Re Joint Venture

Geophysical Surveys Commenced and Diamond Drilling Contract signed over Ballek
Licences, Northern Sweden - AS ANNOUNCED TODAY BY AGRICOLA RESOURCES PLC

Agricola Resources PLC (" Agricola") (PLUS SYMBOL: AGRI) have today announced
that ground geophysical surveying has started over the Ballek 2,3,4 and 5
licences in the Arjeplog area, Northern Sweden. These licences are subject to
an earn in Joint Venture agreement with Beowulf Mining PLC. Agricola can earn
up to a 70% interest in the licences by conducting an agreed work program of
geophysics and drilling before 31 December 2008 and spending an additional US$
500,000.

Induced polarization (IP) surveys with an approximate depth penetration of 300
meters, are being performed along with resistivity and ground-magnetic surveys.

The studies are concentrated over areas where airborne magnetic anomalies have
shown coincidence with regional gravity anomalies.

The geophysical surveys are being undertaken by Geovista of Luleä, Northern
Sweden, and are expected to take 15 days to complete.

A diamond drilling contract has been signed with SMOY of Finland to start
drilling prioritised ground geophysical targets in late November / early
December. This first stage of drilling is expected to be for 1800 metres (4-6
drill holes).

The Ballek licences are considered to be prospective for iron oxide copper gold
(IOCG) deposits. The bigger IOCG deposits (e.g. Olympic Dam in South Australia)
are associated with corresponding high gravity and co-incident high magnetic
anomalies. Such conditions occur on the Ballek Licences, along with copper,
gold and uranium mineralization in several locations.

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]