Re Joint Venture

The following announcement has been made by Agricola Resources plc. Agricola
Resources plc is earning a 51% interest in the Ballek Joint Venture from
BEOWULF MINING PLC

      AGRICOLA INTERSECTS COPPER-GOLD MINERALISATION IN DIAMOND DRILLING       

                      AT THE BALLEK JOINT VENTURE, SWEDEN                      

SUMMARY:

  * Agricola Resources plc has obtained archive data which shows that 
    historical drilling from the Lulepotten deposit in the Ballek 
    Copper-Gold-Uranium Joint contains zones of copper-gold mineralisation that
    may have sufficient grade and width to be amenable to economic extraction
    through underground bulk mining.
   
  * Agricola has also released assay results from recent diamond drilling that 
    tested nearby geophysical targets on the Ballek Project.
   
  * The best assay in Agricola's drilling is from drill hole BAL0003 where a
    12m zone averaged 0.34% Cu and 1.40 g/t Au, including a 3m zone containing
    0.94% Cu and 4.41 g/t Au.
   
This mineralisation is considered to be similar to Lulepotten which is
approximately 2km along strike from BAL0003. The mineralisation consists of
fracture-hosted copper sulphides and gold within hydrothermally altered
meta-volcanic rocks.

  * Agricola plans to undertake further drilling along the Lulepotten
    mineralised trend in preparation of an initial resource estimate consistent
    with the standards set out under JORC classification.
   
  * Agricola Resources is earning a 51% interest in the Ballek JV from Beowulf
    Mining plc by completing an agreed work programme of ground geophysics and
    drilling by December 2008, and can increase this to a 70% interest through 
    an additional USD $500,000 exploration expenditure.
   
Ballek JV Exploration Update

The directors of Agricola Resources have advised that the initial diamond drill
testing of multiple geophysical targets at the Ballek Copper-Gold-Uranium joint
venture project in the municipality of Arjeplog, Northern Sweden (See 
www.agricolaresources.com Figure 1) has been completed. A program comprising
four diamond drill holes for a total of 1,617m drilling has intersected
significant copper-gold mineralisation in two of these holes. These
intersections are apparently similar to the style of mineralisation known at
the nearby Lulepotten Copper-Gold deposit, where previously completed drilling
by the Geological Survey of Sweden (SGU) defined a zone of copper sulphide
mineralisation locally in excess of 20m true thickness and over a strike length
in excess of 1,000m. The Lulepotten deposit is also located on the Ballek JV
exploration licences that Agricola is currently earning a 51% interest in.

Project Overview

The Ballek Copper-Gold-Uranium joint venture project contains a large regional
gravity anomaly and an associated magnetic anomaly detected by airborne
geophysical surveying (Figure 2). Three dimensional 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 historical drill core from the Lulepotten Copper-Gold deposit,
which occurs along strike from one of the geophysical 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).

Lulepotten Copper-Gold Deposit

The Lulepotten Copper-Gold deposit occurs along the contact between a granitoid
and a package of intercalated mafic to felsic meta-volcanic rocks and is
located on the Ballek JV exploration licences that Agricola is currently
earning a 51% interest in (see website Figures 2 and 3). The host rocks are
strongly foliated, and the mineralised zone apparently follows the local
schistosity which strikes SW-NE and dips steeply to the NW. Sulphide
mineralisation within the deposit comprises a zone of steeply dipping veinlets
and disseminated chalcopyrite plus bornite, with lesser chalcocite and pyrite.
The observed alteration and mineralisation assemblages are considered to be
consistent with iron-oxide copper-gold ("IOCG") styles of mineralisation.

During the period 1960 to 1971, 77 diamond drill holes were completed in the SW
part of the project area for approximately 17,500m of drilling on a nominal 40m
by 40m grid spacing. These drill holes, which are currently stored at the SGC
core archive in Malå, tested the deposit to a maximum depth of about 200m below
surface, and over a strike length of about 500m ( see website Figure 3, 4).
Historical assay results which have been located in the SGU archives (see
website for cross sections in Figure 5 and Figure 6), suggest that the
mineralisation locally has sufficient width, grade and continuity to have
potential as an underground bulk mining target.

Results of Agricola Drilling

A reconnaissance diamond drilling programme commenced at the Ballek project on
5th January 2008 to test a number of targets prioritised on the results of
ground magnetic and induced polarisation/resistivity surveys completed in
December 2007. Four diamond drill holes for a total of 1,617m drilling have
been completed to date (see Table 1, website Figure 2).

Table 1: Ballek JV Drilling Summary

 Hole ID   Collar Coordinates (RT90 2.5  Azimuth   Dip   Depth (m)   Comment  
                      gon V)                                                  
                                                                              
           North (m)   East (m)  RL (m)                                       
                                                                              
BAL0001    7,333,605  1,610,783    513     180     -88       444.7  Completed 
                                                                              
BAL0002    7,330,998  1,609,901    480     090     -88       316.0  Completed 
                                                                              
BAL0003    7,328,702  1,607,520    429     090     -88       360.0  Completed 
                                                                              
BAL0004    7,322,724  1,612,548    465     000     -88       496.0  Completed 
                                                                              
Total                                                      1,616.7            

The wide-spaced drill holes have intersected a sequence of predominantly
intermediate to mafic metavolcanic rocks. In hole BAL0001 the host rocks are
overprinted by epidote-magnetite and minor hematite alteration showing evidence
of multiple phases of hydrothermal alteration, and locally contain minor blebs
and disseminations of copper sulphides. In contrast, holes BAL0003 and BAL0004
intersected zones of fracture-hosted copper sulphide mineralisation that is
considered to be similar to the known mineralisation at the Lulepotten deposit
( see website Figure 2).

Significant assay results have been reported for drill holes BAL0003 and
BAL0004 (see Table 2). In hole BAL0003, fracture-hosted bornite plus chalcocite
(minor chalcopyrite) mineralisation was intersected between 57m and 78m
downhole. Hole BAL0004 contained a wide zone of local fracture-hosted sulphide
mineralisation between 138m and 220m downhole, with narrow higher grade zones
(Table 2). In both drill holes, mineralised fractures cut the drill core at low
angle to the core axis and are inferred to be sub-parallel to the steeply
dipping meta-volcanic stratigraphy. Consequently, the true widths and
orientations of the mineralised zones are not known.

Table 2: Summary of Assay Results

 Hole ID   From (m)   To (m)  Length (m)      Grade             Comment        
                                                                               
                                         Cu (%)  Au (g/                        
                                                   t)                          
                                                                               
BAL0001        -         -        -         -       -    No significant results
BAL0002        -         -        -         -       -    Not sampled           
BAL0003      62.0      63.0      1.0      0.28    1.33   Bornite and chalcocite
                                                         veinlets              
             67.0      79.0      12.0     0.34    1.40                         
           including   
             67.0      70.0      3.0      0.97    4.41                         
           and 71.0    72.0      1.0      0.14    0.99                         
           and 76.0    78.0      2.0      0.28    0.84                         
BAL0004      149.0     151.0     2.0      1.30    0.40   Chalcopyrite and      
                                                         bornite (minor        
             194.0     196.0     2.0      1.25    0.28   chalcocite) veinlets  

Half-cut core samples through the logged mineralised zones were taken at a
commercial facility in Malå, Sweden. Sample preparation was undertaken by ALS
Chemex in Piteå, Sweden, and analysis of the samples was completed by ALS
Chemex in Perth, Australia. Quality control and quality assurance of the assay
results has been undertaken with standards, blanks and repeat samples.

Future Exploration

Mineralisation at Lulepotten is open at depth and along strike. Drill hole
BAL0003 reported above, is located approximately 2 kilometres along strike to
the SW from the Lulepotten deposit. The geological similarity of the style of
mineralisation intersected in this hole suggests that there may be significant
untested potential along the structure, which is interpreted to have an overall
strike length in excess of 5,000 metres. Furthermore, the occurrence of copper
sulphides in BAL0004 suggests that repetitions of the Lulepotten-style
mineralisation may be possible in other parts of the project.

An induced polarisation (IP) survey completed by Agricola in late 2007 detected
the Lulepotten mineralisation, which is characterised by a marked increase in
conductivity and IP response. Hole BAL0003 was drilled to test a similar
geophysical response. This gives the company confidence that ground geophysics
can used to identify prospective zones that can be prioritised for drill
testing.

Agricola advises that compilation of historical geological, assay and drilling
data from the Lulepotten deposit is currently in progress. Further drilling is
planned to evaluate the full extent of the Lulepotten system, to include
collection of adequate information to prepare an initial resource estimate
consistent with the JORC classification system.

Background

Energy Ventures holds a 29.9% interest in Agricola and has a further 46.78
million options exercisable at £0.01 (46% equity interest fully diluted).
Agricola has signed an option and earn-in agreement with Beowulf Mining plc,
the AIM listed copper, gold and uranium explorer, on the Ballek 2, 3, 4 and 5
exploration permits that covers 110 square kilometres of Arjeplog County of
Northern Sweden.

Agricola is earning a 51% interest in the Ballek exploration permits by
undertaking ground geophysical surveys followed by 3,200 metres of diamond
drilling by December 31, 2008. To date Agricola has completed the ground
geophysical surveys and 1,617 metres of diamond drilling. Agricola's interest
can be increased from 51% to 70% through funding a further USD $500,000 of
exploration expenditure. Further information on the Agricola and its projects
may be found at www.agricolaresources.com.

Information in this report relating to Exploration results is based on
information reviewed by Mr Lachlan Reynolds (an employee of Energy Ventures
Ltd) who is a member of The Australasian Institute of Mining and Metallurgy. Mr
Reynolds 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. Mr Reynolds consents to the inclusion of the data
in the form and context in which it appears.

For further information contact :-

Dr Robert Young Tel [phone]

Beowulf Mining plc

Gavin Burnell/Roxane Marffy Tel [phone]