Final Results

Glencar Mining PLC
28 June 2000


GLENCAR MINING PLC ('Glencar')

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER, 1999


Glencar announces its results for the year ending 31 December, 1999. The
company produced turnover of US$26.44m in its first year of gold production.

As a result of the lower gold prices prevailing at present Glencar decided to
make a non cash adjustment to the historic carrying value of the Wassa Mine in
the accounts. The total amount of the write down was US$71m which contributed
to a loss for the financial year of US$29m.

The company announced on 23 June, 2000 a Rights Issue to raise approximately
US$5.35m net of expenses and on the same date posted a circular to
shareholders ('the Circular'). 32,601,489 New Ordinary Shares will be issued
at Stg12p per share on the basis of 1 New Ordinary Share for every 2 Ordinary
Shares held at the close of business on 26 June, 2000. The Rights Issue is
conditional upon shareholder approval at an Extraordinary General Meeting of
the Company called for 3 July, 2000. 

The company intends to use US$2.5m of the proceeds of the Rights Issue on its
exploration properties and a further US$2.5m will be advanced to its
subsidiary, Satellite Goldfields Limited, to fund working capital requirements
at the Wassa Mine.

The company also announced that it has successfully negotiated a revised debt
repayment schedule with the Group's Senior Lenders which more accurately
reflects the anticipated gold production profile over the next four years. The
revised repayment schedule is conditional upon the completion of the Rights
Issue.

CDC, the Group's subordinated lender has agreed to capitalise US$3.19m in
interest payments due up to the end of 2000. 

The Circular contained an Accountants' Report on the group for the year ended
31 December 1999. The Annual Report for the same period will be posted to
shareholders during the week commencing 3 July 2000. The Profit and Loss
Account and Consolidated Balance Sheet for the year ending 31 December, 1999
are attached.
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER, 1999


                                                        1999          1998
                                                         US$           US$

TURNOVER                                         26,436,554            -
                                                --------------------------

COST OF SALES -Operating Costs                  (17,427,551)           -
Depreciation, amortisation and reclamation      (13,506,733)           -
                                                --------------------------
                                                (30,934,284)           -
                                                --------------------------

OPERATING LOSS                                   (4,497,730)           -

EXCEPTIONAL IMPAIRMENT PROVISION                (52,868,240)           -

ADMINISTRATIVE EXPENSES                          (1,020,173)    (256,350)

OTHER INCOME                                        214,207            -

BANK INTEREST RECEIVABLE                             66,261       43,091

BANK INTEREST PAYABLE                            (3,437,087)           -

EXCEPTIONAL ITEM                                          -   (2,573,016) 
                                                --------------------------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION     (61,542,762)  (2,786,275)

TAXATION                                                 41            -
                                                --------------------------

LOSS ON ORDINARY ACTIVITIES AFTER TAXATION      (61,542,721)  (2,786,275)

MINORITY INTEREST                                32,310,182       (4,247) 
                                                --------------------------
LOSS FOR THE FINANCIAL YEAR                     (29,232,539)  (2,790,522) 
                                                ==========================

LOSS PER SHARE (CENTS)                                (44.9)        (4.3) 
                                                ==========================
DILUTED LOSS PER SHARE (CENTS)                        (44.8)        (4.3) 
                                                ==========================

 
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER, 1999



                                                        1999          1998
                                                         US$           US$

FIXED ASSETS
Tangible and intangible assets                   37,131,317   116,149,930
                                                --------------------------

CURRENT ASSETS
Stocks                                           10,517,726     2,471,202
Debtors                                           1,772,533       167,443
Cash at bank                                      1,593,851     2,674,605
                                                --------------------------
                                                 13,884,110     5,313,250
                     
CREDITORS (Amounts falling due within one year) (15,090,256)   (7,149,892) 
                                                --------------------------

NET CURRENT LIABILITIES                          (1,206,146)   (1,836,642) 
                                                --------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES            35,925,171   114,313,288

CREDITORS (Amounts falling due after 
  more than one year)                           (39,830,104)  (38,571,429) 
                                                --------------------------
TOTAL NET (LIABILITIES) ASSETS                   (3,904,933)   75,741,859
                                                ==========================

CAPITAL AND RESERVES                                              
Called up share capital                           2,525,093     2,521,656
Share premium account                            31,732,746    31,688,650
Profit and loss account (deficit)               (34,520,569)   (5,288,030)
Other reserves                                            -    18,151,604
                                                --------------------------

TOTAL CAPITAL EMPLOYED (DEFICIT)                   (262,730)   47,073,880
MINORITY INTEREST IN SUBSIDIARY UNDERTAKINGS     (3,642,203)   28,667,979
                                                --------------------------
                                                 (3,904,933)   75,741,859
                                                ==========================


For further information:

Hugh McCullough (Chief Executive)
Philip O'Quigley    (Finance Director)
Glencar Mining plc          Tel: [phone]


28 June, 2000