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Co fine particles coated with Ag have been synthesized through the microemulsion method in an inert atmosphere. The size of the particles is controlled by the water droplets of the microemulsions. Fine particles prepared by this method, consist of a magnetic core of Co covered by a layer of Ag. Samples containing from 3.3 to 40.5 vol % Co have been prepared. The average size of the particles obtained is in the nanometer range. The magnetic properties were studied by dc magnetization at 77 K and room temperature. The data show a strong dependence of the magnetic properties on the annealing temperature.