Interim Results

Glencar Mining PLC
16 October 2000


GLENCAR MINING PLC ('Glencar')

Report for the six months ended 30 June 2000

Glencar announces

*  Maiden profit of US$737,000 for first half of 2000
*  Wassa back on track
*  Wassa 2000 production forecast 105,000 ounces
*  Wassa exploration success

Dear Shareholder

We announce the interim results for the six month period ending June 30th 2000
which show our first operating profit since the commencement of commercial
production at Wassa.  We also report on the considerable progress being made
on mining operations at Wassa and also on the exploration front in Ghana and
Ireland.

Wassa

During the first half of 2000, we made considerable strides in improving
production at our Wassa mine. We also successfully concluded negotiations with
our Senior and Subordinated Lenders for a more favourable repayment schedule
for the Senior Debt at Wassa and the capitalisation of approximately US$3
million of accumulated interest payable to CDC in 2000.

Operations

During the first six months of 2000 we mined a total of 1.578 million tonnes
of ore at an average gold grade of 1.48 grams/tonne together with
approximately 1.425 million BCMs of waste for an overall stripping ratio for
the period of 2.01:1. Gold production for the period was 49,234 ounces
compared to 30,035 ounces for the same period last year.

We are currently mining from three pits, Main 1 and Main 2 and the recently
commenced Mideast pit. This will open up additional reserves of oxide ore
which can then be blended with the predominantly fresh ore from the Main 1
pit.

                                   Jan-Jun 00     Jan-Jun 99     Jan-Dec 99
Tonnes Ore Mined                    1,578,000      1,617,000      3,185,000
BCMs Waste Mined                    1,425,000      1,948,000      3,130,000
Ore Grade (grams/tonne)                  1.48           1.85           1.75
Gold Poured (oz)                       49,234         30,035         87,033
Cash Op. Cost per Ounce (US$)             223            186            200

TABLE 1 - WASSA PRODUCTION

Gold leaching efficiencies have improved following the commissioning of the
newly constructed Phase 2 leach pad. The new leach pad has been designed to
allow improved solution control and management which, in turn, has contributed
to better recoveries and increased production. Gold recoveries from the heaps
are now meeting target on a consistent basis. This has been achieved following
extensive adjustment and improvements in the area of ore processing and
further optimisation is expected to lead to even better recoveries. We have
installed a second carbon column train which allows the ADR plant to treat
almost double the volume of solution. This provides greater flexibility in
solution management and will be particularly beneficial during periods of high
rainfall.

Our production target for the year is approximately 105,000 ounces, 20% higher
than production last year. A total of 77,000 ounces has been produced in the
first 9 months of 2000, 19,700 ounces of which were produced in August and
September.

Cash operating cost for the first six months of 2000 was US$223 per ounce,
higher than forecast, due in part to the increased costs associated with the
remedial efforts and additional testwork involved in resolving the operational
problems at Wassa. In particular, reagent and cement consumption was
considerably higher in the first half of the year than will be the case in the
second half. In addition, a greater proportion of the ore treated was fresh
ore with inherent lower recovery rates, contributing to higher cash operating
costs per ounce than is the case in oxide ore. Cash operating costs are
currently at approximately US$207 per ounce and we expect the average for the
year to be close to US$215 per ounce. Continuing efforts are being made to
reduce operating costs still further, especially in the areas of cement and
reagent consumption. The greater proportion of oxide ore scheduled to be mined
in 2001 will lead to lower cash operating costs per ounce next year.

Reserves

A revised ore reserve estimation will be carried out at the year end and
published early next year. It is expected that significant additions to
reserves will result from the current drilling programme referred to below.

Reserve Definition and Extension

A drilling programme is nearing completion at Wassa, whose initial objective
is to increase the proven and probable mineable reserve by some 190,000 ounces
through conversion of existing resources into reserve. Much of this additional
reserve will be in oxide material which will yield better overall gold
recoveries than those from fresh rock. These new reserves occur in areas
contiguous with or at the margins of the existing pits in the areas known as
Deadman's Hill, South East Zone and 419 Zone (see Table 2 below for
significant results). These results are very encouraging and support our view
that the current programme will lead to the significant increase in ore
reserve referred to above, prior to year end.

                     Hole No.   From   To   Width   Grade
419 Zone             419-1      6m     21m  15m     @ 2.9 grams/tonne
                     419-1      27m    40m  13m     @ 1.6 grams/tonne
                     419-2      0m     9m   9m      @ 1.3 grams/tonne
                     419-7      45m    54m  9m      @ 5.6 grams/tonne
South East Zone      SE2        0m     6m   6m      @ 2.0 grams/tonne
                     SE10       9m     21m  12m     @ 3.2 grams/tonne
                     SE13       0m     12m  12m     @ 1.4 grams/tonne
                     SE16       0m     15m  15m     @ 2.0 grams/tonne
                     SE16       27m    33m  6m      @ 2.5 grams/tonne
                     SE16       51m    65m  14m     @ 3.0 grams/tonne
                     SE17       36m    42m  6m      @ 2.9 grams/tonne
                     SE37       54m    65m  11m     @ 4.1 grams/tonne
                     SE39       0m     15m  15m     @ 5.9 grams/tonne
                     SE41       12m    24m  12m     @ 1.7 grams/tonne
                     SE41       30m    42m  12m     @ 2.0 grams/tonne
                     SE43       0m     12m  12m     @ 5.2 grams/tonne
                     SE45       0m     18m  18m     @ 1.4 grams/tonne
Deadman's Hill       DMH15      54m    66m  12m     @ 1.5 grams/tonne
                     DMH17      24m    30m  6m      @ 2.8 grams/tonne
                     DMH26      0m     30m  30m     @ 1.2 grams/tonne
                     DMH47      24m    30m  6m      @ 2.1 grams/tonne

TABLE 2 - SOME SIGNIFICANT RESULTS FROM RESERVE DEFINITION DRILLING

Exploration

Exploration has been accelerated on the other exploration targets within the
Mining Lease area but away from the current pit limits. Trenching programmes
are already well advanced at the Ballyebo, Bawdia Bosso and Lower Southwest
zones. At the Bawdia Bosso prospect the target area is centered on extensive
colonial era open pit workings 2km west of the current Main 2 pit limit.
Results from trench FT6, which tested the structure mined in one of the larger
open cuts, included 3 significant mineralised zones - 28-35m (7m) at 1.57 g/t,
39-53m (14m) at 1.94 g/t and 94-110m (16m) at 2.95 g/t. At Ballyebo the
mineralised zone incorporates an area of extensive artisanal shafts
approximately 1.5 km southwest of the current Main 1 pit. Drilling at Ballyebo
and Bawdia Bosso will begin shortly on completion of the reserve definition
programme. Approximately 2km further southwest in the Lower Southwest Zone
trench FT-1 has returned assays including a section from 146-166m (20m) at
1.22 g/t.

Asheba/Kanyankaw

We are awaiting ratification by the Ghanaian authorities of the subdivision of
the Asheba/Kanyankaw licence held by Glencar and Moydow in equal parts. The
terms of the agreement between Glencar and Moydow provide that Glencar shall
own and operate the western portion of the licence at Asheba, while Moydow
will own and operate the eastern portion at Kanyankaw, subject to a reciprocal
option to buy back a minority interest in the other's property.

We have continued our geochemical sampling programme on the Asheba portion of
the licence and the results are very encouraging. We intend to commence a
drilling programme, following the ratification of the subdivision of the
licence. We have a firm belief that  our exploration at Asheba will be
successful in discovering a new gold deposit in this very promising area. 

South East Uganda Project

Follow up geochemical sampling in the Buinja area was carried out during the
period under review. We intend to drill the resulting targets during the first
half of 2001.

Kildare Zinc/Lead Project

We commenced our second drilling programme on our Kildare property and have
completed the first hole to a total depth of approximately 100 metres. After
some delay while awaiting the availability of a drill rig capable of drilling
deep holes, we are now drilling our second, and much deeper hole. This is the
first hole of a series which is designed to test the potentially mineralised
target horizon.

Navan Zinc/Lead Project

Further drilling will be carried out next year on this licence following the
re-evaluation of our existing drill core in the light of recent discoveries by
Outokumpu Tara Mines Limited on their adjoining Mining Lease.

Mayo Court Case

The hearing of our appeal to the Supreme Court has been fixed for 13th
February 2001.

Financial

Turnover for the first six months was US$16,034,000 (1999 - US$9,624,000) and
the average sales price achieved during the period was US$312 per ounce. This
compares very favourably with the average spot price during the same period of
US$285 per ounce. The Profit and Loss Account for the period is given below.

Operating profit was US$2,886,000 (1999 - loss of US$54,000). After allowing
for administration costs for the period of US$442,000 (1999 - US$594,000) the
profit on ordinary activities was US$737,000 (1999 - loss of US$2,205,000).
Bank interest payable on the Wassa project finance for the six months was
US$1,726,000 equivalent to 7.3% total rate of interest (including the banks'
margin), reflecting the significant interest savings resulting from the
US$27.5 million Senior Loan being drawn down as a gold loan rather than a
dollar loan.

Board Changes

Sam McCormick has retired from the Board after more than 12 years service.  We
are very grateful to Sam for his considerable contribution to our progress
over this period.

Kieran Harrington, our Chief Geologist has been appointed to the Board and
serves as Chief Operating Officer. We are delighted to welcome Kieran to the
Board.

Rights Issue

On the 23rd June 2000 the company announced a one for two Rights Issue to
raise approximately US$5.35m net of expenses. To facilitate the issuing of
32,601,489 new ordinary shares the company increased its authorised share
capital from 90,000,000 to 130,000,000 shares. The Rights Issue which was
fully underwritten by Davy Corporate Finance and Williams de Broe was
concluded on 24 July 2000.

Conclusion

Production continues to improve at Wassa. Reserve definition drilling at Wassa
has been successful in intersecting extensive mineralisation which we expect
to lead to a significant increase in ore reserve. Drilling continues at
Kildare and is expected to commence soon at Asheba in Ghana.

I look forward to a productive and positive period of growth ahead.


Richard Hooper
Chairman

16 October 2000
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2000

                                                    6 months       6 months
                                                       ended          ended
                                                   30-Jun-00      30-Jun-99
                                                         US$            US$
                  
TURNOVER - GOLD SALES                            16,033,654      9,623,871

COST OF SALES                  
Operating Costs                                 (11,965,641)    (5,662,007)
Depreciation, amortisation and reclamation       (1,182,484)    (4,015,751)
                                                ---------------------------
                                                (13,148,125)    (9,677,758)
                                                ---------------------------

OPERATING PROFIT (LOSS)                           2,885,529        (53,887)

ADMINISTRATIVE EXPENSES                            (441,715)      (594,297)

BANK INTEREST RECEIVABLE                             19,727         23,020
BANK INTEREST PAYABLE                            (1,726,410)    (1,579,752)
PROFIT (LOSS) ON ORDINARY ACTIVITIES                
BEFORE TAXATION                                     737,131     (2,204,916)


TAXATION                                               (510)             0
                                                --------------------------
PROFIT (LOSS) ON ORDINARY ACTIVITIES                
AFTER TAXATION                                      736,621     (2,204,916)

MINORITY INTEREST                                  (445,325)       721,995
                                                --------------------------

PROFIT (LOSS) FOR THE PERIOD                        291,296     (1,482,921)
                                                ==========================
PROFIT (LOSS) EARNINGS PER SHARE (CENTS)               0.45           (2.3)
                                                --------------------------
DILUTED PROFIT (LOSS) PER SHARE (CENTS)                0.45           (2.3)
                                                --------------------------