Gold Exploration in West Africa

[FL]

Glencar bonanza hit in Mali: 19m@53grams gold/ton

For the full report, see:
http://web1.kitco.com/pr/1931/article_12122005044351.PDF

12 December 2005
Glencar Mining plc (“Glencar” or the “Company”) is pleased to announce that bonanza grades have been intersected in the recent initial drilling programme at the Komana West target in Mali:
19 metres at 53.6 grams/tonne
Since we recently began drilling at Komana West twenty-one holes have been drilled for a total of 1,942 metres. The initial drilling programme has now been completed and a proportion of assays received which confirm ore grade mineralisation. While no firm evidence of the orientation of, or controls on mineralisation has yet been established and considerable additional evaluation is required, the Company is extremely encouraged by results to date.

The target of the drilling is a north-south trending shear zone along which there is extensive artisanal working over a strike length of at least 900 metres. Five NW-SE oriented fencelines of drillholes were completed in this first pass drilling programme to test both the main N-S shear structure and mapped, east – west trending, gold bearing quartz veins within it. Assays have been received for nine of the twenty-one holes completed. Ore grade mineralisation has been intersected in five of the nine holes. One of the four holes, KWRC 002, intersected bonanza grade mineralisation of 53.6 grams/tonne over 19 metres from 61 to 80 metres depth. This hole finished in the mineralised zone at 80 metres. A second hole, KWRC 012, on the next fenceline some 180 metres to the north of KWRC 002, intersected two mineralised sections within the shear zone. The first section assayed at 9.57 grams/tonne over 5 metres between 47 and 52 metres depth and the second at 13.1 grams/tonne over 5 metres between 60 and 65 metres depth. Further details of these intersections and other mineralised intersections are given in the tables at the end of this announcement.

[tables, etc. omitted]

See: http://web1.kitco.com/pr/1931/article_12122005044351.PDF