LONDON: 12 MAY 2005. Agricola Resources plc ("Agricola") the OFEX listed resource company involved in platinum exploration in Scotland and Sweden and uranium exploration in Finland announces that it has been awarded new exploration rights at Hautajaervi, northern Finland.
The Finnish state Mining Authority of the Ministry of Trade and Industry has granted to Agricola seven claims called Hautajaervi No.'s 1 -7, located in the municipality of Salla in the Lappland county in northern Finland. The claims cover an area of 63 square kilometres.
Previous exploration in the area by the Geological Survey of Finland has located a number of large size, high grade uranium boulders of arkosic to quartzitic composition at several localities within the claimed area. The bedrock source of these boulders is unknown but it is expected to be close by in the claim area.
The Hautajaervi project area is easily reached by high standard roads. It is located just south of the Arctic 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 750 kilometres. It is sparsely populated, with large forestry areas intersected by numerous lakes.
With the Hautajaervi area and the earlier announced Kauhee area Agricola presently holds 153 square kilometres of highly prospective ground for uranium in Finland. Both areas are considered by Agricola's directors to be prospective for "unconformity type uranium deposits" of similar type to those of the world*s largest operated mines for uranium in Canada.
Agricola has been in preliminary contact with representatives of a major uranium company with a view to discussing a possible Joint Venture on both areas.
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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:
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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