[en] The results of transmission electron microscopy (TEM), magnetic and magneto-resistivity investigations of the Cu-10Co (wt%) giant magneto-resistance (GMR) melt-spun ribbons are reported and discussed. To obtain different distributions of ferromagnetic Co particles in a non-magnetic Cu matrix, the alloy was aged at 550 deg. C for 0.5, 1, 2, 16, and 32 h. Particle size measurements were performed using quantitative TEM metallography methods. Two size classes of Co particles are identified: primary particles (P) precipitated during the melt-spinning process and the secondary particles (S) precipitated during the ageing process. The results of magnetization and coercitivity are correlated with the results of calculations based on the real Co particle distributions determined from TEM micrographs. The behavior of magnetization and coercive force in function of ageing time is explained as related with changes of a mean particle size. It is shown that the GMR effect is not influenced by Co particles distribution for the S particles with the mean size less than 10 nm, whereas for Co distributions with larger mean diameters, the GMR effect is strongly reduced