Interim Results

Glencar Mining PLC
31 October 2002


                               GLENCAR MINING PLC

             Interim Results for the Six Months Ended 30 June, 2002


Dear Shareholder,


The sale of the Wassa project was finally completed on September 13, 2002. It
has taken significantly longer than originally forecast which has in turn
delayed progress in the redevelopment of Glencar to secure a positive and viable
future for the Company. The successful sale of Wassa was a precondition to the
release by the lenders of the parent company guarantee given by Glencar on the
Wassa financing. Four of the five lenders to the project have now agreed to the
release of the guarantee and the waiver of all associated obligations of Glencar
to the lenders. The fifth lender, CDC Capital Partners, is considering a
proposal put by the Company and we expect their response shortly. In addition,
Standard Bank London Limited has agreed to convert its convertible loan note
into ordinary shares in Glencar, subject to the consent of CDC to the release of
Glencar from all of its obligations under the Wassa financing.


Should CDC accept the terms of the proposal currently before it, Glencar will
then be debt free and in a position to advance its redevelopment strategy. This
strategy is designed to capitalize on the experience gained in the discovery and
development of gold deposits in Africa, and Ghana in particular. In the eighteen
years or so we have been operating in Africa, we have discovered two significant
commercial gold deposits in Ghana, an achievement not shared by many other
junior exploration companies in West Africa. Teberebie was an open pit heap
leach mine, producing at the rate of approximately 250,000 ounces of gold per
annum. We discovered Teberebie in 1986 and it came to production in 1990. We
sold our interest in the project to our partners, The Pioneer Group Inc. of
Boston in 1989. In early 1994, we discovered the Wassa property. Over the
succeeding four years, we explored and developed the deposit, bringing it to
production, on schedule and on budget in January 1999. The gold price collapse
of 1998 to 2002, together with problematic metallurgical recovery issues forced
us to put the project up for sale resulting in its recent purchase by Golden
Star Resources Ltd. of Denver.


We intend to continue to explore for gold resources in Africa using our
extensive experience there and our wide ranging database and network of
contacts. Our focus initially will be on Ghana and Uganda, but we are also
actively examining attractive projects in Tanzania and Mali. In recent years,
worldwide exploration for gold, especially by junior companies, has fallen off
dramatically because of depressed market conditions. As a consequence, the
requirement of the major producers to replenish the gold reserves mined each
year, is becoming more and more difficult to meet. Barrick and Newmont between
them, for instance, need to discover an additional 12.8 million ounces annually
in order to maintain their market rating in terms of gold reserves and
resources. Barrick also projects that its annual production, currently 5.7
million ounces, will grow by 2 million ounces over the next 10 years. It is also
interesting to note that one of the larger gold producers has recently stated
that, in future, the gold properties that will be of interest to them will be
determined by the potential profitability of the project rather than, as in the
past, by the potential size of the deposit. There is, therefore a niche for a
company with successful African exploration experience, such as Glencar, to
explore for these new reserves in order to feed into the pipeline of new
projects which can be developed by the major companies.


Our initial focus will be on the Asheba project in Ghana, where we have already
discovered significant gold mineralisation in previous drilling programmes.
Further exploration of this mineralisation was delayed while we concentrated on
the exploration and development of the Wassa Project. The Asheba concession lies
in the South West of Ghana in a very favourable geological setting just 20
kilometres south of the centre of the world class Tarkwa gold producing area
which has seen past production of more than 10 million ounces of gold and which
hosts currently delineated reserves in excess of 25 million ounces, much of
which is contained in two major deposits at Tarkwa and Teberebie. The licence
area incorporates not only the old colonial working at Asheba-Cheriaman and
Akoko but also significant small-scale workings at Bankarayo, Korokossah and
Saghissi. Since formal production ceased at the Asheba mines in the late 1920s,
near surface mineralisation has been worked more or less continuously by the
local galempsey miners and particularly so in recent years.


The Ugandan licences comprise a ground holding of approximately 350 square
kilometres in 3 licence areas on the northern margin of the Lake Victoria
greenstone belt. The belt hosts a number of major gold deposits on the southern
side of the Lake in Tanzania including the Geita, Bulyunhulu, Golden Pride and
Kukuluma deposits. The area has produced some of the most exciting finds in
terms of gold orebodies in Africa in recent years. For example the reserves at
the Bulyunhulu and Geita deposits now stand at 10 million ounces and 8 million
ounces respectively. The Migori and Mara goldfields, which straddle the Kenya/
Tanzania border lie approximately 150km to the south of the licence areas on the
eastern side of the lake.


The company is currently in discussion with other parties on two other gold
projects - one in Tanzania in East Africa and the other in Mali in West Africa.
These countries represent two of the most attractive gold exploration
destinations in Africa, each with a number of world class gold mines discovered
and developed in recent years. Each of the projects is in a highly attractive
established gold belt and each fits well into the current company development
strategy.


It is likely that we will seek to bring successful new projects up to, or
through positive feasibility study. We intend to maintain the tradition
established by Glencar over many years, whereby the exploration projects we
embark upon are based on sound technical reasoning and the work carried out and
results obtained are diligently evaluated before expenditures are committed to
the next phase.


We have a modest amount of available finance which we expect to augment in due
course with a small financing. This will allow us to carry out the initial
phases of the exploration programmes on the Ghanaian and Ugandan properties and
to secure either or both of the Tanzanian and Malian properties. Further funding
will be required as successful results are obtained from the exploration
completed, but it is intended to carry out such financing in a staged way, with
each financing clearly related, in timing and size, to the success of previous
exploration and the requirement to advance to the next stage.


Our unaudited Profit and Loss Account below shows the position as at 30 June
2002, before the sale of the Wassa Project in September. Assuming the release of
all bank guarantees, the conversion of the Convertible Loan Note into shares and
the disposal of Satellite Goldfields Limited, our audited accounts for the year
end will show the elimination of all debt and interest payments.


Despite the recent decline in the company's share price and the difficulties
being experienced by all companies in the exploration sector right now, we are
optimistic for the future of Glencar. We have weathered a severe storm and have
emerged leaner, more experienced and with a strategy which we believe can work,
even in the current very difficult investment climate.


Hugh McCullough
Managing Director

31 October 2002


                CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
                       FOR THE PERIOD ENDED 30 JUNE 2002


                                                                           Unaudited            Unaudited
                                                                            6 months             6 months
                                                                               ended                ended
                                                                           30-Jun-02            30-Jun-01
                                                                                 US$                  US$

TURNOVER - GOLD SALES                                                      1,208,374           11,349,341

COST OF SALES

Operating Costs                                                          (1,751,373)         (14,138,542)

OPERATING LOSS                                                             (542,999)          (2,789,201)

EXCEPTIONAL ITEM                                                           (775,747)            (159,489)

ADMINISTRATIVE EXPENSES                                                    (280,619)            (431,509)

OTHER INCOME                                                                       0            4,935,317

BANK INTEREST RECEIVABLE                                                       6,873               38,628

BANK INTEREST PAYABLE                                                    (2,072,042)          (1,746,831)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                              (3,664,534)            (153,085)

TAXATION                                                                           0                    0

LOSS ON ORDINARY ACTIVITIES AFTER TAXATION                               (3,664,534)            (153,085)

MINORITY INTEREST                                                          1,308,940            (392,246)

LOSS FOR THE FINANCIAL PERIOD                                            (2,355,594)            (545,331)

LOSS EARNINGS PER SHARE (CENTS)                                               (2.41)               (0.56)
                                                                             =======              =======
DILUTED LOSS PER SHARE (CENTS)                                                (2.41)               (0.56)
                                                                             =======              =======

The accounting policies applied in the preparation of the interim results are
consistent with those used in the preparation of the statutory accounts for the
year ended 31 December 2001. A dividend is not proposed for this period (nil: 
30/06/2001).


These results will be posted on the company's website. Copies of this interim
report will be available from the Company's registered office at 71, Lower
Baggot Street, Dublin 2.

For further information, please contact:

Hugh McCullough

Chief Executive

Telephone [phone]

31 October, 2002


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