Glencar Mining PLC
01 August 2002
Glencar Mining plc ('Glencar' or 'the Company')
Disposal of subsidiary
Glencar is pleased to announce that it has reached agreement to sell its wholly
owned subsidiary company, Rennicks and Bennett Limited ('R&B') to Tara Mines
Limited ('Tara'), the owner of the major zinc mine at Navan, Co. Meath. Tara has
agreed to purchase R&B for EUR65,000. Tara will also repay loans owed by R&B to
Glencar totalling EUR535,000.
The sale of the R&B subsidiary together with the repayment of the debt owed by R
&B to Glencar will realise its value in the Balance Sheet for the Company as at
31 December 2001. The proceeds of sale and debt repayment will be used for
general working capital purposes and in the development of the new investment
opportunities currently being considered by Glencar.
The R&B prospecting licence (P.L.1496) is adjacent to the Tara mining lease and
it is believed that the Tara orebody extends into the R&B property. Drilling
carried out by Glencar on P.L.1496 has shown the presence of significant zinc
mineralisation adjacent to the Tara orebody but further extensive drilling and
evaluation would be required to determine its commerciality.
We are pleased to have been able to conclude this sale, despite the current
depressed zinc market. The proceeds of disposal will assist Glencar in the
process of developing a positive future for the Company and its shareholders.
Contact:
Hugh McCullough
Glencar Mining + 353 1 661 9974
1 August 2002
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