London: 02 August 2005 - Agricola Resources plc (""Agricola"") the OFEX-traded resource company involved in uranium exploration in Finland announces commencement of field work on the seven claims called Hautajaervi No.''s 1-7 in the Lappland county of northern Finland. The claims cover 63 square kilometres.
Discussions between the executive directors of Agricola and representatives of the Geological Survey of Finland lead the directors to believe that the area may be prospective for an iron oxide copper gold (IOCG) deposit.
Olympic Dam in Australia is the world''s largest uranium deposit and is classified as an IOCG deposit. Previously Agricola had believed that boulders located on the Agricola claims may only have been related to ""unconformity type uranium deposits"" only.
The Directors of Agricola have decided to investigate the properties further and undertake ground scintillometer surveys, radon surveys and also employ a uranium expert to assess the area before concluding a joint venture arrangement with a major uranium company. The directors believe that this plan of action is in the best interests of Agricola''s shareholders.
The Hautajaervi project area is easily reached by high standard roads. It is located just south of the Artic Circle about 40 kilometres south of the town of Salla and about 140 kilometres east of the town of Rovaniemi. The distance to Helsinki is 140 kilometres. The area is sparsely populated, with large forestry areas intersected by numerous lakes.
The Directors of the Issuer accept responsibility for the contents of this announcement.
For further information contact;
Dr. Robert Young
Agricola Resources plc
Tel: +44 (0)1353 649 701
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Gavin Burnell
Ruegg & Co. Limited
Tel: +44 (0)20 7584 3663
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Technical note:
A recent decision by the Finnish Government has been to expand its nuclear energy production by building a new nuclear power plant. Four nuclear power plants are presently in operation. Nuclear power presently accounts for 27% of the total electricity supply in Finland. The country presently imports all of its uranium requirement. In 2003, 549 tonnes of uranium were required for its four nuclear power reactors.
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