Final Results

Glencar Mining PLC
07 June 2005

                               GLENCAR MINING PLC

                         Announcement of Annual Results

                             Notice of AGM and EGM

                                  7 June 2005

Glencar Mining plc ('Glencar' or the 'Company') is pleased to announce that it
has posted to shareholders today its Annual Report and Accounts for the year
ended 31 December 2004.

Highlights from the Report of the Chief Executive:

  • 2004 was an active and successful year of gold exploration for Glencar in
    Mali and Ghana in particular.

  • On the Sankarani Project our exploration programmes have identified 15
    high- priority targets over the four concession areas.

  • Follow up geochemical sampling and detailed structural mapping, carried
    out during the first quarter of 2005, has led to the definition of four
    first priority drill targets.

  • Current work at Sankarani is directed at refining drill hole orientation
    and geometry on these four targets which will be drilled in the fourth
    quarter.

  • Drilling was carried out on the Asheba Project in Ghana during 2004
    yielding encouraging mineralised intersections but the deposit is difficult
    to model.

  • An ultra high resolution helicopter-borne aeromagnetic and radiometric
    (HRAM) survey has just been completed at Asheba.

  • Drilling is to recommence at Asheba with a programme designed to prove
    extensions to the ore grade mineralisation already drilled there and those
    targets defined by the HRAM survey.

  • On the Buinja Project in Uganda the exploration focus has shifted to EPL
    4705 near Busia. Geophysics surveys currently underway south of the Tira
    mine.

  • Glencar plans to apply for admission to AIM shortly.


The Groups Profit & Loss Account and the Balance Sheet for the year ended 31
December 2004 are shown below. They show a loss before taxation for the year of
US$674,272.


The full text of the Report of the Chief Executive is available at the company
website at www.glencarmining.ie.



GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2004

                                                             2004           2003
                                                              US$            US$

ADMINISTRATIVE EXPENSES                                  (698,462)     (508,980)

GAIN ON EXCHANGE                                            1,072       130,112

LOSS ON ORDINARY                                         (697,390)     (378,868)
ACTIVITIES BEFORE INTEREST

BANK INTEREST RECEIVABLE                                   39,118         8,273

INTEREST PAYABLE AND SIMILAR CHARGES                      (16,000)            -

LOSS ON ORDINARY                                         (674,272)     (370,595)
ACTIVITIES BEFORE EXCEPTIONAL ITEMS

EXCEPTIONAL ITEMS                                               -    45,729,773

(LOSS)/PROFIT ON ORDINARY                                (674,272)   45,359,178
ACTIVITIES BEFORE TAXATION

Taxation                                                   (1,142)       (1,641)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR                     (675,414)   45,357,537

(LOSS)/PROFIT PER SHARE (CENTS)                             (0.40)         42.1

DILUTED (LOSS)/PROFIT PER SHARE (CENTS)                     (0.39)         41.2



GROUP BALANCE SHEET AS AT 31 DECEMBER 2004
                                                             2004          2003
                                                              US$           US$

FIXED ASSETS
Intangible and tangible assets                          2,623,329     2,191,044

CURRENT ASSETS
Debtors                                                     5,621        45,164
Cash at bank                                            1,050,729       917,359
                                                        1,056,350       962,523

CREDITORS (Amounts falling due within one year)          (386,981)     (418,052)

NET CURRENT ASSETS                                        669,369       544,471

TOTAL ASSETS LESS CURRENT LIABILITIES                   3,292,698     2,735,515

CREDITORS (Amounts falling due after more than one 
year)                                                    (436,156)     (435,955)

TOTAL NET ASSETS                                        2,856,542     2,299,560

CAPITAL AND RESERVES
Called up share capital                                 6,167,555     5,542,033
Share premium account                                  36,136,694    35,529,820
Capital conversion reserve fund                            82,092        82,092
Profit and loss account (deficit)                     (39,416,889)  (38,741,475)
TOTAL CAPITAL EMPLOYED                                  2,969,452     2,412,470

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

                                                        2,856,542      2,299,560

Notices relating to Glencar's annual general meeting and an extraordinary
general meeting have been sent to Shareholders today. Glencar's annual general
meeting will be held on 30 June, 2005 at 11.30 a.m. at Jurys Hotel, Ballsbridge,
Dublin 4, Ireland. Glencar has also convened an extraordinary general meeting at
11.45 a.m. on 30 June, 2005 to consider and, if thought fit, pass the following
resolutions:

Resolution 1 (Consolidation Resolution) is an ordinary resolution to permit the
Company to effect a 1 for 10 Consolidation of the issued and unissued Ordinary
Shares of the Company. The Consolidation will result in the cancellation by the
Company of all current share certificates and the issuance of new share
certificates to all of the Shareholders.

Resolution 2 (Section 23 Resolution) is a special resolution which provides for
the disapplication of statutory pre-emption rights in relation to the allotment
of ordinary shares for cash by the Directors up to a maximum of 30% of the
aggregate nominal value of the issued share capital of the Company for a period
of up to fifteen months from the date of the EGM. The authorisation is being
sought to enable the Directors to be in a position to raise sufficient funds to
develop existing and proposed prospects in Ghana, Mali and Uganda if the need
arises. This increased authority if granted will supersede the authority sought
at the Company's AGM to be held on 30 June, 2005.

Resolution 3 (Scheme Resolution) is an ordinary resolution which seeks approval
for the adoption of the New Share Option Scheme as the share option scheme of
the Company, which had been in place for 10 years, expired on 6 October, 2004.
The proposed New Share Option Scheme is on almost identical terms to the Expired
Share Option Scheme.

The Company will apply to the Irish Stock Exchange to have the shares, the
subject of the Consolidation Resolution, admitted to trading on the IEX on 1
July 2005, though admission to trading is subject to the passing of the
Consolidation Resolution by shareholders at the EGM.

Further information on the resolutions proposed for the EGM is set out in an EGM
Circular sent to Shareholders today. Terms defined in the EGM Circular have the
same meaning in this announcement.

Copies of all of the documents posted to Shareholders today have been submitted
to the Irish Stock Exchange. These documents will be available for inspection
for one month from the date of this announcement at the offices of the Company
at 71 Lower Baggot Street, Dublin 2, Ireland.



For Further Information:

Glencar Mining plc
Hugh McCullough/Kieran Harrington
Tel:                             [phone]
e-mail:                          [e-mail]

Davy Corporate Finance Limited
Des Carville/Brian Corr
Tel:                             [phone]



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