GCM Resources Regulatory News (GCM)

4 Feb 2005 10:39

Glencar Mining PLC04 February 2005 Glencar Mining plc ("Glencar" or the "Company") Glencar Exploration Update Glencar Mining plc is pleased to announce details of the progress on itsexploration activities in Mali, Ghana and Uganda. Work has proceededsatisfactorily and according to plan on all three projects. Sankarani Project, Mali Fifteen high priority targets were identified in the recently completed regolithstudy and detailed, follow up geochemical sampling has now been completed oneight of the fifteen targets. A geophysical study of the area has also beencompleted based on the recently flown aeromagnetic survey, the results of whichwere released by the Mali Government in June 2004. A detailed geological/structural mapping programme is expected to be completed before end March 2005.The objective of the current work programme is to define between three and fivedrilling targets prior to end March 2005. The geochemical sampling results have been important in the definition andprioritisation of the selected targets. These results will be assessed inconjunction with the geophysics and the detailed geological/structural mappingto assist in the final definition of the drill targets. Discussions havealready opened with drill contractors in the region. Asheba Project, Ghana The pitting programme around the Atinasi North area has been completed.Results received to date confirm the potential extension of the drillintersected mineralisation both to the northwest and to the northeast of theexisting Atinasi drill grid. In addition, positive results from pits excavatedand sampled along two traverse lines crossing the inferred contact of thegreenstone with a dioritic intrusive body some 250m northwest of the Alabee zoneappear to confirm the prospectivity in this direction also. A structuralmapping study has recently been completed by a specialist consultant and hisreport is expected during February. A geostatistical analysis of the drillingresults to date has been commissioned and will be completed before end February. We expect to be in a position then to determine the next round of drillingat Asheba which will be commenced as soon as possible thereafter. The drill results already obtained at Atinasi North highlight the prospectivityof this area, with intersections of 3 metres at 20.5 grams/tonne, 9 metres at11.0 grams/tonne and 12 metres at 12.1 grams/tonne indicating clear potentialfor a commercial discovery. Buinja Project, Uganda Results have been received for the October/November field programme whichcomprised of trenching, pitting and rock float sampling. Gold mineralisationintersected was low grade and over narrow width. At Nasango the best grade was1metre at 1.4grams/tonne from a horizontal channel at a depth of 4 metres in thepit at the northern end of the profile. At Namaingo the pit profile lineproduced 3 anomalous pits with highest grade of 0.45grams/tonne from a 1 metrehorizontal channel sample at 2.2 metres depth. The best grade from the shorttrenching programme at Namaingo was 1metre at 0.3grams/tonne. At Siavona we have extended the mapping and float sampling programme that hadyielded the auriferous rock samples believed to be close to their in situsource. 76 additional rock samples were collected at Siavona. None of thesamples yielded significant gold values. A pitting programme is planned for Glencar's other concession area adjacent tothe Tira mine, before the end of April 2005. Outlook We are pleased with exploration progress so far. At Asheba, we believe thatthe time and resources invested in the careful and comprehensive review of theresults to date, coupled with the work in hand, referred to above, will benefitthe upcoming drill programme there. The results from the Sankarani Project in Mali continue to confirm our view thatthese licences, with their very favourable geological and structural setting,show the potential to host gold deposits of world class such as those at Morilaand Sadiola, just two of the currently operating major deposits in a similarsetting in Mali. We hope that the work programme which we are currentlyengaged in will lead to an exciting and successful drilling programme atSankarani early in the second quarter of 2005. For further information contact: Hugh McCulloughChief ExecutiveGlencar Mining plcTel: + 353 1 661 9974Fax: + 353 1 661 1205 This announcement has been issued through the Companies Announcement Service of The Irish Stock Exchange This information is provided by RNS The company news service from the London Stock Exchange