Beowulf Mining PLC Regulatory News (BEM)

16 Oct 2007 10:00

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

Agricola Resources PLC (" Agricola") 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 Luleƒ¤, 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, ChairmanBeowulf Mining plc Tel: +44-(0)1353 649 701Gavin BurnellRuegg & Co. Limited Tel: +44-(0)207 584 3663Nick BealerKing & Shaxson Capital Limited Tel: +44-(0)207 426 5986Gary MiddletonSt Swithin's Public Relations Tel : +44-(0) 207 929 4391