Re Production Figures

Glencar Mining PLC
5 March 2001


                        Glencar Mining plc ('Glencar')

                                 Wassa update

Production

The production figures for the Company's Wassa mine in Ghana, for January and
February 2001, have been below expectation. The number of ounces produced for
these periods was 7,600 and 5,700 respectively. These levels of production
were caused by technical difficulties at site, primarily with the leaching
process.

Other matters

Given the current gold market environment, the Directors believe it is
unlikely that Glencar will recover any of its investment in this project.


5 March, 2001


Ends




For further enquiries:


Hugh McCullough:

Glencar Mining plc          Tel: [phone]