Glencar Mining PLC (GEX now on London AIM)
Admission to trading on AIM
23 September 2005
Glencar Mining plc (“Glencar” or “the Company”) is pleased to announce that its shares will commence trading this morning on the AIM Market of the London Stock Exchange under the symbol GEX. Glencar will continue to trade on the IEX market of the Irish Stock Exchange.
Glencar is an Irish-registered exploration company, focused on gold exploration in West Africa, with advanced exploration programmes underway in Sankarani in Mali and at Asheba, in Ghana. Glencar has a very successful exploration track record in Africa, having found two commercial gold orebodies there since the mid-1980s.
Glencar and Gold Fields Limited (“Gold Fields”) have recently signed a non-binding indicative offer relating to some of the Company’s exploration interests in the Sankarani region of Mali. The offer provides that Gold Fields, through exploration expenditures of up to US$12 million, may earn up to a 65% interest in the Bokoro, Sanioumale and Farasaba licences. Glencar has retained its full rights to the Komana licence, in the same region, which it intends to explore independently and where drilling is planned for later this year. The offer provides that Glencar will grant Gold Fields a right of first refusal on the Komana licence should it wish to bring in a partner in the future. The offer from Gold Fields is conditional on a number of issues, including satisfactory completion of due diligence, approval of the South African Reserve Bank and approvals of the Malian Government and the Executive Committee of Gold Fields Limited. Although there can be no certainty that the negotiations will complete satisfaction of the conditions precedent will lead to a formal, binding agreement between Glencar and Gold Fields. A further announcement will be made in due course.
Glencar’s Managing Director, Mr. Hugh McCullough said today:
“We are delighted to be commencing to trade today on the AIM market in London. In recent years, the AIM market has become one of the world’s foremost markets for the financing of the global exploration industry. Glencar has an increasing London based institutional representation on its share register and the AIM quotation will add significantly to the Company’s visibility in London and to the marketability of its stock.”
“The offer from Gold Fields is a major vote of confidence in our ground holding in Mali, and assuming satisfaction of the conditions precedent, we are delighted to have Gold Fields as a partner in our Mali exploration programmes. Gold Fields has unsurpassed experience and ability in the exploration and development of African gold resources and we are very confident of our combined ability to successfully continue the exploration of the very promising targets already established on these very prospective licences in Mali.”
Full details of the Gold Fields offer are contained in the Company’s announcement, issued on 31 August 2005, and available on the Company’s website at www.glencarmining.ie
For Further Information:
Glencar Mining plc
Hugh McCullough
Tel: +353 1 661 9974
e-mail: info@glencarmining.ie
Heneghan PR
Rachel Watchorn
Tel: +353 1 6607395
e-mail: rachel@hpr.ie
Glencar Mining
Glencar Mining is a Dublin-based exploration company with a focus on exploration and development of gold deposits in Africa. Glencar has found major gold deposits in Ghana, West Africa in both the 1980s and in the 1990s. The company has operations in Mali and Ghana in West Africa, in Uganda in East Africa and in Ireland. See: www.glencarmining.ie
Gold Fields
Gold Fields is one of the world’s largest precious metals producers with an annual attributable production of more than 4.3 million ounces of told and attributable mineral reserves of 81.5 million ounces. The company employs 48,000 people, including contractors, across its operations. See: www.goldfields.co.za
