The Board of Agricola Resources plc ("Agricola") are pleased to report the interim results to 30 June 2005. Agricola has significantly broadened its base by acquiring uranium exploration rights in Finland. Agricola's interests in platinum exploration and development are confined to the island of Unst in the Shetland Islands and to the Klappsjo areas of Central Sweden. Agricola sympathizes with the people of Unst with the announcement of the closure of the radar station, the island's largest employer.
On 12 January 2005 Agricola announced the results of bedrock sampling from Unst with platinoid values of up to 2.9 grams per ton. It is considering additional ork on the island which may include diamond drilling of exploration targets.
On 15 April 2005 Dr. Larsson and Mr. Anthony Scutt were appointed to the board of Agricola as Technical Director and Non-executive Director respectively.
On 10 May 2005 The Finnish State Mining Authority of the Ministry of Trade and Industry granted Agricola claims Kauhee No.'s 1 - 10, located in the Joensuu District of Eastern Finland. The claims cover the area of Finland's only previously operated uranium mine, called Paukkajanvaara, which produced 30 tons of yellow cake (solid uranium oxide) during mining in 1960-61.
Previous exploration within the claimed area by the Geological Survey of Finland has located a number of large size, high grade uranium boulders of arkosic to quartzitic composition.
The Kauhee and the Hautajaervi claims cover an area of 153 square kilometres. The directors consider the Kauhee claims prospective for "unconformity type uranium deposits" and the latter prospective for "uranium in iron oxide copper gold deposits". Scintillometer and radon surveys have been undertaken over the Kauhee claims and they are now in progress over the Hautajaervi claims. Radon anomalies have been located over the Kauhee claims, which require additional radon testing and diamond drilling.
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, producing 27% of Finland's electricity supply. The country presently imports all of its uranium requirements. 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.
Agricola's directors will work hard during the remainder of 2005 to increase the value of its exploration and development assets.
R. D. Young, Chairman
August 2005
UNAUDITED RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2005
|
|
6 Months ended 30 Jun 2005
GBP
|
6 Months ended 30 Jun 2004
GBP
|
| Turnover |
-
|
-
|
| Direct Costs |
16,761
|
-
|
| . |
|
|
| Gross Loss |
(16,761)
|
-
|
| . |
|
|
Administrative & marketing
expenses |
46,436
|
48,685
|
|
|
|
| Operating Loss |
(63,197)
|
(48,685)
|
| . |
|
|
| Investment Income |
1,056
|
763
|
|
|
|
| Loss on ordinary activities before taxation |
(62,141)
|
(47,942)
|
| Tax |
-
|
-
|
|
|
|
| Loss for the period |
(62,141)
|
(47,942)
|
|
|
|
| Basic loss per share |
0.08p
|
0.07p
|
| Diluted loss per share |
0.07p
|
0.06p
|
Notes
The company had no recognised gains or losses other than the loss for the periods.
No dividends were proposed.
1) The financial information for the period ended 30 June 2005 has not been audited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.
2) Basic loss per share have been calculated using the weighted average number of shares of 82,803,444.
Diluted loss per share have been calculated using the weighted average number of shares of 94,577,214.
Contact :
Dr. Robert Young, Chairman
+44 1353 648 931
Agricola Resources plc
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