Glencar Mining PLC 17 February 2006 GLENCAR MINING PLC Glencar Announces the Placing of 18 million New Ordinary Shares 17 February 2006 The Board of Glencar Mining plc ("Glencar" or "the Company") is pleased to announce the conditional placing of 18,002,000 new Ordinary Shares of nominal value €0.031 ("New Ordinary Shares") in the capital of the Company at Stg£0.07 per share, equating to approximately 8.69% of the existing issued share capital of the Company and raising in aggregate Stg£1.26 million (US$2.19 million) before expenses ("the Placing"). The New Ordinary Shares will, when issued and fully paid, rank pari-passu in all respects with the existing issued ordinary shares. The Placing is only conditional on the New Ordinary Shares being admitted to trading on AIM. Application will be made to the London Stock Exchange and to the Irish Stock Exchange for the New Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange ("AIM") and on the Irish Enterprise Exchange of the Irish Stock Exchange ("IEX"). Dealing is expected to commence in these shares on 23 February 2006. The Company intends to use the proceeds of the Placing to fund the ongoing development of its exploration assets in Mali and Ghana and for general corporate and working capital purposes. A drilling programme in November 2005 on Glencar's Komana property in Mali encountered bonanza gold grades of up to 20 metres at 55.19 grams/tonne. The next phase of drilling on this exciting target is anticipated to commence before the end of March 2006. This drilling programme is designed to test the projected extension of the mineralised zone over a distance of a further 900 metres to the south of the already drilled area. Following the signing on 13th February 2006 of an agreement with a subsidiary of Gold Fields Limited, field work is scheduled to begin next week on the Sankarani Project in southern Mali which comprises the three licences at Bokoro, Sanioumale and Farasaba. For further information, please contact: Glencar Mining plc Hugh McCullough, Chief Executive Tel: +353 1 661 9974 e-mail: info@glencarmining.ie Heneghan PR Rachel Watchorn Tel: +353 1 6607395 e-mail: rachel@hpr.ie This information is provided by RNS The company news service from the London Stock Exchange