Re Joint Venture

16 January 2008



                  Beowulf Mining plc ("Beowulf" or "the Company")          

               Re: Ballek Joint Venture with Agricola Resources plc

Agricola Resources plc, a PLUS-traded company ("Agricola") (PLUS SYMBOL: AGRI) 
have today announced the following:                                            
                                                                               
        AGRICOLA COMMENCES DIAMOND DRILLING PROGRAMME AT BALLEK SWEDEN         
                                                                               
SUMMARY:                                                                       
                                                                               
- Agricola Resources plc has commenced a 3,300m diamond drilling programme to 
test geophysical targets at the Ballek copper-gold-uranium Joint Venture in 
northern Sweden.                                                   
                                                                               
- Eight high priority geophysical targets have been defined at Ballek through 
completion of a programme comprising 20.30 line-km of Induced Polarisation 
surveys and 28.75 line-km of ground magnetic surveys.           
                                                                               
- These ground geophysical surveys were sited to test a number of anomalies 
defined through 3-D inversion modelling of gravity and airborne aeromagnetic 
data.

- The eight targets selected for drilling represent the best co-incident IP, 
magnetic and gravity anomalies.                                
                                                                               
- Drilling to date, in vertical hole BAL08-001, has penetrated felsic and 
intermediate volcanic rocks with extensive epidote-magnetite and hematite   
alteration.                                                                    
                                                                               
- Agricola Resources can earn up to 70% interest in the Ballek JV from 
Beowulf Mining plc by completing an agreed work programme of ground geophysics 
and drilling by December 2008, along with a further USD $500,000 exploration   
expenditure.                                                                   
                                                                               
The directors of Agricola Resources plc, the Plus Market listed uranium        
explorer which is 29.9% owned by Energy Ventures Limited, have announced that  
diamond drill testing of multiple geophysical targets has commenced at the     
Ballek copper gold uranium joint venture project in the municipality of        
Arjeplog, Northern Sweden (See diagram 1 at www.agricolaresources.com). A      
programme of nine diamond drill holes for a total of approximately 3,350m of   
core has been planned, with the first hole spudded on 5th January 2008.        
                                                                               
The Ballek joint venture project contains a large regional gravity anomaly and 
an associated magnetic anomaly detected by airborne geophysical surveying (See 
diagram 2 at www.agricolaresources.com). Previously undertaken 3-D inversion   
modelling of the gravity and magnetic data by Agricola confirmed a series of   
three-dimensionally co-incident mass (gravity) and magnetic anomalies. Field   
inspection of limited outcrop close to these anomalies identified andesitic    
volcanic rocks with widespread epidote and magnetite alteration, and locally   
marked by the presence of blebs and veinlets of copper sulphides (chalcopyrite 
and bornite). Inspection of old drill core from the Lulepotten copper gold     
deposit, which occurs along strike from one of the anomalies , identified veins
and narrow zones of magnetite-actinolite-chalcopyrite breccias. These          
geophysical and geological observations are consistent with iron-oxide         
copper-gold ("IOCG") styles of mineralisation similar to those found in the    
Cloncurry District of Queensland in Australia (e.g. Ernest Henry mine) and     
along the Atacama Fault in Chile (e.g. Candelaria, Manto Verde mines).         
                                                                               
Ballek JV Ground Geophysical Survey Results                                    
                                                                               
These observations provided enough encouragement for the Directors of Agricola 
to approve a programme of Induced Polarisation ("IP") and ground magnetic      
surveys designed to evaluate the co-incident gravity and magnetic anomalies.   
These programmes were completed in October 2007, with a total of 28.75 line-km 
of ground magnetic data and 20.30 line-km of IP and resistivity data collected 
by Swedish company GeoVista AB.                                                
                                                                               
Interpretation of the IP and ground magnetic survey data by GeoVista AB and by 
Agricola's geophysical consultants has identified a number of IP anomalies     
where resistivity highs are also marked by increased IP effect and the presence
of magnetic anomalism (See example given in Diagram 3,                         
www.agricolaresources.com). A number of such anomalies are also co-incident    
with the gravity and magnetic anomalies derived from the 3-D inversion         
modelling, and eight of these have been prioritised for testing by diamond     
drilling.                                                                      
                                                                               
Ballek JV Drilling Programme                                                   
                                                                               
On the basis of the interpretation of the geophysical data described above, a  
programme of approximately 3,300m of diamond drilling commenced on 5th January 
2008 by Finnish contractor SMOY. Nine diamond drill holes have been planned to 
test the eight targets, with planned depths of between 300m and 450m, and      
either vertical or inclined holes dependant on the specific geometry of the    
target. Drilling to date, in vertical hole BAL08-001, has penetrated felsic and
intermediate volcanic rocks with extensive epidote-magnetite and minor hematite
alteration showing evidence of multiple phases of hydrothermal alteration. and 
locally blebs and disseminations of copper sulphides. This hole has not yet    
reached its target depth of 450m. Drilling is expected to take approximately   
two months to complete.                                                        
                                                                               
Background                                                                     
                                                                               
Agricola has signed an option and earn-in agreement with Beowulf, the AIM      
listed copper, gold and uranium explorer on the Ballek 2, 3, 4 and 5           
exploration permits that cover 110 square kilometres of Arjeplog County of     
Northern Sweden, and which are considered prospective for iron-oxide,          
copper-gold-uranium (IOCG) style mineralisation.                               
                                                                               
Agricola has been granted an option to acquire a 51% interest in the licences  
by undertaking ground geophysical surveys, followed by 3,000 metres of diamond 
drilling by December 31 2008. Agricola's interest can be increased to 70%      
through funding a further USD $500,000 of exploration expenditure.             
                                                                               
Ends                                                                           
                                                                               
The information in this announcement has been reviewed and signed off by Dr.   
Jan Ola Larsson, (Fil. Kand, PhD, DIC). Technical Director of the Company, who 
has over 30 years relevant experience within the sector.                       
                                                                               
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]