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Saturday, October 30, 2004

Minmet - Goldmining in Romania

MinMet plc, the international mining and exploration group, announces that subsequent to an evaluation of its operation
in Romania, it has granted a Romanian licence to Transgold S.A ("Transgold"),
its partner in the Baia Mare project. This licence permits Transgold to utilise
the EMML Process on the existing Baia Mare project and also to investigate its
application on additional resources in Romania. Transgold will, in particular,
target the long established producing gold district of the Carpathian Belt.
Eurogold is a 50% shareholder in Transgold.

Under this new licence, all future operational aspects involving test work,
permitting, transportation of ore and processing in Romania will be financed by
Transgold. MinMet will continue to receive a modified royalty of up to US$2/t
for ongoing projects focused around Baia Mare and has agreed with Transgold an
additional royalty of US$10/oz of gold produced from new projects in Romania
utilising the EMML Process.

Posted by Mihai : 10/30/2004 02:24:00 pm