Sutton Fen is on the upper reaches of the River Ant
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The RSPB has started a �1.5m appeal to create a new nature reserve on the Norfolk Broads.
The society wants to buy Sutton Fen to protect what it said was one of the finest examples of unpolluted valley fen in Western Europe.
The site is home to an array of plants, insects and birds, including marsh harriers and Cetti's warblers.
Cranes have bred nearby and the RSPB said it hoped they could be encouraged on to the site in the future.
The RSPB said the fen was one of the most important nature conservation sites in the UK.
Ian Robinson, the RSPB's Broads area manager, said: "As a life-long conservation professional, I've never been so excited about the prospect of buying land for RSPB stewardship.
"An opportunity as extraordinary as this is unlikely to come about again in our lifetimes."