23rd Sep 2005 09:15
Glencar Mining PLC23 September 2005 GLENCAR MINING PLC Admission to trading on AIM 23 September 2005 Glencar Mining plc ("Glencar" or "the Company") is pleased to announce that itsshares will commence trading this morning on the AIM Market of the London StockExchange under the symbol GEX. Glencar will continue to trade on the IEX marketof the Irish Stock Exchange. Glencar is an Irish-registered exploration company, focused on gold explorationin West Africa, with advanced exploration programmes underway in Sankarani inMali and at Asheba, in Ghana. Glencar has a very successful exploration trackrecord in Africa, having found two commercial gold orebodies there since themid-1980s. Glencar and Gold Fields Limited ("Gold Fields") have recently signed anon-binding indicative offer relating to some of the Company's explorationinterests 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 retainedits full rights to the Komana licence, in the same region, which it intends toexplore independently and where drilling is planned for later this year. Theoffer provides that Glencar will grant Gold Fields a right of first refusal onthe Komana licence should it wish to bring in a partner in the future. The offerfrom Gold Fields is conditional on a number of issues, including satisfactorycompletion of due diligence, approval of the South African Reserve Bank andapprovals of the Malian Government and the Executive Committee of Gold FieldsLimited. Although there can be no certainty that the negotiations will complete,satisfaction of the conditions precedent will lead to a formal, bindingagreement between Glencar and Gold Fields. A further announcement will be madein 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 marketsfor the financing of the global exploration industry. Glencar has an increasingLondon based institutional representation on its share register and the AIMquotation will add significantly to the Company's visibility in London and tothe marketability of its stock." "The offer from Gold Fields is a major vote of confidence in our ground holdingin Mali, and assuming satisfaction of the conditions precedent, we are delightedto have Gold Fields as a partner in our Mali exploration programmes. Gold Fieldshas unsurpassed experience and ability in the exploration and development ofAfrican gold resources and we are very confident of our combined ability tosuccessfully continue the exploration of the very promising targets alreadyestablished on these very prospective licences in Mali." Full details of the Gold Fields offer are contained in the Company'sannouncement, issued on 31 August 2005, and available on the Company's websiteat www.glencarmining.ie For Further Information: Glencar Mining plcHugh McCulloughTel: +353 1 661 9974e-mail: [email protected] Heneghan PRRachel WatchornTel: +353 1 6607395e-mail: [email protected] Glencar Mining Glencar Mining is a Dublin-based exploration company with a focus on explorationand development of gold deposits in Africa. Glencar has found major golddeposits in Ghana, West Africa in both the 1980s and in the 1990s. The companyhas operations in Mali and Ghana in West Africa, in Uganda in East Africa and inIreland. See: www.glencarmining.ie Gold Fields Gold Fields is one of the world's largest precious metals producers with anannual attributable production of more than 4.3 million ounces of told andattributable mineral reserves of 81.5 million ounces. The company employs 48,000people, including contractors, across its operations. See: www.goldfields.co.za This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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