London: 10 May 2005. Agricola Resources plc ("Agricola"), the OFEX listed resources company, announces that it has broadened its base by acquiring uranium exploration rights in Finland.
The Finnish State Mining Authority of the Ministry of Trade and Industry has granted claims Kauhee No.'s 1 -10, located in the Joensuu District of Eastern Finland. The claims cover 90 square kilometres, and include the only previously operated uranium mine in Finland, called Paukkajanvaara.
Agricola is awaiting further approvals for uranium rights by the Finnish Ministry of Trade and Industry in Northern Finland.
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The Directors of the Issuer accept responsibility for the content 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:
The Paukkajanvaara deposit produced 30 tonnes of uranium in yellow cake (solid uranium oxide) during a test mining operation in 1960-61 by the Finnish company Atomienergia Oy. The mill throughput was 30,700 tonnes of ore assaying 0.12% U.
The mineralisation at Paukkajanvaara shows similarities to the so called "unconformity-type uranium deposits", similar to the world's richest operating mines in Canada.
The project area is located in the Joensuu magistrate in Eastern Finland. Joensuu is a major town with about 65,000 inhabitants. It is located about 450 kilometres northeast of Helsinki. The well-known mining town of Outukumpo is about 50 kilometres to the west. The project area is well served by high quality tarred roads. It is sparsely populated, with flat lying forestry areas intersected by numerous lakes.
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 tons of uranium were required for its four nuclear power reactors.
COGEMA, a major French nuclear player, has been granted uranium licences adjacent to the Agricola licences in Finland.
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