Grant of Options

Glencar Mining PLC
18 September 2003

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

                         Surrender and Grant of Options

Glencar announces that, effective yesterday, 17 September, the following
Directors have surrendered their respective share options:
Name of Director                                       No. Of Options Surrendered
Hugh McCullough                                        950,000
Kieran Harrington                                      400,000
William Cummins                                        175,000
Sean Finlay                                            175,000
Philip O'Quigley                                       400,000


The surrendered options were exercisable at various prices up to €0.55 per share
up to October 2005.


Glencar also announces that, pursuant to the Company's Share Option Scheme, it
has granted the following share options to Directors:

Name of Director                                       No. of Options Granted
Hugh McCullough                                        2,000,000
Kieran Harrington                                      1,000,000
William Cummins                                        500,000
Sean Finlay                                            500,000
Philip O'Quigley                                       500,000


These options have been granted for a five year period, exercisable at €0.031
per share. The total number of options now outstanding is 4.5 million.


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]



18 September, 2003


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