EXPLORATION group Minmet has increased its stake in Connary Minerals from 53.9 per cent to 57.6 per cent at a cost of £310,000 sterling. Minmet funded the increased stake in Connary by placing 10.3 million of its own shares with institutional and private investors at 3 1/2p each to raise £360,000 sterling.

Connary recently increased reserves at its Castomil gold deposit in Portugal from 200,000 ounces to 270,000 ounces and has also been awarded a new exploration licence by the Portuguese government. The funds put into Connary will be used for further exploration at Castomil, to conclude land leases with local landowners and to prepare a mining lease.