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Glencar Mining (GCM)

  Print      Mail a friend       Annual reports

Friday 28 June, 2002

Glencar Mining

Final Results

Glencar Mining PLC
28 June 2002

                               GLENCAR MINING PLC


            Preliminary Results for the Year Ended 31 December, 2001


I am pleased to be able to present this report and I welcome the opportunity it
gives to meet with and present to shareholders some further details of the
events of the last six months or so. In June 2001, we announced that the Wassa
Project was being sold as a going concern. We also stated that it had been
agreed with the bank lenders to the project that the guarantee on the Wassa
financing given by Glencar to the banks would be released upon completion of
sale provided that Glencar complied with certain conditions relating to the
management of Wassa project during the sale.


The sale of Wassa to Golden Star Resources Ltd., announced on 27th November
2001, is now in the final stages of legal execution and we expect all stages of
the sale to be fully concluded by mid July. It is Golden Star's intention,
following a successful Feasibility Study, to invest in a Carbon-in-Leach (CIL)
plant on the Wassa site, thereby ensuring significantly higher metallurgical
recoveries than is possible with heap leach technology. This CIL plant will also
be able to re-treat the heaps which contain significant quantities of gold which
the heap leach method leaves behind. We wish Golden Star every success in the
Wassa Project.


Upon completion of the sale of Wassa, we expect that the lenders to the Wassa
Project will release Glencar from its guarantee on the Wassa financing. The
agreement to effect this cannot be concluded until the sale of Wassa is
completed. We also have agreement with Standard Bank London Limited that the
Convertible Loan Note held by them from Glencar will be converted into 24.3
million shares in Glencar. A Special Resolution approving that agreement and the
issue of the shares to Standard Bank was passed by shareholders in July 2001.
Upon successful finalisation of all these matters, Glencar will be debt-free.
Standard Bank London Limited will hold approximately 19.8% of the enlarged
equity in the Company and CDC Group plc will hold warrants over 5 million
Glencar shares, exercisable at Stg2 pence per share for a three year period.


Because of the uncertainty surrounding the release of the Company's guarantees
on the Wassa debt and the timing of the final sale of the Wassa property, we had
delayed the preparation of the Company's accounts so that the Balance Sheet
would reflect the real position of the Company, following the conclusion of all
the arrangements surrounding the sale of Wassa. As the sale of the Wassa Project
has not been fully completed, the financial statements do not reflect the effect
of the impending sale and the release of the Company's guarantees in relation to
the Wassa debt. We have again included an unaudited proforma balance sheet to
enable the shareholders to evaluate the financial position of the Group as at 31
December 2001 if the transaction had been completed by the year end. It has been
a momentous year on many fronts and I am aware it has been one of some
disappointment for our shareholders who have seen the value of their holdings
remain at very low levels. I am pleased to report that I believe we have now
turned the corner and we are set on course to commence the rebuilding of the
Company and to give some hope and expectation to shareholders of better things
to come.


We are in discussion with a third party concerning the Navan zinc project held
by our subsidiary, Rennicks and Bennett Limited. We are confident that these
discussions will lead to an arrangement which will be of benefit to Glencar.


Philip O'Quigley resigned as an executive of the Company in November 2001. He
remains as a non-executive director and we are very pleased to be able to retain
his counsel at Board level. The Board is grateful for the contribution made by
Philip over his four years as Finance Director.


We have experienced a very disappointing and frustrating period over the last
twelve months or so. The parent company guarantee given by Glencar on the Wassa
financing could have brought about the liquidation of the Company. Through our
negotiations with the lenders and our continuing cooperation with them in
achieving the maximum value from the sale, we have been able to secure their
agreement, subject to the satisfactory completion of the sale of Wassa, to the
effective release of the guarantee and, as a consequence, the survival of the
Company. That has been our primary objective over this period and we are pleased
to be nearing its realisation. The next task is the rebuilding of the Company
and the restoration of shareholder value.


We have examined a number of potential investment opportunities which would
allow Glencar the opportunity to restore some shareholder value. Some of these
investigations have developed further than others but it is not possible, at
this stage, in the absence of definitive agreements being signed, to give
further details of the most likely project to be selected. Suffice to say that
we will do everything possible to provide real opportunity for growth in the
Company's asset base. It is anticipated that during the next twelve month
period, some additional financing will be carried out in conjunction with any
new project acquisition.


We believe that all the essential elements of the development strategy will be
in place by the beginning of September next. We expect to be in a position to
present the Board's proposals for Glencar's future at that time.




Hugh McCullough

28 June 2002



                         GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2001

                                                                                     2001                       2000

                                                                                      US$                        US$
TURNOVER                                                                       21,777,176                 31,075,637
                                                                         ----------------           ----------------
COST OF SALES - Operating Costs                                              (17,684,979)               (23,338,812)
Depreciation, amortisation and                                                  (555,773)               (5,207,957))
reclamation
                                                                         ----------------           ----------------
                                                                             (18,240,752)               (28,546,769)
                                                                         ----------------           ----------------
OPERATING PROFIT                                                                3,536,424                  2,528,868
EXCEPTIONAL ITEMS                                                            (21,030,430)               (19,712,890)
ADMINISTRATIVE EXPENSES                                                         (819,351)                  (756,820)
OTHER INCOME                                                                       66,843                    199,781
                                                                         ----------------           ----------------
LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST                                  (18,246,514)               (17,741,061)
INTEREST RECEIVABLE AND SIMILAR INCOME                                          2,755,155                    122,339
BANK INTEREST PAYABLE                                                         (4,008,437)                (3,362,425)
                                                                         ----------------           ----------------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                  (19,499,796)               (20,981,147)
Taxation                                                                                -                      (510)
                                                                         ----------------           ----------------
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION                                   (19,499,796)               (20,981,657)
MINORITY INTEREST                                                               6,665,422                  8,521,452
                                                                         ----------------           ----------------
LOSS FOR THE FINANCIAL YEAR                                                  (12,834,374)               (12,460,205)
                                                                             ============               ============
LOSS PER SHARE (CENTS)                                                             (13.1)                     (14.2)
                                                                             ============               ============
DILUTED LOSS PER SHARE (CENTS)                                                     (13.1)                     (14.2)







The results are derived solely from continuing operations. The group has no
recognised gains or losses other than the result for the year which has been
calculated on the historical cost basis.




GLENCAR MINING PLC

GROUP BALANCE SHEET AS AT 31 DECEMBER 2001
                                                                                                               Pro-Forma
                                                                                                               Unaudited
                                                                        31-Dec-01            31-Dec-00         31-Dec-01
                                                                              US$                  US$               US$
FIXED ASSETS
Intangible and tangible assets                                          7,609,121           16,933,853         2,512,974
                                                                  ---------------       --------------     -------------
CURRENT ASSETS
Stock                                                                   6,343,454           14,474,040                 -
Debtors                                                                    84,825              235,064            73,199
Cash at bank                                                              955,474            2,680,027           409,622
                                                                  ---------------      ---------------     -------------
                                                                        7,383,753           17,389,131           482,821
CREDITORS (Amounts falling due within one year)                      (54,502,186)         (16,709,928)         (570,100)
                                                                  ---------------      ---------------     -------------
NET CURRENT (LIABILITIES) / ASSETS                                   (47,118,433)              679,203          (87,279)
                                                                  ---------------      ---------------     -------------
TOTAL ASSETS LESS CURRENT LIABILITIES                                (39,509,312)           17,613,056         2,425,695
CREDITORS (Amounts falling due after more than one                              -         (37,622,572)                 -
year)
                                                                  ---------------      ---------------     -------------
TOTAL NET (LIABILITIES) / ASSETS                                     (39,509,312)         (20,009,516)         2,425,695
                                                                        =========            =========          ========
CAPITAL AND RESERVES
Called up share capital                                                 3,423,001            3,505,093         4,090,288
Share premium account                                                  35,629,820           35,629,820        39,127,373
Capital conversion reserve fund                                            82,092                    -            82,092
Profit and loss account (deficit)                                    (59,815,148)         (46,980,774)      (40,762,869)
                                                                  ---------------       --------------   ---------------
TOTAL CAPITAL EMPLOYED                                               (20,680,235)          (7,845,861)         2,536,904
MINORITY INTEREST IN SUBSIDIARY UNDERTAKING                          (18,829,077)         (12,163,655)         (111,209)
                                                                  ---------------      ---------------      ------------
                                                                     (39,509,312)         (20,009,516)         2,425,695
                                                                        =========            =========           =======




Press queries

Hugh McCullough

Chief Executive

Telephone +353-(0)1-661 9974




28 June, 2002



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