Placing

Glencar Mining PLC
26 February 2004

                               GLENCAR MINING PLC

                 Completion of Placing to Raise US$1.24 Million

                 Exploration to Intensify at Asheba and in Mali



The Board of Glencar Mining plc ('Glencar' or 'the Company') is pleased to
announce that it has completed a private placing of 15,600,000 new Ordinary
Shares, representing approximately 9.95 per cent. of the existing ordinary share
capital of the Company, at Stg4.3 pence per share to raise approximately
Stg£0.62 million (approximately US$1.16 million) net of expenses ('the
Placing'). The shares have been placed predominantly with London and Dublin
based institutional investors through the Company's brokers Williams de Broe Plc
and Davy Stockbrokers. The proceeds of the Placing will permit a more extensive
and detailed drilling programme to be carried out at the Company's Asheba
Project in Ghana, following the successful first phase drilling programme
completed in December 2003. The next drilling programme is scheduled to commence
in March 2004, subject to drill rig availability.


The Placing is conditional on the admission, for which application to the Irish
Stock Exchange has been made, of the new Ordinary Shares to be issued pursuant
to the Placing to dealing on the Exploration Securities Market of the Irish
Stock Exchange.


Allotment of the new Ordinary Shares is within the existing allotment
authorities of the Directors. The new Ordinary Shares will rank pari passu in
all respects with the existing Ordinary Shares of Glencar. It is expected that
dealings will commence in the new Ordinary Shares on 10 March 2004. The enlarged
issued share capital of the Company following the Placing is 172,404,467
Ordinary Shares.


Other Developments


On January 19 2004, the Company announced the results of the first pass drilling
programme at the Asheba Project. These showed the presence of extensive, near
surface, ore-grade mineralisation at Atinasi North and at Tanaya with grades of
up to 23.5 grams per tonne intersected over 3 metres width. It is now clear that
a sustained drilling programme will be required to determine the extent and
tenor of economic mineralisation at the property and the placing announced today
will enable such drilling programmes to be continued through into 2005.


Commenting on these developments, Hugh McCullough, Chief Executive of Glencar
stated:


'The funds raised in this placing will enable us to expand and intensify our
work programmes at both Asheba and Mali and we look forward to being able to
report the results of these programmes over the coming months.'


For further information, please contact:


Glencar Mining plc:


Kieran Harrington                                    Tel: + 353 1 661 9974

Exploration Director                                 Fax: + 353 1 661 1205

Williams de Broe Plc:                                Tel: + 44 20 7588 7511

Joe Nally


Davy:                                                Tel: + 353 1 679 6363

Eugenee Mulhern






February 26, 2004


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