Final Results

Glencar Mining PLC
01 June 2004

Glencar Mining PLC

1 June 2004





                GLENCAR MINING PLC ('Glencar' or the 'Company')




                  RESULTS FOR THE YEAR ENDED 31 DECEMBER, 2003



Report of the Chief Executive

The year under review marked the re-emergence of Glencar as a successful gold
explorer in Africa following the recommencement of active exploration activity
on two important projects in West Africa. We have completed a shallow drilling
programme in Ghana with very encouraging results and we have also reported
exceptional assay results from our first field programme in Mali. There is much
to look forward to in the next six to twelve months.


GHANA

Our Asheba project is in the Western Region of Ghana, where we have a 45 square
kilometre prospecting licence, some 20 kilometres south of the prolific gold
mining district of Tarkwa. In December 2003, we completed a short, shallow
drilling programme the results of which were published in January 2004. The
programme was carried out over the Atinasi North and Tanaya targets and the
assays showed the presence of a near surface mineralised zone, with grades of up
to 23.5 grams per tonne over 3 metres width. The results to date at Atinasi
North and Tanaya confirm the extent of a significant northeast-southwest
trending mineralised zone over a strike length of some 3 kilometres. A deeper
drilling programme, directed towards the mineralisation at Atinasi North and
Tanaya at greater depths is in progress at the time of writing and the results
will be announced upon completion of the programme. Assuming positive results
from the current phase of drilling at Asheba, we expect to embark on a sustained
drilling programme during the second half of 2004, which will be directed
towards delineating the gold resource within the mineralised structure.


It is clear that the area between Tanaya and Atinasi North is highly
prospective. Work is also progressing at the Atinasi South area, some 450 metres
south of Atinasi North, where mapping to date indicates a possible extension of
the main mineralised zone.


MALI

Our Sankarani Project comprises a ground holding of 1,000 square kilometres in
southern Mali, close to its border with Guinea. There are four exploration
concessions, two of which have already issued and two of which have passed
through all regulatory formalities and are expected to be issued shortly. The
ground was originally held by BHP and then by Randgold Resources. The
concessions contain a reported resource of 280,000 ounces of gold at Komana
which was reported by North Limited, operating under a joint venture with
Randgold Resources. The area is underlain by rocks of the Birimian system, the
prolific host to most of Ghana's and Mali's huge gold resources.


Glencar has agreements with La Societe Malienne de la Petite Mine d'Or s.a.r.l.
and Africa Resources s.a.r.l., each relating to two exploration concessions, the
former at Farasaba and Komana and the latter at Bokoro and Sanioumale. Review of
the existing exploration database and field prospecting has led to the
identification of a number of target areas, initially within the Komana and
Farasaba licences which will be followed up with field programmes. Exploration
has been concentrated initially on the Farasaba area, where field prospecting
had discovered extensive artisanal workings and associated favourable geology
and structure. A sampling grid, 100m x 100m, was laid down over a 5.5 square
kilometre area centred on the Farasaba workings and the results show a broadly
anomalous zone, trending NW - SE, some 2.5 kilometres long and 300 - 500 metres
wide, within which some exceptionally high values in the region of 28 grams per
tonne were recorded. These results clearly confirm the potential of the
Sankarani Project to contain economic concentrations of gold.


Other, similar targets within the concessions are also being examined. We are
also conducting a detailed regolith study of the entire area which involves the
interpretation of satellite images and aerial photographs of the concession
areas. These are currently being interpreted and the field programme to follow
up the interpreted results will be conducted in June. This study will greatly
assist our interpretation of the extensive geochemical database we have obtained
for the area as well as giving further detailed insight into the specific regime
in the Farasaba area.


UGANDA

We are in discussion with a number of interested parties in relation to
concluding a joint venture on our Uganda properties, comprising some 350 square
kilometres in the southeastern part of the country. Our current plan is to
conduct a trenching programme on the property in July, but this plan will be
reviewed in the context of the progress and outcome of the joint venture
discussions. We believe this part of Uganda to be geologically very prospective,
since the Nyanzian rocks which underlie our licence areas occupy a geological
setting similar to the Nyanzian Greenstone belt which hosts the Lake Victoria
Goldfields on the Tanzanian side of the lake.


Further technical details of the Company's exploration programmes are given on
the Company's website at www.glencarmining.ie.


A number of other gold projects in West Africa are also under review and we
believe that we can maintain a pipeline of technically attractive projects
commensurate with available funding.


CORPORATE

In October 2003, we completed a private placing to raise US$1.1 million after
costs to enable us to commence the proposed exploration programmes in Ghana and
in Mali in particular. The results of the drilling at Asheba in Ghana before
Christmas were so positive as to enable us to complete a further private placing
in February 2004 of a further US$1.16 million after costs. These fundings have
provided adequate working capital for present purposes and sufficient to conduct
a significant drilling programme at our Asheba Project in Ghana and to increase
the pace of exploration at our Sankarani Project in Mali, especially after such
positive results have been obtained from the first sampling programme there at
Farasaba.


Glencar has returned to the gold exploration sector after a period during which
we had little positive to report. We believe we have a very attractive portfolio
of exploration projects in West Africa, two of which are demonstrating clear
signs of economic potential. We have some other projects under discussion which
may result in additional attractive projects being acquired. We are confident
that we have a very exciting 12 months ahead of us with every reason to expect
continuing success at our Asheba and Sankarani Projects in particular. I would
like to thank our shareholders for their patience and courtesy during a
difficult time and our Board members for their support and assistance in
bringing the Company back to a position of growth with some exciting exploration
prospects.




Hugh McCullough

Chief Executive


31 May 2004.





GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2003

                                                        2003              2002
                                                         US$               US$

ADMINISTRATIVE EXPENSES                             (378,868)         (528,942)

LOSS ON ORDINARY                                    (378,868)         (528,942)
ACTIVITIES BEFORE INTEREST

BANK INTEREST RECEIVABLE                               8,273            10,766
BANK INTEREST PAYABLE                                      -          (522,071)

LOSS ON ORDINARY                                    (370,595)       (1,040,247)
ACTIVITIES BEFORE EXCEPTIONAL                       
ITEMS

EXCEPTIONAL ITEMS                                 45,729,773        (5,692,367)

PROFIT/(LOSS) ON ORDINARY                         45,359,178        (6,732,614)
ACTIVITIES BEFORE                                 
TAXATION

Taxation                                              (1,641)                -

PROFIT/(LOSS) ON ORDINARY                         45,357,537        (6,732,614)
ACTIVITIES AFTER                                  
TAXATION

MINORITY INTEREST                                          -       (18,376,367)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR              45,357,537       (25,108,981)

PROFIT/(LOSS) PER SHARE (CENTS)                         42.1             (25.7)

DILUTED PROFIT/(LOSS) PER SHARE (CENTS)                 41.2             (25.7)


GROUP BALANCE SHEET AS AT 31 DECEMBER 2003

                                                          2003            2002
                                                           US$             US$

FIXED ASSETS
Intangible and tangible assets                       2,191,044       1,975,217

CURRENT ASSETS
Debtors                                                 45,164          68,084
Cash at bank                                           917,359         535,059
                                                       962,523         603,143

CREDITORS (Amounts falling due within one year)       (418,052)    (47,655,369)

NET CURRENT ASSETS /(LIABILITIES)                      544,471     (47,052,226)

TOTAL ASSETS LESS CURRENT LIABILITIES                2,735,515     (45,077,009)

CREDITORS (Amounts falling due after more than
one year)                                             (435,955)              -

TOTAL NET ASSETS /(LIABILITIES)                      2,299,560     (45,077,009)

CAPITAL AND RESERVES
Called up share capital                              5,542,033       3,423,001
Share premium account                               35,529,820      35,629,820
Capital conversion reserve fund                         82,092          82,092
Profit and loss account (deficit)                  (38,741,475)    (84,099,012)

TOTAL CAPITAL EMPLOYED                               2,412,470     (44,964,099)

MINORITY INTEREST IN SUBSIDIARY                       (112,910)       (112,910)
UNDERTAKING

                                                     2,299,560     (45,077,009)

Hugh McCullough
Chief Executive,                      Glencar Mining plc
Tel:                                  [phone]



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