CONCORD, Mass., Nov. 24 /PRNewswire/ -- Starmet Corporation
(Nasdaq: STMT) announced today that its wholly-owned subsidiary, Starmet CMI,
recently has been awarded contracts valued at approximately $5.5 million for
work to be performed at its Barnwell, South Carolina facility.  Of that
amount, approximately $2 million is committed now, and the balance is in the
form of options that the Company expects to be exercised during the next three
months.  Although production will commence immediately, revenue recognition
will begin in the Company's second fiscal quarter.  Most of the contract work
is expected to be completed during FY 1998.  Approximately one half of the
contract dollars are for the conversion of depleted and natural uranium
hexafluoride into metal and the balance to process and stabilize depleted
uranium metal into oxide using DUCRETE(TM) technology.
    DUCRETE technology was developed at the Idaho National Engineering and
Environmental Laboratories.  Starmet obtained exclusive worldwide license
rights as part of a strategic alliance with Teton Technologies, an Idaho
Falls, Idaho corporation.  In the DUCRETE process uranium materials are
thermally processed into a chemically stable form yielding a dense aggregate.
The aggregate when combined with cement can be used to produce low cost
radiation shielding for a variety of nuclear waste applications.  Starmet CMI
is currently operating a licensed demonstration facility to evaluate the
commercial viability of this technology.
    Starmet CMI, established in 1983 as Carolina Metals, Inc., provides
uranium metal products and related services to both the commercial and
government markets.  It operates fully licensed production facilities capable
of processing uranium and depleted uranium feed materials into customer
specified products.
    Starmet Corporation, formerly Nuclear Metals, Inc., is a diversified
metallurgical technology company based in Concord, Massachusetts.
    Statements contained herein that are not statements of historical fact are
"forward-looking statements."  Forward-looking statements include, without
limitation, statements concerning capital expenditure expectations and sources
of liquidity and capital and statements regarding customer exercisable
contract options.
    Such forward looking statements are based on a number of assumptions and
involve a number of risks and uncertainties, and accordingly, actual results
could differ materially from those projected in the forward-looking
statements.  Factors that may cause such differences include, but are not
limited to: acceptance of the Company's products and services; the presence of
competitors with greater technical, marketing and financial resources.

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