GCM Resources Regulatory News (GCM)

30 Jun 2005 11:30

Glencar Mining PLC30 June 2005 GLENCAR MINING PLC AGM/EGM Statement 30 June 2005 At today's Annual General Meeting, Hugh McCullough, Chief Executive, made thefollowing statement: Sankarani Project On the Sankarani Project in Mali a mapping and sampling programme has beencompleted at the Komana West prospect with 19 grab samples yielding an averagegrade of 5.8 g/t from a 19 metre long exposure. At Komana West previous rock sampling had returned gold grades from grab samplesof up to 108 g/t. A structural mapping programme carried out in May 2005identified a generation of east-west trending veins within a north-south shearenvelope as a potential host for economic mineralisation. At the end of May 2005Glencar's geology team was despatched to Komana to selectively sample exposuresin large pits excavated by artisanal miners. The objectives of the programmewere to: 1. test the extent of mineralisation in various generations of quartz veining identified by the structural study; and 2. determine the optimum orientation for drilling and trenching on the target. Exposures in four of the artisanal pits were sampled. Quartz vein stockwork wasidentified in each pit. While each of the 4 pits yielded auriferous samples, thenorthernmost of the pits gave the most significant results. East-west trendingquartz veins were sampled from a 19 metres north-south panel along an exposureof the north-south trending shear envelope. Of the 19 quartz vein grab samplestaken 16 returned values of greater than 0.5g/t and the average grade of the 19samples was 5.8g/t. Drilling is scheduled for the Komana West prospect in the 4th Quarter of 2005. Asheba Project On 27 June 2005, the first assay results were received for the recentlycompleted soil geochemistry programme infilling and extending the geochemistrygrid north and east of the Atinasi North prospect in Ghana. 162 of the 284samples for which assays have been received returned values of 100ppb orgreater. The highest grade returned was 3,870ppb at a location some 200msoutheast of the Alabee Zone just north of the main Atinasi drill grid. During the past week Fugro Airborne Services have completed the data processingand quality checks for the helicopter borne magnetic survey flown over thewestern part of the Asheba concession in early June. Fugro Airborne Services hasinformed us that both the magnetics and radiometrics data quality isoutstanding. We plan to have an interpretation of the data completed by ourconsulting geophysicist during July 2005. The results of these geochemistry and geophysics programmes, along with datafrom the recently completed pitting programme at the Atinasi North prospect,will be incorporated into our geological interpretations before finalising thenext round of drilling at Atinasi, scheduled for the 3rd Quarter of 2005. Share Consolidation Since the share consolidation proposed in the EGM Circular, posted toshareholders on 7 June 2005, market conditions have changed considerably. In thelight of the more negative market conditions now prevailing, the Board is notconvinced that to proceed with the consolidation at the present time would be inshareholders' best interests. Accordingly, the Board withdraws itsrecommendation contained in the EGM Circular and proposes to vote against theresolution with the votes and proxies at its disposal at the EGM. SEAQ Facility Glencars's shares are traded in Dublin on the Irish Enterprise Exchange ("IEX"),the Irish equivalent of the AIM market in London. Glencar's shares have alsotraded on the SEAQ facility of the London Stock Exchange. As a result ofEuropean directives being introduced on 1 July 2005 the SEAQ facility will notbe available to Glencar from that date as Glencar is not listed on a regulatedmarket. However Glencar's shares will continue to trade on the IEX, which is anexchange regulated market. Glencar intends to make an application for admissionto AIM shortly. For Further Information: Glencar Mining plcHugh McCulloughTel: +353 1 661 9974e-mail: info@glencarmining.ie Heneghan PRRachel WatchornTel: +353 1 6607395e-mail: rachel@hpr.ie For further information please refer to the companies websitewww.glencarmining.ie. This information is provided by RNS The company news service from the London Stock Exchange