Letter to Shareholders from John King, Chief Executive Officer

    


Minmet plc



15 July 2008

                     MINMET PLC ("Minmet" or the "Company"))

Letter posted on 11 July 2008 to shareholders of Minmet plc from Jon King, Chief
                                Executive Officer

The Board of Minmet announces that on Friday 11 July the Company posted a letter
to shareholders. The text of the letter is set out below.

Dear Shareholder

Following our letter of 11th June 2008 the Board of MinMet plc is very pleased
to update shareholders on its progress regarding the Tucumcari gas project in
New Mexico. Following the Gaffney Cline & Associates evaluation of the Tucumcari
leases published in May, a report on MinMet was released last week by the
respected independent equity research group, Edison Investment Research. The
full report is available on the MinMet website www.Minmet.ie, within the home
page in the News section entitled Independent Investment Report - Edison
Investment Research.

The report highlights the disparity between the valuation of the company and the
market capitalisation at the current share price.

The report illustrates a clear path for the management to follow, in order to
realise fully the value inherent in our current portfolio - a path that your
Board are committed to following. The key necessary steps to be taken involve
the resolution of the conflict between the Board and a number of dissident
shareholders as well as TUCX raising the necessary funding, independently of
MinMet, for the testing and drilling of wells.

Whilst it remains early days on both of these key challenges, we have taken the
necessary first steps, and I look forward to updating our shareholders and the
wider market once we are in a position to do so.

We believe that the TUCX project, whilst not without risk, is attractive for the
following reasons.

    --  A verified gas discovery

    --  Includes pipeline infrastructure

    --  Development and exploration upside

    --  A stable political and operating environment

The Board has acted, and will continue to act, in the best interests of all
shareholders. Unlocking the potential of MinMet's interest in the TUCX project
must be managed by a team that has a detailed understanding of the international
oil and gas business, both at a corporate and operational level, that being the
current Board.

We would therefore urge all shareholders to vote AGAINST the proposals at the
EGM to be held on 18th July 2008 on the understanding that this team is in the
process of taking the Company through a reconstruction process which we believe
to be successful - through exposure to attractive oil and gas projects and
strong energy prices.

Yours faithfully,

Jon King
Chief Executive Officer
Minmet Plc

For further enquiries:

Minmet plc                                                                                 +44 (0) 20 7857 221
  Peter Maddocks, Chairman
  Jon King, Chief Executive

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

Minmet (LSE:MNT)
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