Agricola updates on the Ballek joint venture

Agricola Resources plc, primarily engaged in uranium exploration and development, provides assay results from recent diamond drilling that tested nearby geophysical targets on the Ballek Project in Sweden.

The company claims that 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.

The mining company has also 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

The Ballek Copper-Gold-Uranium joint venture project contains a large regional gravity anomaly and an associated magnetic anomaly detected by airborne geophysical surveying.

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).