Cautionary announcement

21 May 2003

Further to the cautionary announcement of 9 April 2003 shareholders are advised that negotiations with J&W Holdings AG (incorporated in Switzerland) for the potential acquisition of Avmin’s 90 per cent stake in Chambishi Metals plc are continuing. Shareholders are advised to continue to exercise caution in dealings in the Company’s securities until a further announcement is made.

For further details contact:
Richard Phillips
Company Secretary