Interim Results

Glencar Mining PLC
17 September 2003

                               GLENCAR MINING PLC

                                Interim Results



I am delighted to be able to report to shareholders that, as recently announced,
the protracted discussions relating to the release of our parent company
guarantees on the Wassa financing have been successfully concluded. All the
necessary agreements have now been signed with the various banks and the
conditions precedent to the final release of the guarantee are expected to be
met before the end of October next. We have also concluded an agreement with
Standard Bank London Limited whereby Standard has agreed to waive its right of
repayment and conversion under a $3,000,000 Convertible Loan Note issued to it
by the Company in 1998. The conclusion of these agreements is central to your
company's future growth and development.


The Company would also like to announce that subscription applications for the
full amount of the placing, announced on 5 September last, have been received
and the placing is now closed. We have arranged to place 35 million new shares
at €0.031 per share raising a total of US$1.2 million before expenses.
Conditions related to the placing (principally shareholder approvals which are
being sought at an Extraordinary General Meeting convened to be held on 29
September, 2003 and admission of the new shares to dealing on the Exploration
Securities Market of the Irish Stock Exchange, for which application is expected
to be made shortly) are expected to be met before the end of October next.
Glencar will then be free of all bank debt and adequately funded to conduct its
planned exploration programmes in Ghana, Mali and Uganda. Under the agreements
referred to above we will have as shareholders, in addition to our existing
institutional shareholder base, Standard Bank London Limited and CDC Group plc,
both significant participants in the gold exploration/mining business in Africa.
Each will hold approximately 8% of the enlarged equity of Glencar, after
completion of the placing referred to above.


While these negotiations were ongoing, management focus was entirely on
achieving their successful conclusion. Having completed the agreements the
management will now devote all its energy and its considerable experience to the
vigorous pursuit of its planned exploration programmes as further detailed
below.


We have been active in Africa for almost 20 years now, having commenced work in
Ghana in 1984, and having been responsible for the discovery of two large
orebodies there. We have since expanded our area of interest to include Mali and
Uganda and we are also examining potential projects in Tanzania.


At Asheba, in Ghana, we are currently carrying out a detailed geological mapping
programme over the Atinasi-Cheriamen-Tanaya mineralized zone and we expect to be
able to report on the first results of this programme in October.


We believe that the Mali project has great promise, lying within a geological/
structural setting which hosts several major gold deposits in the region. We
believe that Mali is an excellent country within which to work, with an
established mining industry and a supportive legal and fiscal framework. Two of
the four licence areas under option to Glencar have been issued and a further
two are expected to issue shortly. This 1000 sq. km area is adjacent to the
Malian border with Guinea and is in a similar geological setting to the
Ashanti-owned Siguiri mine in Guinea, which has been in production since 1998,
and is producing currently at an annual rate of 270,000 ounces. On one of the
two Mali licences already issued, a resource of 280,000 ounces has been reported
by the previous licencee. This target will be evaluated with a view to
increasing the resource there. There is a large number of other, undrilled
targets on the property many of which are marked by intensive artisanal
activity. Our forthcoming programme will be designed to prioritise these
targets.


In Uganda, we have a number of geochemically defined targets in this
geologically attractive area. Our 350 sq. km licence package is underlain by
Nyanzian System rocks which, to the south in Tanzania, host some major deposits
such as Bulyanhulu, Geita, Golden Pride and Kukuluma. We have planned a
trenching programme for December this year, which we expect to lead to targets
for a drilling programme to be conducted in 2004.




Following the completion of the placing described above, we will be well funded
to complete the proposed exploration programmes. Your Directors are very
appreciative of the patience and support they have received from shareholders
and others during the last very difficult two years. We are now firmly focused
on the future and we will bring all our experience, old and more recent, to bear
in our task of restoring shareholder value to your company.


Our profit and loss account for the 6 month period ending 30 June, 2003, shows
an increased provision in respect of the legal fees awarded against Glencar in
its action against Mayo County Council to reflect the recent related agreement
with Mayo County Council as announced on 5 September, 2003. The profit and loss
account does not reflect any interest charges on bank debt, since we expect that
by the end of this year, we will have transformed our balance sheet through the
elimination of all bank debt and the issue of new equity arising from the
current placing. We will be rationalizing our group structure through the
winding up or disposal of surplus subsidiary companies.


Your Directors believe that, after two exceptionally tough years for the
company, we can now expect considerably more exciting and productive times
ahead. It is your Board's objective to return Glencar to the forefront of
successful gold exploration companies in Africa.




                CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)

                       FOR THE PERIOD ENDED 30 JUNE, 2003

                                                                                    Unaudited        Unaudited
                                                                                     6 months         6 months
                                                                                        ended            ended
                                                                                    30-Jun-03        30-Jun-02
                                                                                          US$              US$
TURNOVER - GOLD SALES                                                                       0        1,208,374

COST OF SALES                                                                               0

Operating Costs                                                                             0      (1,751,373)

OPERATING LOSS                                                                              0        (542,999)

EXCEPTIONAL ITEM                                                                    (396,861)        (775,747)

ADMINISTRATIVE EXPENSES                                                             (218,997)        (280,619)

BANK INTEREST RECEIVABLE                                                                5,717            6,873

BANK INTEREST PAYABLE                                                                       0      (2,072,042)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                         (610,142)      (3,664,534)

TAXATION                                                                                    0                0

LOSS ON ORDINARY ACTIVITIES AFTER TAXATION                                          (610,142)      (3,664,534)

MINORITY INTEREST                                                                           0        1,308,940

LOSS FOR THE FINANCIAL PERIOD                                                       (610,142)      (2,355,594)

LOSS EARNINGS PER SHARE (CENTS)                                                         (.62)           (2.41)

DILUTED LOSS PER SHARE (CENTS)                                                          (.62)           (2.41)




For further information:

Glencar Mining plc:

Mr. Hugh McCullough

Chief Executive

Tel: + 353 1 661 9974

Fax: + 353 1 661 1205

e-mail: [e-mail]



17 September, 2003


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