Holding(s) in Company

Glencar Mining PLC
02 July 2004

                               GLENCAR MINING PLC

                             Re: Holding in Company


A letter from Carmignac Gestion to Glencar Mining plc dated 2nd July 2004,
received by Glencar Mining plc on the 2nd July 2004.

In accordance with provisions of Sections 67-79 of the Irish Companies Act 1990,
you are hereby notified that, as result of a number of recent purchases, funds
managed by Carmignac Gestion are interested in 6,500,000 €0.031 ordinary shares
in Glencar Mining plc., representing 3.77% of the issued share capital of the
company.

Simon Pickard

Fund Manager

Carmignac Gestion


2 July, 2004


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