A new Hydrothermal Circulation and Ore Deposition network, HYCOD, was established in March 1994 under the Human Capital and Mobility programme. This network aims to bring together leading European laboratories with expertise in sea-floor hydrothermal processes and the fossil systems responsible for a major part of the earth's base metal resources. There are nine major participants in the network: - Southampton University (UK); - Institute of Oceanographic Sciences (UK); - Ifremer (France); - University of Strasbourg (France); - University of Freiburg (Germany); - University of Lisbon (Portugal); - Groenlands Geologiske Undersoegelse (Denmark); - University of Galway (Ireland); - ERA-Maptec (Ireland). In addition there are seven associated laboratories. The activities of the research teams within the network will focus on either modern or fossil hydrothermal systems. This summer, two post-doctoral fellows will participate in ocean-going scientific voyages, the results of which will form the basis of their research. A third post-doctoral fellow will work on a hot-spring system which is currently being mined for gold. The work of a fourth post-doctoral scientist will centre on the comparative geochemistry of chemical sediments found in the vicinity of ocean and hot springs. A post-doctoral student will work on a gold-bearing granite system. Each fellow will receive a contract of 20 to 22 months. A first workshop for members of the network was organized in Spain in early March 1994. The workshop provided the ocean-going members with some first-hand experience of fossil Cu-Au-Fe systems in the Iberian Pyrite Belt. Two experts from the USA gave presentations on submersible and deep drilling programmes.