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@KidDynamite
Hi Corduroy, thanks for the info I also have the serial number, and from some information I got with the serial number indicates that it was manufactured in Nottingham on December 1979 (which quiet is the same information you gave me).
Today I had a problem to remove the stem from the frame, I will try again in the next days or go to a local bike shop.
@ tommmmmmm - yep I will remove the yellow color from the stem for sure.
Below are a few pics from today's update :)
Before applying paint remover on the frame.
After a few of the paint was removed.. still a lot of work to be done, but will keep you updated with the latest info.
Thanks again for the suggestions / information and for viewing my thread. :)