Shares in MinMet, an exploration company, rose by 18 per cent to 33.5p sterling (55.3 cents), before dipping to 30.0p yesterday, following a weekend newspaper report on optimism that it would find substantial gold in Brazil. The report, in Saturday's Daily Mail, which tipped MinMet as a "buy", said "some believe there could - quite literally - be billions of pounds worth of gold in the company's exploration areas in Brazil" and "critics claim they are worth a few pence".

MinMet yesterday said results from drilling for gold at target sites in the Cuiaba Basin were not expected before the end of next month. "We have begun our drilling programme in Brazil but it's early stages and there are no results yet. Results are expected in late September or early October," according to finance director, Mr Seamus Maher.

"MinMet has raised ample cash for the foreseeable future, massively strengthened the management and attracted big institutional investors," the Daily Mail said.