In case some of you have not already added Minmet to your watch list, it has been receiving some very good news just lately. One trading statement yesterday and completion of a 22.5% aquisition in Ovaca Resources PLC.

With good news and gold ready to break $410, Minmet looks ready to fly (Another Oxus Gold maybe? - We can but hope!).

Thanks to Goldfinger for the link :)

TRADING STATEMENT - 16/12/03 07:00

Minmet plc

TRADING STATEMENT - SUIOR PROJECT, ROMANIA

MinMet, the international gold mining and exploration company, is pleased to
provide an update on the result of the initial commercial scale production of
gold from its joint venture with SC Transgold SA ('Transgold') in northern
Romania. The first 5,000t bulk sample of refractory concentrates comprising the
Suior project have been processed by the Transgold CIL plant in Baia Mare
following pre-treatment using the exclusive biotechnology recently acquired by
MinMet through the acquisition of European Metals and Minerals Ltd ('EMML').

The initial 5,033t concentrate over six campaigns yielded 1,012 ounces of gold
and 3,302 ounces of silver representing a recovered grade averaging 5.7g Au/t
determined from a 48h 'bottle-roll' cyanide dissolution test. The best value
from six campaigns was 6.53g Au/t in a sample of 896t comprising campaign No.5.
Each campaign processes of the order of 1,000 dry tonnes within the 25,000t
Phase 1 of a project that will eventually treat more then 600,000t of material
by the end of Phase 2.

Phase 2 will condition and treat at least 100,000t of Suior concentrates during
2004. This phase has already been initiated and the access ramp for the
transport of material at the permitted treatment site has also been completed.
An initial 20,000t of material has been positioned and prepared for the
application of the EMML biotechnology.

As stated previously, MinMet has commenced an active programme of resource
identification and research testing of several prospective materials at sites in
Europe, with a view to eventually utilizing the EMML biotechnology to expand its
low cost production of gold from refractory concentrates and mine waste
materials.
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ACQUISITION - 17/12/03 11:55
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Minmet plc


Minmet plc ('MinMet')

MinMet completes acquisition of 22.5% interest in Ovoca Resources plc

Further to an announcement dated 13th November 2003, Minmet plc ('MinMet'), the
international gold mining and exploration company, announces that it has
completed the sale of its wholly owned subsidiary Klippen Guld AB (the
'Transaction') to the Irish based resource company, Ovoca Resources plc ('Ovoca'
or the 'Company'). In consideration for the Transaction MinMet receives 11m
ordinary shares in Ovoca ('Consideration Shares').

MinMet has given an undertaking to Ovoca that it will not dispose of the
Consideration Shares for a period of 12 months from completion of the
Transaction. Ovoca will make an application to the Exploration Securities Market
to admit the Consideration Shares to trading. Upon issue of the new ordinary
shares MinMet will be interested in 22.5% of the enlarged share capital of
Ovoca.

Ovoca has appointed, MinMet's nominees, Jeremy Martin and Jeremy Metcalfe to the
Board of the Company.

The Transaction opens the opportunity for Ovoca to actively explore for gold in
an area in Northern Sweden termed the 'Gold Line' where it now holds a number of
promising concessions including Klippen and Krokliden. Krokliden is close to the
Svartliden gold deposit (1.4 Mt @ 5.7 g/t) owned by Dragon Mining NL which was
permitted in August 2003 by the Swedish authorities. The 'Gold Line' also
contains the Faboliden gold deposit (15 Mt @ 1.8 g/t) and MinMet's Barsele gold
project (9 Mt @ 1.8 g/t). Work to date on Klippen has identified several zones
of elevated gold values, the largest of which measures 1,000 m by 100 m. Results
from this zone average 1.8 g/t Au. Ovoca is planning extensive field work on its
new Swedish properties by April 2004.

Ovoca will have the assistance of MinMet in both operations management and
logistics and will have an initial Swedish base at MinMet's Bjorkdal gold mine
with access to personnel, equipment and facilities.

Commenting following the conclusion of the Transaction with Ovoca, Michael
Nolan, CEO of MinMet said, 'I am delighted to have concluded this transaction
with Ovoca at a time when the price of gold has reached levels not seen for
seven years. I look forward to working with Richard O'Shea (CEO of Ovoca) and
the Board of Ovoca to build a dynamic business supported by the revival of
interest in natural resources in general and gold in particular. MinMet will
support the work of Ovoca in Sweden and the Nordic Region generally through our
experienced local and international management team and we aim to assist Ovoca
to capitalise on the unique opportunities now available and thereby adding
significant value to MinMet's investment in Ovoca.'
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I'm starting to agree minmet seems to feed you with good information on projects, gold finds ect... only to drop 2-3 days later.

I feel that I have been sucked in a little. I bought 400000 shares at 4p. :o(

I am going to wait for there annual report for 2004, and if it doesn't show any improvements in profit/assets. I'm going to get out and never come back, it would be a shame as I thought that they were starting to show real potential.

They seem to have a problem showing/proving any real profit i.e. cash/asset profit from any of there schemes.

A question

If minmet are starting to make good, why have minmet started to sell off there lucrative assets such as shares in gold quest ect. (where they say they have found gold). Is this because they have diluted there shares to a degree that they cant, or dare not dilute them any more, and need cash to sustain the business.?

My thoughts!!

They need to prove profit in there business in order for there shares to grow!!
and not drill reports and speculation on profit.

I've lost confidance on this onee!!