Ballek Joint Venture

BEOWULF MINING PLC                               

                                 PRESS RELEASE                                 

         BALLEK JOINT VENTURE WITH AGRICOLA RESOURCES CHANGE IN TERMS          

25 June 2008. Beowulf Mining PLC ("Beowulf") (AIM:BEM) has signed a Deed of
Variation to the terms of Joint Venture with Agricola Resources PLC
("Agricola"). Agricola will no longer be required to complete a magneto
telluric geophysical survey on the Ballek licences owned by Beowulf , instead
it will be required to complete an extra 200 meters of diamond drilling.
Agricola has completed the required induced polarisation and ground magnetic
surveys, and 1,617m of diamond drilling. Agricola will now have to complete the
remainder of the revised work programme (1,583m of diamond drilling) by 30 June
2009 to earn a 51% interest in the Ballek Project.

For further information :-

Dr. Robert Young, Chairman, Beowulf Mining Plc
[phone]

Gavin Burnell, Ruegg & Co Limited
[phone]

David Scott / Nick, Bealer Alexander David Securities Limited
[phone]

Gary Middleton, St. Swithins PR Ltd
07951 603 289

Note.

On 1 June 2007 the directors of Agricola reported the signing of an option and
earn-in agreement on the Ballek 2, 3, 4 and 5 exploration permits that cover
110 square kilometres of Arjeplog County of Northern Sweden.

Agricola was granted an option to acquire a 51% interest in the licences by
undertaking magneto telluric, induced polarisation and resistivity surveys,
followed by 3,000 metres of diamond drilling. Agricola agreed to conduct the
programme by 31 December 2008.

The surveys are intended to identify targets associated with the gravity
anomaly under the claim block, and to identify any iron oxide copper gold
(IOCG) deposits that may be present in the Ballek area.

It is intended that Beowulf will incorporate a new subsidiary company to hold
the Ballek exploration permits and that, following completion of the agreed
work programme, Agricola will be given a 51% shareholding in this company. By
spending an additional US$500,000 Agricola can increase its interest in the
Ballek licences to 70%.

Subsequent expenditure on the Ballek exploration permits will be made pro rata
to Beowulf and Agricola's respective interests, subject to adjustment in the
event that one party chooses not to fund their proportion of such expenditure.