Drilling Report

Glencar Mining PLC
19 January 2004


Glencar Mining PLC

19 January 2003



                    Glencar Mining plc ('Glencar' or the 'Company') 
                              Drilling Report 
 
Summary 


Glencar is delighted to announce that the short, first pass Reverse
Circulation drilling programme completed in December on the previously
undrilled Atinasi and Tanaya prospects in the Asheba concession in Ghana
confirmed the presence of extensive near surface ore grade gold
mineralisation. The results also suggest significant potential for economic
tonnages. At Atinasi North, the best intersection was 23.5 grams per tonne
over a width of 3 metres, and finishing in mineralisation at the bottom of
the hole. At Tanaya, the best intersection was 4.18 grams per tonne over a
width of 3 metres. 


We have successfully completed this first phase of the drilling programme on
the Atinasi - Tanaya Trend which confirmed the presence of economic grades of
gold. The next drilling programme will be directed at proving the nature and
continuity of ore grade mineralisation at greater depths, beneath the current
extent of artisanal mine workings. The very existence of these mine workings,
more extensively developed than previously recognised, indicates the
relatively continuous and higher grade nature of the mineralisation in this
zone. It augurs well for the potential of this structure at deeper levels. It
is planned, subject to drill rig availability, to commence this deeper
drilling programme in March. 


A summary of the more significant mineralised intersections is given in the
tables below. 
 
Rock and Auger Sampling 


Geological mapping, rock and shallow auger sampling, carried out during 2003,
led to the delineation of a significant, 3 kilometre long, mineralised zone,
referred to as the Atinasi-Tanaya Trend. The area is underlain by rocks of
the mineralogically prolific Upper Birimian system. At both Atinasi North and
Tanaya, zones of high grade, auriferous quartz veinings within highly altered
basaltic rocks were identified. During October, a short rock-sampling
programme around artisanal workings on these structures was completed. In the
Atinasi area, 29 samples were collected. Of these, 23 were mineralised with
an average grade of 4.8 grams per tonne. The maximum grade was 44.2 grams per
tonne which was returned from a 1 metre channel sample taken from the wall of
an existing shaft. At Tanaya, 20 samples were assayed of which 17 were
mineralised with an average grade of 3.0 grams per tonne and a maximum grade
of 16.9 grams per tonne in a grab sample collected from an artisanal shaft. 
 
Drilling 


The recently completed shallow drilling programme was designed to test the
near surface extent of mineralisation at Atinasi North and at Tanaya, some
2.5 kms apart. A deeper drilling programme, designed to give an indication of
potential gold resources within the overall zone will now follow.  
A total of 1253 metres of drilling was completed, 1,042 metres at Atinasi
North and 211 metres at Tanaya. Samples were collected at 1 metre intervals
and laboratory assays were carried out over the entire length of each hole in
3 metre composite sections. We have identified 7 of the holes at Atinasi
North, where intersection of, or proximity to underground workings impacted
on recoveries within mineralised zones. While in theory lost sample recovery
can impact either positively or negatively on returned sample grades we
believe that in these holes the grades reported are likely to understate the
actual in situ grade either because the higher grade material was mined out
or the mineralised sample was not recovered because of air loss through the
adjacent, relatively shallow excavations.  
 
Atinasi North 


Many of the holes in Atinasi North finished in mineralised material. For
instance, borehole AKDL20 intersected 23.5 grams per tonne gold over a 3
metre width from 36 metres to the bottom of the hole at 39 metres depth. This
indicates a high grade, mineralised structure at this location which is at
least 3 metres wide. It is anticipated that, with deeper drilling, below the
level of shallow workings, this will not prove to be an exceptional
intersection at Atinasi North. Boreholes AKDL 22, 24 and 25 also finished at
39 metres depth in mineralised material.  
 
Atinasi North  

                                                                         
                    Hole      From (m)    To (m)    Width (m)    Au g/t  
                    AKDL3     24          33        9            0.39    
        Incl        AKDL6     0           24        24           0.65    
        and incl    AKDL6     0           3         3            1.80    
        and incl    AKDL6     15          24        9            0.94    
        and incl    AKDL6     21          24        3            1.37    
                    AKDL9     0           33        33           0.21    
        Incl        AKDL9     0           21        21           0.25
    
                    AKDL10    0           21        21           0.23    
                    AKDL14    9           12        3            0.94    
                    AKDL15    0           24        24           0.39    
        Incl        AKDL15    15          18        3            1.47    
                    AKDL17    0           6         6            1.48    
        Incl        AKDL17    3           6         3            2.05    
                    AKDL19    18          33        15           0.37    
                    AKDL20    36          39        3            23.50   
                    AKDL21    0           39        39           0.45    
        Incl        AKDL21    0           6         6            1.94  
  
                    AKDL22    30          39        9            1.54    
                    AKDL22    33          36        3            4.03    
                    AKDL24    0           12        12           0.31    
                    AKDL24    21          39        18           0.48    
                    AKDL25    12          39        27           1.28    
        Incl        AKDL25    21          30        9            3.18    
                    AKDL26    0           39        39           0.39    
        Incl        AKDL26    15          18        3            1.05    
                    AKDL27    0           21        21           0.42    
 
Tanaya 


The drilling at Tanaya was curtailed by technical problems and only six of
the twenty planned boreholes were completed. However, significant mineralised
intersections were encountered in three of the six holes, AKDL 28,29 and 31
and these are given in the table below. In Tanaya, as at Atinasi North, each
of the significant mineralised zones intersected included zones of poor
recovery associated with artisanal workings and as is the case at Atinasi, we
believe the actual in situ grades are likely to be higher than reported.  


Tanaya 

                                                                         
                    Hole      From (m)    To (m)    Width (m)    Au g/t  
                    AKDL28    3           12        9            1.57    
       including    AKDL28    3           6         3            4.18    
                    AKDL29    12          18        6            1.74    
       including    AKDL29    12          15        3            3.37    
                    AKDL31    12          36        24           0.15    
 

Further technical information relating to the Atinasi - Tanaya Trend
exploration programme will be posted shortly on our website at
www.glencarmining.ie  
 
 
 
For further information contact: 

                                                         
Hugh McCullough                    
Chief Executive                    
Telephone          [phone]  


 
END  


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