Interim Results

Glencar Mining PLC
31 October 2001


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


            Interim Results for the Six Months Ended 30 June, 2001


Glencar is pleased to announce the interim results for the six month period
ending 30 June, 2001. Since publication of our Annual Report and Accounts in
June this year, we have been primarily engaged in the disposal of our interest
in the Wassa Project in Ghana following the appointment of Warrior, a division
of Standard Bank London Limited, to act as agent for the sale. The Directors
are pleased to report that the sale of the Wassa Project is proceeding
satisfactorily and we expect that the sale will be concluded around year-end.

Upon the satisfactory completion of the sale in accordance with certain agreed
criteria, the banks have agreed that it is their intention to limit and
release the guarantee given by Glencar to them as part of the original debt
financing. Following this release, and the agreed conversion into equity of
the Convertible Loan Note held by Standard Bank London Limited, Glencar will
then be debt-free.



Other Exploration and Mining Assets

Asheba, Ghana

A limited exploration programme on the Asheba property during the review
period focussed on infill geochemistry and geological mapping along the
significant geochemically anomalous zone southwest of the Cheriaman mine
prospect. The work confirmed good continuity of near surface mineralisation
from the Cheriaman pits to beyond the old Atinasi workings towards the
southwest, a strike length of more than 1,000m. The geochemical data is
difficult to interpret because of the presence of extensive artisanal
(galempsey) workings right along the trend. The prospect warrants a sizeable
trenching and drilling programme.

Uganda

Budgetary constraints have meant that exploration on the Southeast Uganda
project was not significantly advanced during the period. Trench locations
have been selected on the Buinja geochemical anomaly, discovered and
delineated during previous exploration phases on the project.

We are in discussions with other parties in relation to our gold interests at
Asheba and Uganda. Further significant expenditures would be required on both
properties to advance them to the next stage. The current negative short-term
outlook for gold and the limited financial resources currently available to us
dictate that our gold properties in Ghana and Uganda should be advanced by way
of a joint venture with Glencar retaining a carried interest with possible
buy-back rights in the event of discovery.

Kildare

The zinc market at present is very depressed, with zinc prices in real terms
at their lowest since the 1930s. Further drilling is required on both our
Navan and Kildare zinc properties. In Kildare, the target depths are
particularly deep and the drilling costs would be correspondingly higher. We
are seeking a joint venture partner for our Kildare project and despite the
poor zinc climate, we hope to be able to conclude an agreement which will
advance the exploration on this attractive property. We are in discussions
with a number of parties about ways in which the zinc/lead mineralisation on
our Navan property may be best developed. An announcement will be made as soon
as possible.

Mayo

Glencar's appeal against the decision of the High Court in the damages action
taken against Mayo County Council was heard in the Supreme Court between 3 and
6 April 2001. The High Court had determined in 1999 that, although Mayo County
Council had acted negligently and ultra vires in imposing a mining ban in
1992, we were not entitled to recover our exploration expenditures from the
Council. The Supreme Court confirmed the view of the High Court in a judgement
given on 19 July 2001.



Financial

Our unaudited Profit and Loss Account for the six months ended 30 June 2001
shows turnover for the period of US$11,349,000. In addition, the Company
realised a gain of US$4,935,000 on the closing out of the Wassa hedge
contracts and the conversion of the Wassa gold loan into dollars. The loss for
the period was US$545,000.



Prospects

The Board has been reviewing the Company's strategy for the future and it is
our belief that a repositioning of the Company is required to take account of
the current malaise in the precious and base metals sector and the somewhat
unexciting short / medium term forecast for those sectors. Plans are being
prepared at present in relation to the Company's future strategy and an
announcement will be made as soon as possible after the details have been put
in place.



Board Changes

The Directors would like to record our thanks and appreciation of the services
given to Glencar by Richard Hooper, Dick Mauro and Rob Weinberg, all of whom
retired after the AGM held in July. Their contributions under very difficult
circumstances were significant in helping to chart a course through the
problems associated with the Wassa Project and our exposure to the associated
bank debt. The Board wishes them all well in their continuing activities.
Philip O'Quigley, our Finance Director will be leaving at the end of November
to take up an executive position with another organisation. Philip will remain
as a non-executive director and Company Secretary of Glencar. The Board would
like to acknowledge Philip's contribution over his four years with Glencar and
thank him for his advice and assistance during that period.



Shareholders Meeting

The rules of the Exploration Securities Market of the Irish Stock Exchange
require that we hold a shareholders' meeting to approve the disposal of the
Wassa Project. We informed shareholders last March that it was unlikely that
Glencar would recover any of its investment in this project and consequently,
the terms of the sale agreement will be irrelevant to the Glencar shareholder.
We have explained fully in our Annual Report the circumstances which have
given rise to the need to sell Wassa. The circular to shareholders will be
dispatched in due course.



Outlook

Although the near / medium term future in the mining sector generally looks
unfavourable, your Directors believe that the steps we are taking to secure
our future will lead to enhanced prospects for our existing shareholders.



Press queries to:

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




               CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)

                       FOR THE PERIOD ENDED 30 JUNE 2001

                                                        Unaudited     Unaudited
                                                         6 months      6 months
                                                            ended         ended
                                                        30-Jun-01     30-Jun-00
                                                              US$           US$
TURNOVER - GOLD SALES                                  11,349,341    16,033,654
COST OF SALES
Operating Costs                                      (13,769,482)  (11,965,641)
Depreciation, amortisation and reclamation              (369,060)   (1,182,484)
                                                     (14,138,542)  (13,148,125)
OPERATING (LOSS) PROFIT                               (2,789,201)     2,885,529
EXCEPTIONAL ITEM                                        (159,489)             0
ADMINISTRATIVE EXPENSES                                 (431,509)     (441,715)
OTHER INCOME                                            4,935,317             0
BANK INTEREST RECEIVABLE                                   38,628        19,727
BANK INTEREST PAYABLE                                 (1,746,831)   (1,726,410)
(LOSS) PROFIT ON ORDINARY ACTIVITIES BEFORE             (153,085)       737,131
TAXATION
TAXATION                                                        0         (510)
(LOSS) PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION     (153,085)       736,621
MINORITY INTEREST                                       (392,246)     (445,325)
(LOSS) PROFIT FOR THE FINANCIAL PERIOD                  (545,331)       291,296
PROFIT (LOSS) EARNINGS PER SHARE (CENTS)                   (0.56)          0.45
                                                          =======       =======
DILUTED PROFIT (LOSS) PER SHARE (CENTS)                    (0.56)          0.45
                                                          =======       =======