MNT Minmet

    


Minmet plc

Minmet plc ("Minmet" or the "Company")

                Independent Report - Tucumcari assets, New Mexico

As announced by the Company on 15 April 2008, Minmet engaged Gaffney, Cline &
Associates Inc. ("GCA") to provide an independent evaluation of the New Mexico,
USA, assets of Tucumcari Exploration LLC ("TUCX"), a limited liability Company
registered in Texas, in which Minmet holds a 25% interest and an option to
acquire the remaining 75% interest.

The GCA Report, which will be available on the Company's website from today,
states that TUCX holds or is in the process of confirming title to two sets of
leases, Randals Ranch and Walker, upon which eight wells were previously drilled
by CKG Energy (seven on the Randals Ranch and one on Walker). All the wells
drilled have encountered gas.

GCA is an international advisory firm focused on the provision of independent,
integrated technical and managerial advisory services to all sectors of the oil
and gas industry.

GCA Report Highlights:

    --  GCA concurs with the Company's view that, as a best estimate, the
        existing wells have demonstrated gas-in-place of about 200 Billion Cubic
        Feet ("BCF") with further potential still possible.

                      Contingent Resources, Randals Ranch and Walker Leases, as of
                                              April 30, 2008
                                            Billion Cubic feet
-------------------- ----------------------------------------------------------------
                             Gross Lease Area                  Net to TUCX
-------------------- ----------------------------------------------------------------
Category(1)              1C        2C         3C         1C         2C        3C
-------------------- ----------------------------------------------------------------
GIIP (2)                 61       201        471         49        164        384
-------------------- ----------------------------------------------------------------
Contingent Resources
 (3)                     18        62        146         15         50        119
-------------------- ----------------------------------------------------------------

1: The resource categories (1C, 2C, 3C) reflect differing levels of confidence.

2: GIIP (gas-initially-in-place) contains approximately 20% inert gases, and is
prior to extraction of NGLs (natural gas liquids)

3: Contingent resources are sales gas after removal of inert gases and
extraction of NGLs, and volumes net to TUCX are after adjusting for landowner
royalties.

Note: The resource reporting standard used in the GCA Report is the Petroleum
Resources Management System published by the Society of Petroleum Engineers /
World Petroleum Council / American Association of Petroleum Geologists / Society
of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) in March 2007.

    --  Presence of gas beneath the leases is clear, main task facing the
        Company is to demonstrate productivity at rates that will allow for
        commercial development of the resource base.

    --  Data confirmed the presence of a potentially significant gas
        accumulation at the Randals Ranch lease.

    --  Extent of the accumulation at the Walker location is more difficult to
        determine, but ongoing mapping of the area is underway which could add
        significantly to the resource potential.

    --  Wide range of the estimated resource is due to uncertainty over two key
        parameters:

- the areal extent of the accumulation(s)
- the amount of section, identified as gas bearing, that may prove productive.

    --  This range should be narrowed through new data which will become
        available from testing activities.

    --  Contingent resources outlined above are based on the ability of TUCX to
        demonstrate the productive potential it believes exists beneath the
        leases and exploit fully the resources already found, and exclude any
        additional volumes that may be discovered by further drilling.

    --  TUCX business plan is to focus initially on 90 day flow testing of two
        wells to assess commercial viability followed by further phased
        development.

    --  None of the wells have been drilled below the topmost section of the
        Strawn formation. Deeper formations remain potential targets for
        drilling. TUCX is currently mapping with a view to establishing deeper
        exploration potential.

    --  There is additional sales potential from natural gas liquids and helium.

    --  Notwithstanding the challenges facing TUCX, if commercial production can
        be established the company will be in a very good position to exploit
        not only the leases it currently owns, but to acquire new acreage and to
        act as an infrastructure hub for others that would presumably follow.

The summary above has been reviewed by Mr. Bob George, a Senior Vice President
with GCA, who has consented to its inclusion in this announcement, and
disclosure of GCA's full report on the Company's website.

Jon King, Chief Executive of Minmet, commented:

"This report confirms what the management team have always understood to be the
case from earlier due diligence; that the Tucumcari project has significant
potential. With this report now completed we look forward to working with TUCX
to further develop these assets and deliver value for our shareholders. We would
emphasise the upside potential from additional mapping on the Walker Lease and
deeper exploration on both leases, as well as exploration on additional leased
acreage."

For further enquiries:

Minmet plc
Jon King, Chief Executive Officer                              +44 (0) 20 7785 7220
College Hill, Public Relations
Nick Elwes / Paddy Blewer                                      +44 (0) 20 7457 2020
Nabarro Wells & Co. Limited
Robert Lo/Richard Swindells                                    +44 (0) 20 7634 4705

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