PRESS RELEASE 1st June 2007

OPTION AND EARN-IN AGREEMENT ON BALLEK EXPLORATION PERMITS, NORTHERN SWEDEN

The directors of Beowulf Mining PLC ("Beowulf") the AIM listed copper, gold and uranium explorer, are pleased to report 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 Resources PLC ("Agricola") has been 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 has 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.

Agricola Resources PLC (www.agricolaesources.com) is a company engaged in uranium exploration and development. The Company has registered claims for 137 sq. km. in Sweden called Manakjaure 1 and Geddaur 1, 2 and 3 claims. In Finland Agricola has applied for contiguous exploration claims Kuuajaervi 1, 2 and 3. They are located around the Paukkajavaara uranium area in Eno county, Eastern Karelia.

Agricola Resources PLC is a public company whose shares are traded on the PLUS Market. It recently raised £467,800 in exploration finance. This later investment in Agricola was made by Energy Ventures Limited (ASX: EVE), a Perth based company listed on the ASX Australian Stock Exchange. EVE will give technical backing to Agricola.

This agreement enables Beowulf to advance its projects whilst maintaining its existing cash resources.

Agricola's shares are traded on the PLUS Market and it is a related party to Beowulf under the AIM Rules since R Young, J O Larsson and A C R Scutt, who are directors of Beowulf are also directors of Agricola. Because the above agreement constitutes a related party transaction for the purposes of the AIM Rules, the Independent Director of Beowulf - Ed Taylor considers, having consulted with the Company's Nominated Adviser, Ruegg & Co Limited, that the terms of the agreement are fair and reasonable insofar as the Company's shareholders were concerned.

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