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[Ed Monton]

GLENCAIRN GOLD CORPORATION

TSX VENTURE SYMBOL: GGG

JANUARY 16, 2004 - 13:16 ET

Glencairn Announces Commencement of US$5 Million,
55,000-Metre Drill Campaign

TORONTO, ONTARIO--

Glencairn Gold Corporation (TSX: GGG) announces the following
corporate updates.

Exploration

Next week Glencairn will commence an aggressive exploration
program designed to substantially increase the company's proven
and probable gold reserves, which currently stand at 725,000
ounces (see Note below). The US$5 million program will encompass
a minimum of 55,000 metres of drilling on Glencairn's three main
projects: the Limon gold mine in Nicaragua, the Bellavista heap
leach gold mine in Costa Rica, and the Vogel gold project in
Timmins, Ontario. Most of the drilling will take place during the
first six months of the year, and it is anticipated that some of
the programs will then be extended, based on results.

In the vicinity of the Limon mine, approximately 40,000 metres of
drilling will be carried out. Reserves at the 1,000 tonne per day
Limon mine are currently sufficient for two more years, or about
120,000 ounces of gold production. The mine has produced nearly
three million ounces over the past 63 years, and rarely during
this time have there been more than two years of reserves ahead
of it. Glencairn management has determined to rectify this
situation with an intensive drilling program. In addition to the
reserves at Limon, Glencairn's Nicaraguan properties contain
214,000 ounces of gold in measured and indicated resources, and a
further 532,000 ounces of gold in inferred resources.

One facet of the program will be directed at converting some of
the current resources into the reserve category. The second part
of the program will test a minimum of 12 separate targets near
the Limon mine, at the La India property 45 kilometres to the
east, and at several other properties in the area. La India was
in production from 1938-1957, producing about 400,000 ounces of
gold. Glencairn holds one of the largest mining land packages in
Nicaragua, comprising 81,380 hectares.

At the Bellavista mine in Costa Rica, several targets on the
9,000 hectare property will be tested during the spring of this
year in a 3,000 metre program. Targets on Glencairn's property
include the strike extension of the nearby Montezuma mine which
produced about 100,000 ounces gold during the period 1897-1916,
from a vein averaging about 10-12 grams gold per tonne, according
to available records. A drill hole in this area in the early
1990s by a previous operator returned 12 grams gold per tonne
over a core length of 8 metres.

At the Vogel property in Timmins, Glencairn plans a minimum
12,000-metre drilling program with a goal of upgrading some or
all of the current resource. The Vogel property has an indicated
resource of 642,000 tonnes grading 12.7 grams gold per tonne, or
261,000 contained ounces, and a further 933,000 tonnes of
inferred resources grading 12.7 grams gold per tonne, or 379,000
contained ounces (see Note below). Depending upon the success of
the program, Glencairn plans to follow up with an underground
development program late this year. If successful, production on
this property could commence as early as 2005, with custom
milling of the ore at one of several operating mills in the area.


El Limon

Glencairn reports that gold production of 46,000 ounces during
2003 was about 9% short of projections. Costs of production and
other operating information will be released when it becomes
available. Glencairn acquired the Limon mine on October 17, 2003,
through the merger with Black Hawk Mining. The lower than planned
production in 2003 was largely the result of shortfalls in mine
development, itself a result of reduced equipment availability
during the summer and fall months. The development delays will
also affect production in 2004, now estimated at 53,000 ounces of
gold at an estimated cash operating cost of US$228 per ounce.
Some higher grade zones, which were expected to be accessed
during the fourth quarter of this year, will now begin producing
in early 2005. These delays have not affected reserve
estimations. To alleviate the shortfall in mine development going
forward, Glencairn is investing US$2.4 million in capital, most
of it in new mining equipment and a more aggressive development
program.

Bellavista

Phase One construction of the US$26 million Bellavista mine in
Costa Rica is going as planned. Construction began in December
2003, in anticipation of a start-up in the fourth quarter of 2004
(see release of December 11, 2003). All of the key management
positions on the project have now been filled. Glencairn requires
a further US$20 million to complete the project, and is in
advanced negotiations with banks and financial institutions in
this regard.

Auditors

Glencairn also announces that its auditor, Wasserman Ramsay, has
resigned at the request of the Company and PricewaterhouseCoopers
LLP has been appointed in its place. With the acquisition of the
operating Limon Mine and the commencement of construction at
Bellavista, it was felt that PricewaterhouseCoopers'
international scope of operations better serves Glencairn's
needs. Glencairn would like to thank Wasserman Ramsay for its
service over the past 17 years.

Webcast

Glencairn will be making a corporate presentation today, Friday,
January 16, 2004, in conjunction with its annual meeting of
shareholders which will be held at the National Club, 330 Bay
Street, Toronto, Ontario, at 4:00 p.m. The presentation will
provide an update on exploration activity, construction progress
at the Bellavista Project in Costa Rica and general corporate
developments, and will be webcast live beginning at 4:15 p.m.
local time. It will be accessible on the Company's website at
www.glencairngold.com.

(a) Note: See Black Hawk Mining Inc. Management Information
Circular dated September 11, 2003, filed on SEDAR under Black
Hawk.

To find out more about Glencairn Gold Corporation (TSX:GGG),
visit our website at www.glencairngold.com.

FORWARD-LOOKING STATEMENTS: This news release contains certain
'forward-looking statements' within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended.
Except for statements of historical fact relating to the company,
certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently
characterized by words such as 'plan,' 'expect,' 'project,'
'intend,' 'believe,' 'anticipate,' 'estimate' and other similar
words, or statements that certain events or conditions 'may' or
'will' occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. These factors include the inherent risks involved in
the exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
ecological data, fluctuating metal prices, the possibility of
project cost overruns or unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing
needed in the future and other factors. The Company undertakes no
obligation to update forward-looking statements if circumstances
or management's estimates or opinions should change. The reader
is cautioned not to place undue reliance on forward-looking
statements.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Glencairn Gold Corporation
Kerry Knoll, President and CEO
416-860-0919
416-367-0182 (FAX)
www.glencairngold.com
or
Renmark Financial Communications Inc.
Sylvain Laberge
514-939-3989
514-939-3717 (FAX)
[e-mail]
or
Neil Murray-Lyon
514-939-3989
514-939-3717 (FAX)
[e-mail]
or
Media:
Dominic Sicotte
514-939-3989
514-939-3717 (FAX)
[e-mail]