Interim Results

Glencar Mining PLC
08 October 2004



                 Glencar Mining plc ('Glencar or the 'Company')


             Interim Results for the six months ended 30 June 2004



CHAIRMAN'S STATEMENT

Dear Shareholder,


I am pleased to be able to report on progress in our gold exploration programmes
in Mali, Ghana and Uganda. We have active exploration programmes currently
underway in each of these three areas.


Mali


  • Recently completed regolith study which highlights fifteen high priority
    targets.

  • New detailed geochemical sampling now underway to test these fifteen
    targets.

  • Plan to have up to 5 drill targets identified and ready for drilling by
    end of the first quarter of 2005.


Ghana

  • June drilling programme discovered additional high-grade mineralisation at
    depth at Atinasi following the very successful shallower drilling programme
    conducted last December.
  • Auger drilling programme has now commenced to further define and extend
    this mineralisation.


Uganda


  • In Uganda, a trenching programme has commenced in late September to test
    significant gold in soil anomalies at both the Buinja and Siavona prospects.


FINANCE

Glencar, with US$1.5m in cash at 30 June 2004, has adequate financial resources
to carry out all planned programmes as described above and set out in more
detail below.


MALI

In Mali, we have an interest in 1,000 square kilometres of exploration
concessions in the southern part of the country, which we refer to as the
Sankarani Project. These concessions are within Birimian terrain, which
comprises the host rocks for most of the major gold deposits in West Africa. Our
earlier soil sampling programme at Farasaba, in the Sankarani area, had
delineated a mineralised zone some 2.5 km long, which contained some
exceptionally high gold values within a favourable geological environment. These
results were published in April 2004. Since completion of that field programme,
our activity in Mali has been focussed on the completion of a detailed regolith
mapping and interpretation study, carried out for Glencar over the entire
concession area by Regolex Pty. Regolex is an Australian consultancy
specialising in the regolith mapping of this part of West Africa and their work
has been a central part of the exploration programmes of many of the major
mining companies in the region.


The regolith study involves a detailed examination, both in the field and using
satellite imagery and aerial photography, of the surface deposits within the
concession areas. This analysis of the regolith enables us to interpret more
accurately the factors influencing the geochemical values obtained in our and
previous licencees' surveys in the Sankarani region. Given that we have an
extensive geochemical database, it is important to evaluate it as fully as
possible and this study is of enormous benefit in that regard. The report
defines 15 targets (out of a total of 55 targets) which are categorised as high
to very high priority based on Regolex's extensive experience in this type of
terrain in West Africa. It is on these 15 priority targets that the current work
programme in the field in Mali is being concentrated. The highest priority
targets are those which display anomalous geochemistry in the context of the
host regolith regime and often where there is also associated structural or
other supporting geological evidence. This programme, involving detailed,
follow-up geochemical sampling and geological mapping, has already commenced and
will be carried out over the coming months with a view to upgrading up to five
of the targets to drill ready status before the end of the first quarter of
2005.




GHANA

In Ghana, our Asheba project is showing very real potential, following the
completion of two drilling programmes, in December last year and again in May/
June 2004. The earlier of these two programmes demonstrated the presence near
surface of extensive high grade gold mineralisation. In May/June last, we
carried out a deeper drilling programme totalling 2,600 metres of reverse
circulation and diamond drilling, the results of which were published in July.
That programme proved the existence at greater depths of the sort of high grade
mineralisation encountered in the earlier, shallower drilling programme.
Intersections of 9 metres at 11.0 grams/tonne and 12 metres at 12.1 grams/tonne
were intersected at depths between 39 and 54 metres. These grades occur within
very well mineralised quartz vein systems which have been the source of much of
the historical gold mining in the area. While these intersections are very
encouraging and give an indication of the potential for the presence of a
commercial orebody, the area is structurally complex and our structural and
geological interpretation is still ongoing. Further work is being carried out to
define the continuity of the mineralisation both along strike and at depth. We
have also intersected a very well defined stockwork system which may be traced
from hole to hole, but within the limited area drilled, it is not consistently
mineralised. One of the targets of our ongoing work is to determine the controls
on gold mineralisation in the area, and as a consequence, to delineate those
areas which may be expected to contain more consistently developed gold
mineralisation within the stockwork.


We have already commenced an auger drilling programme at Atinasi which will test
four elements of the deposit at Atinasi.


      • The area immediately east of the existing Atinasi North drill grid
        where mineralisation is open.


      • Continuity between the Atinasi North prospect and the high-grade
        mineralisation discovered in the Alabee Zone in the June drilling
        programme.


      • The zone north of Alabee where our float mapping indicates a dioritic
        intrusive body underlying highly anomalous soil geochemistry.


      • The geochemically anomalous area southeast of the Atinasi drill grid
        towards the greenstone-granite contact.


The programme, together with ongoing field geological mapping, will assist in
the planning of the next phase of reverse circulation and diamond drilling in
this very promising area.


UGANDA

We commenced a trenching programme on our Ugandan licences at the end of
September. This programme is designed to follow up the promising indications of
mineralisation encountered in our earlier exploration work. The programme will
focus on two areas in SEPL 4332. At Buinja North, reconnaissance work has
previously delineated a broad gold in soil anomalous zone over a strike length
of more than five kilometres. The zone is underlain by variably altered
dolerites and is bounded to the north by a banded quartzite formation and to the
south by a large granite body, the Buinja granite. The zone will be tested by
trenching in at least three locations along its length where anomalous soil
values are coincident with favourable mapped geology.


The Siavona Prospect is also in SEPL 4332 but lies some 10 kilometres to the
south of Buinja. A limited reconnaissance mapping and soil sampling programme
here identified an anomalous gold in soil zone within an east west trending
shear zone in a suite of Nyanzian metavolcanics and banded quartzites. Float
sampling of just 11 samples from Siavona yielded a maximum grade of 1.13g/t from
a mylonitised quartz stockwork grab sample. Initially one or two trenches will
be excavated in the zone and a decision on further trenching there will then be
made.


GENERAL


In July 2004, as part of our agreement to acquire up to 85% of the concession
interest in the Sankarani Project, we issued one million new shares to our
Malian partners in that project and (as of the date of this announcement there
are 173,404,467 ordinary shares in issue.


We are now embarked upon active exploration programmes in our three main project
areas in Mali, Ghana and Uganda. We expect to receive the results of these
programmes over the next three or four months. We will then be embarking on new
drilling programmes both at Asheba and on our priority targets on the Sankarani
Project in Mali. We are examining other opportunities in the gold sector in West
Africa, particularly in Mali where we believe significant under-explored
potential still exists within a proven, gold-hosting environment.






CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)

FOR THE PERIOD ENDED 30 JUNE 2004


                                                     Unaudited     Unaudited  
                                                      6 months      6 months 
                                                         ended         ended 
                                                     30-Jun-04     30-Jun-03 
                                                           US$           US$ 
    EXCEPTIONAL ITEM                                         -     (396,861) 
    ADMINISTRATIVE EXPENSES                          (330,279)     (218,997) 
    BANK INTEREST RECEIVABLE                            17,740         5,717 
    BANK INTEREST PAYABLE                                    0             0 
    LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION      (312,539)     (610,142) 
    TAXATION                                                 0             0 
    LOSS ON ORDINARY ACTIVITIES AFTER TAXATION       (312,539)     (610,142) 
    MINORITY INTEREST                                        0             0 
    LOSS FOR THE FINANCIAL PERIOD                    (312,539)     (610,142) 
    LOSS PER SHARE (CENTS)                               (.18)         (.62) 
    DILUTED LOSS PER SHARE (CENTS)                       (.17)         (.62) 




These results will be posted on the Company's website and copies of the interim
report will be available from the Company's registered office at 71 Lower Baggot
Street, Dublin 2.




8 October 2004




Enquiries;


Glencar Mining plc
Mr Philip O'Quigley
Tel:    [phone]
Fax:    [phone]
e-mail: [e-mail]



                      This information is provided by RNS
            The company news service from the London Stock Exchange END

IR EAFEPEEELFFE