Result of AGM

Glencar Mining PLC
23 September 2002

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

                          Update re Wassa Gold Project




At its annual general meeting held in Dublin today, Glencar announced that the
purchase of the Wassa Gold Project by Golden Star Resources Limited from the
receiver who had been appointed to Satellite Goldfields Limited (a 59.4%
indirectly owned subsidiary of the Company) had now been completed following
approval from the Central Bank of Ghana.


Previous announcements by Glencar detailed our requests for the reconfirmation
by our principal lenders of the commitments given by them to Glencar to limit
and release Glencar's guarantee (given in connection with the Wassa Gold
Project) on the satisfactory completion of the sale process.


The Senior Secured Lenders have now indicated that they are prepared to release
the guarantee provided that the Subordinated Lender also agrees to release its
claim to the guarantee. The Subordinated Lender, CDC Group plc ('CDC'), has now
been furnished with draft agreements reflecting its consent to the release and a
response is awaited. Although we believe that these documents reflect the
agreement reached on the issue with CDC earlier in the year, CDC has requested
that we make known their view that no legally binding agreement yet exists
between us.

All resolutions were passed at the meeting.



Press queries:

Hugh McCullough (Chief Executive): + 00 353 (1) 661 9974

23 September 2002



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