Glencar Mining plc

                  Placing and Work Programme Update

                            26 April 2007

Highlights

*         Proposed placing of 22.6 million shares at GBP0.105 to
  raise GBP2.37 million (US$4.47 million)
*         Macquarie Bank Limited has subscribed for 9.5 million of
  the Placing Shares and will hold 3.68% of the enlarged equity
*         Latest drill results from Komana West to be released in two
  weeks
*         Exploration drilling to be carried out on Solona Licence
*         Drilling continuing on the Gold Fields joint venture at
  Sankarani

Placing

Glencar Mining  plc ("Glencar"  or the  "Company"), the  AIM and  IEX
listed gold exploration company with interests in Africa, is  pleased
to announce a proposed placing  of 22,600,000 new ordinary shares  of
�0.031 each (the "Placing  Shares") at a  price of GBP0.105  (�0.155)
per  share  to  raise   GBP2.37  million  (US$4.75  million)   before
expenses.   The total number of Ordinary Shares in issue  immediately
following the placing will be 258,386,967.

The funds  will be  used  to continue  the exploration  and  drilling
programmes on the  Company's exciting gold  targets in southern  Mali
and Ghana and  for general  corporate purposes.   In particular,  the
funding will enable continued, intensive drilling at the Komana  West
deposit, where  the  results  of  drilling to  date  have  been  very
positive.

The Placing Shares have been placed with institutional  shareholders,
in London by Cenkos Securities plc and in Dublin by Davy.   Macquarie
Bank Limited has subscribed for 9,500,000 of the Placing Shares  and,
as a  consequence, will  hold 3.68%  of the  enlarged equity  in  the
Company.

Application will be  made to  the London  Stock Exchange  and to  the
Irish Stock Exchange for the Placing 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 1 May 2007.

Work Programme Update

We are taking a short break from drilling at Komana West and we  will
be sending the drill rig to complete an initial drilling programme on
one of the targets on the adjacent Solona exploration licence.   This
target, Badoga-Malikila,  has been  defined  by field  mapping,  rock
sampling and gradient array geophysics.

Drilling is expected  to recommence at  Komana West in  approximately
3/4 weeks time, following the completion of the Badoga-Malikila drill
programme.

The Komana West deposit is 95% owned by Glencar and 10,350 metres  of
drilling there has already  been completed.   A further statement  on
the most recent drill assay results is expected to be made within the
next two weeks.

Drilling is  also continuing  on advanced  targets on  the  Sankarani
Project, a joint  venture between  Glencar and  Gold Fields  Limited,
whereby Gold Fields Limited may earn up to a 65% interest in three of
Glencar's exploration licences (excluding the Komana licence) through
exploration expenditures of up to US$12 million.

For further information, please contact:


Glencar Mining plc
Hugh McCullough, Managing Director
Tel:         +353 1 661 9974
e-mail:      info@glencarmining.ie



Heneghan PR
Sean O'Riordain
Tel:    +353 87 2556727
e-mail: sean@hpr.ie



Bishopsgate Communications
Maxine Barnes/Nick Rome
Tel:    +44 20 7562 3350
e-mail: nick@bishopsgatecommunications.com

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