Mining Minerals & Metals Share Discussion Threads

[currypasty] 11/11/2005 11:45

RNS Number:0025U
Glencar Mining PLC
11 November 2005


GLENCAR MINING PLC


Glencar to Commence Drilling in Mali


11 November 2005


Glencar is pleased to announce that the drilling programme at Komana in Mali is
scheduled to commence next week. Approximately 2,200 metres of reverse
circulation drilling are planned on the Komana West mineralised shear system.
The Komana West target is a north-south trending shear system with associated
extensive artisanal mining activity over a strike length of at least 1 kilometre
and the programme is designed to intersect the mineralised shear system beneath
the artisanal workings.


Geological and structural mapping carried out by Glencar at Komana West has
located a significant mineralised zone hosted by metasedimentary rocks with
closely associated intrusive rocks of granitic composition, all within the north
-south shear zone. Artisanal workings have shown that the mineralisation exists
at depths of up to 60 metres from surface, at which depth the water table has
precluded the artisanal miners from further mining. Previous sampling at Komana
West has yielded grades from grab samples of up to 108 g/t. At the end of the
last field season, in June last, a rock sampling programme at Komana West
included the sampling of an east-west trending quartz vein system within the
shear envelope. 19 grab samples were sampled from a 19 metres long north-south
panel along the exposure. Of the 19 quartz vein grab samples taken 16 returned
values of greater than 0.5g/t and the average grade of the 19 samples was
5.8g/t.


The drilling programme will consist of 23 holes of average depth 95 metres. All
holes will be assayed for gold on a per metre basis.


The results of the drilling programme are expected to be available early in
January 2006.


The Komana licence is not part of the proposed agreement with Gold Fields. Gold
Fields may earn a 65% interest in the Bokoro, Sanioumale and Farasaba Licences
at Sankarani, through phased exploration expenditures on these licences
totalling US$12 million. The proposed agreement with Gold Fields is currently
being finalised, legal and technical due diligence having been satisfactorily
completed.

[big black dog] 26/10/2005 13:58

Mali looks good. We are all down but you have only lost when you sell.

Running these companies is not so easy as Altoplanner thinks. I don't think the team has been sitting on its hands.

[altoplanner] 26/10/2005 12:49

I have an average of 5 p , maybe Gold Fields will push them into development and production .Glencar have been sitting on their hands too long , I'll be shocked and amazed if I ever make any money out of them .Why havent they been looking for a production partner before now , only when the stuff hits the fan and most of the private investors have lost out , do they do something .

[jackohelp] 26/10/2005 08:27

hi curry, at last a new thread, these are so slow. i have an avg of 4.4p!!

[currypasty] 13/10/2005 12:37

Dear Shareholder,



I am pleased to be able to report good progress on our exploration programmes in
Mali and Ghana, and in particular, the signing of a non-binding letter of offer
from Gold Fields Limited ("Gold Fields") relating to some of our exploration
licences at Sankarani in Mali. On 23 September, we also gained admission to the
AIM market of the London Stock Exchange.



MALI

The Sankarani project, in southern Mali, comprises four exploration concessions,
covering a total area of some 1,000 square kilometres in the prospective
Birimian system geological environment. Following completion of a regolith
study of the entire project area last year, further geochemical sampling,
trenching, geophysical interpretation and a structural/geological mapping
programme were carried out. Three of the initial targets defined by these
programmes have been brought to drill ready status and a drill rig is now being
sought to commence the drill programme in mid November. Further targets will be
explored in detail in 2006. The area is highly prospective but only very
limited advanced exploration had been carried out by the previous licencees.



Following the signing by Glencar on 31st August of a non binding letter of offer
from Gold Fields, Gold Fields is in the process of completing due diligence for
an agreement which will lead to it having the right to acquire up to a 65%
interest in three of the four Sankarani licences, through exploration
expenditures of up to US$12 million, US$4 million of which must be spent before
December 2008. Assuming satisfactory completion of due diligence and the
satisfaction of the other conditions precedent, a joint venture agreement will
be drawn up which will relate to the Bokoro, Sanioumale and Farasaba licences,
while Glencar will retain its existing interest in the Komana licence, where
drilling is scheduled to commence in November. Glencar will have management of
the exploration programme, at least until completion of US$2.5 million of
exploration expenditures. Upon conclusion of a definitive joint venture
agreement, we confidently expect an aggressive and exciting exploration
programme over the next twelve months or so, and, assuming positive results
during that programme, we are also confident that we will have one of the
strongest possible partners for the ongoing development of any gold deposits
which might be found through such exploration programmes.



Gold Fields is the world's fourth largest gold producer, with annual
attributable production of more than 4.3 million ounces of gold and attributable
mineral reserves of 81.5 million ounces. The company employs 48,000 people,
including contractors, across its operations. We are delighted that Gold Fields
has selected the Sankarani project as their first project in Mali, a country
ranking fourth in Africa in terms of annual gold production, and one which is as
yet, relatively underexplored. The execution of this agreement with Gold Fields
would represent a major step forward for Glencar.



GHANA

We have recently completed a helicopter-borne aeromagnetic survey over our
Asheba Project in Ghana. The results of this survey have highlighted a number
of targets where structural conditions suggest the potential for extensions to
the mineralisation already established at Atinasi North. Field work is
currently underway over several of the targets proximal to the Atinasi North
Prospect and it is planned that a drilling programme to include the testing of
some of these targets will be commenced in late October. The picture presented
by the aeromagnetic results reflects the complex structural setting of the
Atinasi area where there is clear potential for the discovery of a gold deposit,
especially in the context of the attractive intersections already drilled there
and given the very significant amount of gold seen in the area, in surface and
underground artisanal workings and old colonial underground mines. Other
targets generated by the aeromagnetic survey will be systematically explored
over the coming months.



UGANDA

In recent months, our focus in Uganda has turned to the exploration licence held
by Glencar in the Tira area. The operator of the Tira Mine, which is adjacent
to our EL 4705, has recently succeeded in significant expansions to the
operation there, in particular the opening of an open pit to extract near
surface gold reserves. Glencar has carried out geophysical surveys over the
area and plans to follow up the results of that survey with some further
sampling work which will be followed by drilling if warranted by the results of
that programme. Work on the nearby Buinja licence has not yet led to the
delineation of drillable targets and no further work is planned there in the
short term.



AIM ADMISSION

Shares in Glencar were admitted to trading on the AIM market of the London Stock
Exchange on 23 September. The AIM market has in recent years become the
foremost market for financing the global exploration activities of the junior to
mid size exploration company. There is a strong, London based, institutional
interest in the sector which is reflected in Glencar's share register which
shows that UK based institutions hold almost 35% of the issued share capital of
the Company. The AIM quotation will facilitate the dissemination of information
and results to that London forum and will improve the marketability of, and
liquidity in the Company's shares.



FINANCIAL

The Company's unaudited profit and loss account appended below, for the six
months ended 30 June 2005 shows a loss of US$ 339,198.



The Balance Sheet and Cashflow Statement appended below show figures for the six
months ended 30 June 2005 but do not show comparable figures for the previous
period. It is not possible to reconstruct the comparable figures for the
Balance Sheet and Cashflow Statement with the required degree of accuracy. The
comparable figures were not prepared at the time as they were not required under
the ESM rules. We do undertake, however, to publish such comparable information
for all periods henceforth in accordance with Rule 18 of the AIM Rules and Rule
18 of the IEX Rules.



In July 2005, we completed a private placing of shares which raised a total of
US$1.5 million before costs, through the issue of 33,295,500 new shares at
Stg2.5 pence per share. The Company has sufficient cash resources to complete
planned drilling programmes at Sankarani in Mali and Asheba in Ghana. Should
the Gold Fields negotiations be completed in accordance with the letter of offer
referred to above, there will be significant escalation in the scope and pace of
the exploration work programme, commensurate with the enlarged budget to be
allocated to the project under the terms of the joint venture.



OUTLOOK

The gold price is currently close to an 18 year high and there are no signs that
it will decline significantly in the short to medium term. Glencar has some
very exciting gold exploration acreage at Sankarani in Mali and also at Asheba
in Ghana. The proposed joint venture with Gold Fields on some of the licences
in the Sankarani project will involve significant expenditures on exploration
within a relatively tight timeframe. We have great confidence in our joint
ability, assuming completion of the agreement with Gold Fields, to fully
determine the potential of this exciting area.

[currypasty] 13/10/2005 12:36

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.