Agricola Resources plc
LSE : AGRI

June 25, 2008 10:00 ET

BALLEK JOINT VENTURE WITH BEOWULF MINING PLC CHANGE IN TERMS

                                                                                           25/06/2008
                                                                            GB0003046835/GBP/PLUS-exn
                                                   
                                        AGRICOLA RESOURCES PLC

                     BALLEK JOINT VENTURE WITH BEOWULF MINING PLC CHANGE IN TERMS
                                                   
                                                   
25 June 2008. Agricola Resources PLC ("Agricola") has signed a Deed of Variation to the terms of Joint
Venture  with  Beowulf  Mining PLC ("Beowulf"). 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.

The Directors of the issuer accept responsibility for this announcement.
For further information :-
Dr. Robert Young, +44 (0)1353 649 701
Agricola Resources PLC

Barry Hocken/Duncan Vasey +44 (0)20 7628 5582
St Helen's Capital

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.


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