Interim Results

GLENCAR MINING PLC
31 August 1999


GLENCAR MINING PLC ('Glencar')
Interim Results for the Six Month Period ending 30 June, 1999

We announce the interim results for the six month period ending 30 June, 1999,
the period in which Glencar's Wassa Mine in Ghana came to production and
poured its first gold bar.

THE WASSA GOLD MINE
Our efforts during the period under review were firmly focussed on the Wassa
Gold Mine in Ghana where we achieved our target of producing our first gold
bar in January 1999.  The mine was constructed on schedule and on budget and
is now in full production.


OPERATIONS

Overview
By 30 June, we had mined approximately 1.97 million tonnes of ore at an
average gold grade of 1.8 grams per tonne.  The mine produced a total of
30,035 fine ounces of gold during that period at a cash operating cost of
US$186 per ounce.  The average price received for our gold production during
the first six months of 1999 was US$320 per ounce against an average price on
the spot market for the same period of US$274.

Mining
During the start-up period some not unusual commissioning problems were
encountered and overcome.  The mining operation is now going very well with
good tonnages and grades being mined from the upper levels of the Main 1 and
Main 2 pits.  We are crushing approximately 300,000 tonnes of ore per month,
some 20% more than forecast and the crushing system is operating
satisfactorily.

The stripping ratio (the ratio of waste mined to ore mined) at 2.6:1, was
higher than forecast in the first six months.  We expect the stripping ratio
during the second half of 1999 to be much lower and the average for the year
as a whole should be approximately 2.1:1. 

Processing
Testwork shows that ultimate gold recovery will be in excess of 80% and
possibly as high as 88%. Some dilution has been experienced during periods of
high rainfall.  Operational modifications relating to solution management,
recently undertaken, are expected to contribute to more rapid recovery during
the second half of 1999. Production in August will be approximately 12,000
ounces.  Our revised forecast of gold production for 1999 is 95,000 ounces.

Costs
Cash operating costs for the first six months were US$186 per ounce while the
outcome for the year as a whole is expected to be lower as the mine is now
operating at full production  and the stripping ratio will be lower.  Cash
operating cost for the months of July and August will be approximately US$162
per ounce.


RESERVES AND RESOURCES
Pit delineation drilling has been carried out both in and around the Wassa pit
area.  A total of 12,180 metres of drilling has been carried out in 216 holes.
The results of this drilling are being incorporated in the new block model and
mining schedule which is currently being finalised by our geological and
mining staff. These results will be independently audited by the technical
consultants to the lending Banks and will be published in due course. In the
next period, it is intended to focus on exploration targets along strike from,
and parallel to, the currently known orebody.


KANYANKAW - ASHEBA
We are currently finalising discussions with Moydow Limited, our joint venture
partners on the Kanyankaw-Asheba Licence in Ghana on a new arrangement whereby
the existing licence will be divided into two parts each of which will be
owned and managed by either Glencar or Moydow.  Glencar and Moydow will each
have the right to buy back into a reduced percentage of the other's licence at
predetermined prices.

The new arrangement will mean that there will be two aggressive exploration
programmes carried out on each of two deposits on the property which have seen
significant past gold production - at the Asheba mine and the Kanyankaw mine
on the west and east sides of the concession respectively. Successful
exploration on either target would benefit Glencar. Recent exploration work on
the property has been very encouraging


SOUTH EAST UGANDA PROJECT
Progress on the South East Uganda Project has been good to date. We have
completed detailed follow up geochemical surveys over the extensive target
areas in EPL4332 highlighted by the reconnaissance exploration program on the
project.  These surveys have confirmed the extent and tenor of the anomalies.
Further geological mapping and ground geophysics will be completed over the
next few months and a trenching program is planned for the final quarter of
the year.

We hope to be in a position to drill on the resulting targets during next
year. 

IRISH ZINC/LEAD
We have been active on our zinc/lead properties at Kildare and Navan.

At Kildare, our earlier exploration had delineated a well defined anomalous
zone which showed geological and structural similarities to the Galmoy and
Lisheen areas to the southwest.

We carried out a shallow, diamond drilling programme consisting of seventeen
holes totalling 870 metres of drilling.  The purpose of the programme was to
elucidate the geological and structural features in the anomalous area to
direct a deeper drilling programme which will test for ore development.  The
drilling programme provided useful structural data but perhaps more
importantly, we found extensive dolomite development together with pervasive
zinc mineralisation. Dolomitisation is usually associated with Irish zinc
orebodies and its presence in the Kildare property associated with zinc
mineralisation is particularly encouraging.

We are currently evaluating our drilling data and conducting further testwork
on the cores.  We expect to commence a deep diamond drilling programme in
2000.

At Navan, we are currently diamond drilling on the northern part of the
licence area.  Approximately 1,000 metres of drilling will be completed in
this programme which is directed at deeper, structural targets.


FINANCIAL
Our unaudited Profit and Loss Account for the six months ending 30 June, 1999
shows earnings before interest, taxation, depreciation and amortisation of
US$3.4m (1998 US$0.12m loss) on turnover of US$9.6m. After allowing for
depreciation, amortisation and a reclamation provision together totalling
US$4m, bank interest payable of US$1.6m and the minority interests' share of
losses of US$0.72m, the loss for the financial period is US$1.5m (1998:US$2.2m
loss).

At the year end, your Directors intend to review the carrying value of the
Company's interest in the Wassa mine, taking into account the then current
price of gold and the level of reserves.

In March, we agreed the issuance of a five year Convertible Loan Note for US$3
million to Standard Bank London Limited.  The funding was sought to further
our exploration activities in Ghana and Ireland.  The loan note is convertible
into Glencar shares at 70 Eurocents per share (Stg£0.46 at current exchange
rates).


CONCLUSION
We have achieved a lot during the first half of 1999 - our first six months of
production.  Although gold recoveries were initially slower than anticipated,
we now believe that we have overcome almost all of the start-up problems which
are common to most new mines.  We look forward to a very successful second
half in 1999.  We have been fortunate enough to have sold forward a
significant proportion of our gold production over the next four years at
prices considerably in excess of the current depressed market price but the
project remains exposed to the spot market on the unhedged portion of its
production. We believe that the strong demand for physical metal, which in the
second quarter of 1999 was the highest demand ever recorded, will eventually
lead to higher gold prices and a more orderly bullion market. The timing of
this recovery, however, remains uncertain.

CONSOLIDATED PROFIT AND LOSS ACCOUNT
(UNADUITED)
FOR THE SIX MONTHS ENDED 30 JUNE 1999


                                            6 Months ended   6 Months ended
                                             30 June, 1999    30 June, 1998
                                                       US$              US$

TURNOVER - GOLD SALES                           9,623,871                -   

CASH OPERATING COSTS                           (5,662,007)               -   

ADMINISTRATIVE EXPENSES                          (604,038)        (118,338)
                                             ------------------------------
EARNINGS (LOSS) BEFORE INTEREST, TAXATION
DEPRECIATION, AMORTISATION AND RECLAMATION      3,357,826         (118,338)

DEPRECIATION, AMORTISATION AND 
RECLAMATION                                    (4,015,751)               -
                                             ------------------------------
OPERATING LOSS                                   (657,925)        (118,338)

BANK INTEREST RECEIVABLE                           23,020           32,075

BANK INTEREST PAYABLE                          (1,579,752)               -

EXCHANGE GAIN                                       9,741                -
                                             ------------------------------
                                               (2,204,916)         (86,263)

EXCEPTIONAL ITEM                                        -       (2,078,629) 
                                             ------------------------------

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION    (2,204,916)      (2,164,892)

TAXATION                                                -                -   
                                             ------------------------------
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION     (2,204,916)      (2,164,892)

MINORITY INTEREST                                 721,995           (4,968) 
                                             ------------------------------
LOSS FOR THE FINANCIAL PERIOD                  (1,482,921)      (2,169,860) 
                                             ==============================

LOSS PER SHARE (CENTS)                              (2.28)           (3.33)

DILUTED LOSS PER SHARE (CENTS)                      (2.27)           (3.29)



For further information contact:

Hugh McCullough or Philip O'Quigley
Glencar Mining plc
Tel:  [phone]
Fax:  [phone]