Glencar Mining PLC
4 July 2000
Glencar Mining plc
Successful Outcome of EGM
and Exploration Plans
At yesterday's EGM, Glencar shareholders voted in favour of resolutions
enabling its fully underwritten Rights Issue to go ahead. The Rights Issue
will raise US$5.35 million net of expenses, of which US$2.5 million is to be
applied to exploration.
The Chairman, Richard Hooper, said that the way is now clear to recommence
exploration activity on the Company's very prospective ground holdings.
Kildare
The first programme to be commenced will be on the Kildare project in Ireland
where drilling is expected to start next week. This is a very exciting
programme which will test a significant target on the northeasterly
continuation of the Rathdowney Trend which hosts the Galmoy and Lisheen
zinc/lead mines. The target has been delineated by extensive geochemical and
geophysical exploration techniques.
Wassa
A new programme of drilling will also start within the next few weeks at Wassa
where the Group expects initially to add 190,000 ounces to the existing
reserve over the next few months. The drilling programme will then be
extended to the west and southwest of the mining lease where there are a
number of targets centred on old mine workings. These targets have been
further defined by geochemical sampling and trenching, the results of which
display a signature similar to that displayed by the original geochemical
sampling over the current mine area.
Asheba
In October, the Group expects to commence drilling on the Asheba property in
Ghana, while exploration work is also ongoing on its Ugandan gold licences and
its zinc/lead property at Navan.
'With improved production at Wassa and active exploration programmes underway
on a number of fronts, we hope to see a more appropriate market valuation of
the Company's assets', said Mr Hooper.
Contact: Hugh McCullough
Philip O'Quigley
Tel: 01 6619974