNCED BY AGRICOLA   
                                 RESOURCES PLC                                 

All diagrams can be viewed at the website of Energy Ventures Limited:
www.energyventures.com.au

SUMMARY:

  * A program of 3D modelling of regional gravity and aeromagnetic data has
    been completed over the Ballek JV. Results from this modelling have 
    identified several high-ranked targets for follow-up ground geophysical 
    surveys and generally confirmed the prospectivity of the project for
    copper-gold-uranium mineralisation.
   
  * Agricola Resources plc has recently signed a joint venture with Beowulf
    Mining plc under which Agricola may earn an equity interest of up to 70% in
    the Ballek copper-gold-uranium project in Northern Sweden.
   
  * Energy Ventures has a beneficial interest of 29.9% of Agricola's issued
    share capital, acquired through a recently completed off-market placement. 
    Energy Ventures has also been issued 46.78 million options in Agricola
    Resources plc, exercisable at £0.01 each. If exercised, Energy Ventures
    interest in Agricola will rise to approximately 46%.
   
  * The proceeds of Energy Venture's placement in Agricola will be used to
    fast-track exploration on the Ballek JV and on Agricola's wholly owned
    uranium projects in Sweden.
   
THE BALLEK COPPER-GOLD-URANIUM JOINT VENTURE (Agricola can earn up to 70%)

Technical Summary of the Ballek Project

The Ballek Project comprises four granted Exploration Permits covering 109.9
square kilometres in the municipality of Arjeplog in northern Sweden. The
project occurs at the intersection of two major fault systems, a WNW trending
continental-scale lineament corridor which contains the Skellefte Mineral
Field, and a NNE trending major fault which extends through the giant Kiruna
iron-ore district (see Diagram 1). The project is adjacent to Agricola's wholly
owned Geddaur uranium project.

Diagram 1 Gravity image of northern Sweden showing prominent lineaments, major
iron-ore districts and the location of the Ballek Project.

Diagram 2 Image of magnetic data at the Ballek Project showing the relationship
between the gravity anomaly, magnetic rocks and copper-gold mineralisation

A prominent gravity anomaly occurs in the Ballek Project, and there is a known
uranium occurrence, Rebraur Västra, in the NW tenement. Previous drilling by
the Geological Survey of Sweden (SGU) has identified a trend of copper and
copper-gold mineralisation along the western part of the project, including a
small (non-JORC compliant) mineral resource at the Lulepotten copper-gold
deposit (Diagram 2). On the basis of the presence of this large gravity
anomaly, known copper, gold and uranium mineralisation, it is considered that
this project exhibits significant potential for iron-oxide, copper-gold-uranium
mineralisation (IOCG).

3D Gravity and Magnetic Modelling

IOCG systems are highly prized exploration targets due to their potential for
large, high-grade deposits containing multiple commodities (usually iron-ore,
copper, gold and uranium in varying amounts). Most of the known IOCG deposits
are characterised by a few common criteria, including their location along
fundamental crustal lineaments (refer to Diagram 1) and the presence of
co-incident gravity and magnetic anomalies. Recent industry experience has
shown that this co-incidence of gravity and magnetic anomalies is required in a
three-dimensional sense, and that conventional analysis of 2D images of gravity
and magnetic data may not be insufficient to identify the best targets.

Agricola has recently completed a program of 3D modelling of the gravity and
magnetic data for the district which contains the Ballek Project. The results
of this modelling can be viewed in 3D computer software where it is possible to
assess the relationship between three-dimensional magnetic bodies and
three-dimensional gravity anomalies (representing bodies which are denser than
the surrounding rocks). Analysis of the data for the Ballek Project show that
complex magnetic bodies are spatially co-incident with large dense bodies
reflected by anomalous gravity readings (Diagram 3).

   Diagram 3 Perspective view of the three-dimensional gravity (orange) and    
    magnetic (grey) inversion models for the Ballek Project showing complex    
    relationships between magnetic bodies and dense bodies. Co-incident 3D     
     anomalies are considered to represent the best targets for iron-oxide     
                      copper-gold-uranium mineralisation.                      

Comparison of the location of the known copper and copper-gold deposits in the
Ballek Project shows a very good correlation with co-incident gravity and
magnetic anomalies (see Diagram 4). The copper mineralised trend that included
the Lulepotten deposit extends along the edge of a co-incident magnetic and
gravity anomaly and joins a smaller co-incident pair of anomalies at its
southern extent. The mineralisation in the Lulepotten trend was drilled between
1960 and 1971 and does not appear to have been analysed for its uranium
content. It comprises disseminated chalcopyrite with abundant bornite, pyrite,
chalcocite and iron oxides hosted in potassically altered volcanic rocks
adjacent to granitic intrusions. This description in entirely consistent with
the IOCG style of copper-gold-uranium mineralisation, lending further support
to the Ballek Project.

Four priority targets have been identified through the analysis of the 3D
model, each characterised by anomalous magnetism, anomalously high gravity
readings and in most cases by the presence of known copper-gold mineralisation.
Each of these targets will be explored in the coming months through a series of
ground geophysical surveys, to include induced polarisation surveys (IP),
resistivity surveys and magneto-telluric (MT surveys). Similar surveys have
been extensively used in previous IOCG exploration campaigns and have proved to
be effective in defining drilling targets.

  Diagram 4 Top-down view of the Ballek 3D model showing outlines of targets   
  areas derived from the analysis of the 3D gravity (red) and magnetic (grey)  
anomalies. Follow-up induced polarisation (IP) and magneto-telluric (MT) ground
              geophysical surveys are planned for these targets.               

Background Information: Ballek Joint Venture Terms

Under the terms of the recently signed joint venture Agreement between Agricola
Resources plc and Beowulf Mining plc, Agricola may earn a 51% interest in the
Ballek Project by completing a program of ground geophysics (to include induced
polarisation, resistivity and magneto-telluric surveys over at least 12 square
kilometres) and 3,000m of diamond drilling on the Ballek tenements prior to
31st December 2008. Agricola can increase its equity to 70% through sole
funding a further exploration program totalling USD $500,000.

FORWARD EXPLORATION PROGRAMS

The proceeds of Energy Ventures recent placement in Agricola will be used to
fast-track exploration at the Ballek JV project. The following exploration
program has been implemented:

  * Refinement of the preliminary targets generated from the 3D magnetic and
    gravity inversion modelling.
   
  * Induced polarisation (IP), resistivity and magneto-telluric (MT)
    geophysical surveys over the targets selected from the 3D magnetic and
    gravity inversion modelling. These programs are scheduled to commence prior
    to the final quarter of 2007.
   
  * Preliminary diamond drill testing of geophysical targets generated from the
    IP and MT surveys at Ballek, as noted above. Initial drilling will commence
    in the final quarter of 2007 and may extend into 2008.
   
Information in this report relating to Exploration results, Mineral Resources
or Ore Reserves is based on information compiled by Dr Frazer Tabeart (an
employee of Energy Ventures Ltd) who is a member of The Australian Institute of
Geoscientists. Dr Tabeart has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person under the
2004 Edition of the Australasian Code for reporting of Exploration Results,
Mineral Resources and Ore Reserves. Dr Tabeart consents to the inclusion of the
data in the form and context in which it appears.

Contact:

Dr. Robert Young, Chairman

Beowulf Mining plc Tel: [phone]

Gavin Burnell

Ruegg & Co. Limited Tel: [phone]

Nick Bealer

King & Shaxson Capital Limited Tel: [phone]

Gary Middleton

St Swithin's Public Relations Tel : [phone]

Charles Dampney

City Capital Tel: [phone]

                                     ~2 ~