Agricola Resources plc

July 22, 2009 05:38 ET

Metallurgical Studies commence Lulepotten copper-gold deposit


                                           AGRICOLA RESOURCES PLC
                           Metallurgical Studies commence Lulepotten copper-gold deposit

The following announcement has been made today by Beowulf Mining Plc, the joint venture partner with Agricola
Resources Plc:


*  Lulepotten has an estimated JORC-compliant inferred resource of 5.4m tonnes at 0.8% Cu and 0.3g/t Au.

*  A number of potential customers have expressed an interest in Beowulf's projects including the Lulepotten

*  Resultant products from the studies will be made available to potential buyers for quality testing.

Beowulf (AIM: BEM; Aktietorget: BEO), the AIM and Aktietorget traded mineral
exploration company which owns several exploration projects in Northern Sweden, is pleased to announce that it
has commissioned its initial metallurgical tests on ore grade material from its 100%-owned JORC-compliant
Lulepotten copper-gold deposit in the Arjeplog County region of Northern Sweden, from MINPRO AB's research
laboratory at Stråssa, Central Sweden. The resultant products will be made available to potential buyers for
quality testing.

Lulepotten currently forms the largest copper deposit within the Company's Ballek project area covering close to 11,000 hectares. As announced on 16 September 2008, the deposit has an estimated JORC-compliant inferred mineral
resource of 5.4 million tonnes grading 0.8% Cu and 0.3g/t Au, representing a total of 43,000 tonnes of contained copper metal and 52,000 ounces of contained gold using a cut-off value of 0.3% for copper. Further drilling is expected to significantly increase the resource.

Diamond drilling by the Swedish Geological Survey (SGU) in the 1960's and 1970's identified fracture-hosted
copper-gold sulphide mineralisation at the Lulepotten deposit. Re-evaluation of the drilling data in 2008 by
Beowulf's PLUS-quoted joint venture partner Agricola Resources plc (PLUS: AGRI) ("Agricola") suggested that the
drilling had intersected locally significant thicknesses and grades of copper-gold mineralisation that may have
sufficient continuity to be amenable to economic extraction through a bulk mining method. Initial diamond
drilling completed by Agricola in 2008 confirmed a number of further copper prospects within the Ballek project
area located in close vicinity to the Lulepotten deposit.

Sections of selected ore-grade drill core extracted from the Lulepotten deposit and aggregated into a 50kg
sample, have been sent to MINPRO AB's research laboratory in Sweden for metallurgical studies. Initial
mineralogical studies will be followed by grinding of the sample into different size fractions. These will form
raw concentrates from which a final concentrate will be selected for further analysis and evaluation. It is
anticipated that the first results from these studies will be available in September 2009. It is intended that
the products obtained from these studies can also be tested for their commercial quality by potential clients.

The test results will provide the basis for a preliminary economic evaluation
study of the project, following which pilot plant studies could then be planned.

The Directors of the issuer accept full responsibility for this announcement.

Agricola Resources plc
Dr. Robert Young,
Tel: +44 (0) 1353 649 701

St Helen's Capital Plc
Duncan Vasey/Mark Anwyl
Tel: +44 (0) 207 628 5582

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