Result of Equity Issue

Glencar Mining PLC
27 July 2000


Glencar Mining plc ('Glencar')

Result of Rights Issue

Glencar announces that its Rights Issue to raise approximately US$5.35
million, net of expenses, has been completed. Approximately 25% of the shares
offered were taken up by qualifying shareholders or their renouncees.

32,601,489 New Ordinary Shares were issued at a price of Stg12p per New
Ordinary Share on the basis of 1 New Ordinary Share for every 2 Ordinary
Shares held.

The balance of 24,551,264 New Ordinary Shares has been taken up by the
underwriters of the issue.

Enquiries:

Mr. Hugh McCullough
Chief Executive
Glencar Mining plc                     Tel:       [phone]

Mr. Pascal Keane
Davy Corporate Finance Limited         Tel:       [phone]