Glencar Mining PLC
27 November 2001
Glencar Mining plc ('Glencar' or 'the Company')
Wassa Gold Project
Glencar announces that Satellite Goldfields Limited, a 59.4% indirectly owned
subsidiary of the Company, has signed a letter with Golden Star Resources
Limited ('Golden Star') and the Senior Secured Lenders to the Wassa Gold
Project setting out the intention to conclude an agreement for the purchase by
Golden Star of certain of the assets and business comprising the Wassa Gold
Mine in Ghana.
In March of this year, Glencar agreed with its bankers that, in the light of
gold recovery problems at Wassa together with the prevailing gold market
environment, the Wassa Gold Mine would be offered for sale as a going concern.
Golden Star has indicated that, following completion of a feasibility study,
it intends to finance the construction of a Carbon-in-Leach (CIL) processing
plant on site in place of the existing heap leach operation.
Further details will be announced in due course.
For further information:
Hugh McCullough (Chief Executive): + 00 353 (0) 1 661 9974
27 November, 2001