Drilling Report

Glencar Mining PLC
18 December 2000


                        Glencar Mining plc ('Glencar')


               Gold found on second exploration target at Wassa

    New discovery close to existing mine and recently discovered prospect


Glencar, the Dublin and London traded mining company, reports that it has
discovered another high grade gold prospect in Ghana within a short distance
of an earlier discovery and its existing mining operations.

Exploration drilling on a new area of the Wassa Mining Lease has intersected
high grade gold mineralisation at Ballyebo, a new prospect two kilometres to
the southwest of the existing Wassa mine and one and a half kilometres to the
southeast of the previously reported prospect at Bawdia Bosso.

Diamond drilling of the new prospect to a total depth of 115 metres, at an
angle of 60 degrees from the horizontal, intersected gold mineralisation
grading 17.3 grams / tonne over a downhole width of 5 metres (including 2
metres grading 40.6 grams / tonne) and at a downhole depth of between 42 and
47 metres.

The drilling was focused on a target of potential high grade mineralisation
previously identified from old workings at surface. The Ballyebo and Bawdia
Bosso prospects and the four other highest priority targets have been
delineated based on surface soil and trenching geochemical data and , in some
cases, data from old mine workings.

Results of the first phase of exploration drilling at Bawdia Bosso indicate
the presence of ore-grade gold mineralisation at shallow depths. Glencar
reported last month that a total of nineteen, angled reverse circulation
drillholes had been completed to a maximum depth of 80 metres and high grade
gold mineralisation had been intersected in a number of those boreholes.

The follow up drilling at Bawdia Bosso commenced with the drilling of two
diamond drillholes some 330 metres apart, one towards the southern end of the
prospect and one at the northern end of the prospect. The first of these
(BB20) intersected 4 metres at 3.8 grams/tonne between 77 and 81 metres
downhole depth, confirming the down dip extension of mineralisation
intersected in the reverse circulation drillhole BB7 which intersected 15
metres grading 2.2 grams/tonne between 24 and 39 metres and BB 11 which
intersected 9 metres grading 1.8 grams/tonne gold between 24 and 33 metres
downhole depth.

The second diamond drillhole (BB21) intersected 4 metres grading 5.9 grams/
tonne gold between 51 and 55 metres downhole depth, confirming the down dip
extension of reverse circulation drillhole BB1 which intersected 6 metres
grading 15.0 grams/tonne gold between 24 and 30 metres downhole depth.

'This shows both strike and depth continuity of the high grade structure
already trenched at surface and intersected in the earlier reported recent
drilling' said Glencar's Chief Executive, Mr Hugh McCullough, today.

'These exciting results are a further indication of the clear potential to
increase the ore reserves on the Wassa property through systematic drilling of
the six highest priority exploration target areas identified within the lease
boundary.'

It is anticipated that further results from this programme, which is
continuing, will be released before the end of January next.

Drilling on the Company's Kildare zinc / lead prospect in Ireland is
continuing. The Company expects to reach the target zone in January, 2001.


18 December, 2000

Ends


Contacts:

Hugh McCullough, Glencar Mining, Dublin [phone]

Keith Irons, Bankside Consultants, London [phone]