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What did I find? Titanium?

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Updated photos

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Cool bike! I'm guessing a 1988 Merlin. There should be a serial number on the bb shell that would be helpful.
 
late to the party buy boy what a find. looks pretty small, does it fit you? that stem alone is worth many antique's on this site total value. could you please post an after overhaul image?
 
This is a real beauty- I have been looking for my old frame or something similar which is also an early chainstay U-brake Merlin in a size small. I have a small seat stay U-brake '89 and an x-small chainstay U-brake '88 but still can't seem to find the right combo- yours looks like a medium- really great to find such an early one-

Rick
 
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