MNT Minmet

    


Minmet plc



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

         Reconvened Extraordinary General Meeting of the Company ("EGM")

Minmet plc (AIM:MNT) ('Minmet' or 'the Company'), announces that at the EGM
originally held on 11 April 2008 and to be reconvened today, the following
information will be provided in response to the supplementary questions which
were raised at the original EGM:

    a) Who are the people behind Westcoast Group Limited ("Westcoast") and what
    commonality is there with Minmet directors and with the other companies
    involved in the deals?

    Westcoast's sole Director and Shareholder is Irving Aronson. Irving Aronson
    holds the shares in issue on trust for himself as to 10%, Hilberry
    Foundation as to 45% and Charms Investments Limited as to 45%.

    There is no commonality of shareholders between Westcoast and Minmet and its
    Directors. There is a degree of commonality of shareholders between
    Westcoast and Carbon Energy Investments Limited and Tucumcari Investments
    Limited ("TIL").

    b) Are accounts available for TIL in order to trace where the $6 million
    returnable deposit has gone?

    Accounts have not been prepared for TIL. It is intended that accounts will
    be prepared for TIL and Tucumcari Exploration LLC ("TUCX").

    c) What was received by Minmet for the shares issued in respect of the
    Barnett Shale project and what has happened to the assets?

    Minmet (Isle of Man) Limited acquired Overseas Oil & Gas Investments Limited
    on 31 May 2005. The transaction brought an option to acquire gas leases in
    the Barnet Shale in Texas and cash. The option was never exercised.

    d) Mr. Maddocks informed the meeting that he had just received news by
    telephone that the $4.35 million cash deposit would be returned to the
    Company the following week in settlement of the receivable on the Alaska
    project.

    Mr. Maddocks' statement to the meeting was not correct and the position
    remains as announced by the Company on 21 January 2008.

    e) Did the money paid by Westcoast to acquire shares in Minmet from Gold Oil
    plc come from Minmet itself?

    The money paid by Westcoast to acquire shares in Minmet from Gold Oil plc
    did not come from Minmet.

    f) Mr. Barrett and Mr. King agreed to provide a technical response on how
    they had satisfied themselves on the validity of the transactions.

    The Company has requested the Company's solicitors, Faegre & Benson, to
    undertake a review of this issue and a letter from them will be read out at
    the adjourned meeting.

    g) Questions were raised regarding NOMAD approval for the $6m transaction on
    TUCX.

    Although the transaction occurred earlier, the payment of $6 million was
    formally documented on 17 January 2008 and subsequently announced on 21
    January 2008. The transaction was a Related Party Transaction and the
    Company's Nominated adviser was consulted in accordance with the AIM Rules
    for Companies.

    h) The Board was asked to review the TUCX agreement and confirm the position
    on exercising the TUCX option, calling on the security and obtaining return
    of cash.

    The Board has taken and will continue to take legal advice in relation to
    its obligations and commitments under the TUCX Option Agreement including
    calling on its security and securing the return of all funds advanced to TIL
    and TUCX by way of deposit and working capital.

For further information, please contact:

Minmet plc                                                         +44 (0) 20 7785 7221

Jon King , Chief Executive Officer

College Hill, Public Relations                                     +44 (0) 20 7457 2020

Nick Elwes
Paddy Blewer

Nabarro Wells & Co. Limited, Nominated Adviser                     +44 (0) 20 7634 4705

Robert Lo / Richard Swindells

Minmet (LSE:MNT)
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Minmet (LSE:MNT)
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