Completion of Placing

Glencar Mining PLC
07 November 2003

                Glencar Mining plc ('Glencar' or the 'Company')


                 Completion of Placing and Release of Guarantee




The Board of Glencar is pleased to report that it has completed its previously
announced Placing of 35,000,000 New Ordinary Shares raising a total of
US$1,090,000 (net of expenses) to help fund the Company's ongoing gold
exploration programmes in Africa.


The Board is also pleased to announce that Standard Bank London Limited
('Standard Bank'), CDC Group PLC ('CDC') and others (collectively the 'Secured
Lenders'), have released Glencar from its guarantee obligations under the
guarantee relating to the Wassa Gold Project financing agreements. Pursuant to
this agreement, Glencar has issued 12,000,000 shares and 7,500,000 warrants to
CDC.

Furthermore, Standard Bank, in its capacity as the holder of the outstanding
US$3,000,000 convertible loan note, (the 'Loan Note') has waived its rights to
repayment and conversion of the Loan Note in consideration of the issue to it of
12,000,000 new Ordinary Shares.


All of these New Ordinary Shares have been admitted to dealing on the
Exploration Securities Market of the Irish Stock Exchange and the enlarged share
capital of the Company is now 156,804,467 shares.


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


''The release of Glencar from its parent company guarantee obligations and
satisfaction of its obligations under the Loan Note mark the culmination of many
months of negotiation and uncertainty which has surrounded the Company.
Completion of the Placing and associated fundraising have provided Glencar with
funds to move forward immediately to develop the Company's excellent portfolio
of gold exploration opportunities in Africa.'



For further information, please contact:


Glencar Mining plc:

Mr. Hugh McCullough,

Chief Executive

Tel: + 353 1 661 9974

Fax: + 353 1 661 1205


7 November, 2003



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