Glencar is a Dublin-based exploration company with a focus on exploration and development of gold deposits in Africa. Glencar has found major gold deposits in Ghana, West Africa in both the 1980s and in the 1990s. The company has operations in Mali and Ghana in West Africa, in Uganda in East Africa and in Ireland.

http://www.glencarmining.ie/

March 27, 2007

Glencar Mining Could Have A Big One By The Tail At Komana West.





Hugh McCullough, the chief executive of the AIM listed Irish junior Glencar Mining, learned the hard way a few years ago that there is a mile of difference between being an efficient and successful explorer and bringing a mine into production. Having brought his company back from the dead after the Wassa mine debacle he has hardly put a foot wrong in the operations being carried out in Mali, Ghana and Uganda as the recent drilling results from the Komana West depositon the Yanfolila project in Mali confirm. The first eight holes of the 4th phase of drilling announced earlier this month confirmed that ore grade mineralization has been confirmed over extensive widths and as it took place between previously drilled fencelines there is clearly continuity of the ore.
This phase of infill drilling in the northern portion of the deposit should enable Glencar to announce a resource estimate by this summer. The overall strike length of the known mineralised zone at Komana West is at least 1.8 kilometres. The southern portion will be evaluated during the next phase of drilling. It follows up on a bonanza intersection of 20metres grading 55.2 grammes/tonne announced some months ago. . Like much of the area this was recovered from the Birimian metasediments with porphyry intrusions. Subsequent drilling included one borehole returning 11metres at 41.8 grammes/tonne which extended the strike length of the mineralization significantly. Mineralisation is concentrated around a shear zone 70 to 80metres wide and work on more detailed interpretation has continued.

Just to give a bit more history, diamond core and reverse circulation drilling was carried out towards the end of 2006 and the results confirmed those from earlier drilling. A diamond drillhole designed to twin the bonanza hole referred to above intersected 56 metres grading 4.72 grams/tonne between 45 metres and 101 metres downhole depth. The diamond core drilling was designed to give detailed structural and geological information for the design of the current infill drilling programme. Randgold Resources has carried out some drilling on a shear hosted mineralised zone only 7 kms to the east of Komana West and this gave rise to a resource estimate of 280,000 ozs gold so more drilling will be carried out there this year.

Glencars other project in southern Mali is Sankarani which comprises three licences at Bokoro, Sanioumale and Farasaba. It is being explored under the terms of a Framework Agreement with a subsidiary of Gold Fields, one of the worlds largest gold producers which means that Glencar is only dipping into its pocket at Komana West. These licences are adjacent to the Mali-Guinea border in an area underlain by rocks of the Birimian System which hosts world-class gold deposits such as Sadiola, Morila, Tabakoto, Loulo and Yatela, as well as a number of other deposits at various stages of development at Syama, Kalana, and Segala. The Anglo-Ashanti owned Siguiri goldmine is just over the border in Giunea and some 80kms to the west of the Sankarani project area.

The proximity of these mines owned by big mining companies in an era of consolidation in the mining industry means that more than one eye is being kept on exploration progress by Glencar. Hugh McCullough makes the point that Randgold carried out its work in this area at a time when it was devoting most of its cash to Morila and the price of gold was only around US$250/oz. Between 1999 and 2002/3 little gold exploration was carried out anywhere and this is why new multi million gold deposits are rare as hens teeth. Glencar still has a lot of work to do, but the initial resource estimate will provide a useful indicator of future potential at Komana West. At the moment its market capitalisation is just under 25 million, but the cunning move might be for a big boy to bid cash for Komana West and give Glencar the funds to accelerate its other projects.


http://www.minesite.com/nc/minews/singlenews/article/glencar-mining-could-have-a-big-one-by-the-tail-at-komana-west.html

Results due from the very exciting prospect Komana West due soon, whil drilling of the Solana prospect has been initiated. Komana, imo could be anywhere in the region of 3mil - 5mil ounces when the resource estimate is complete in June. The chances of an approach for these assets are great imo, and with POG continuing to rise and transactions of a similar nature going through at circa $110 per ounce in the ground, at a market cap of 25million, Komana alone could justify a massive re-rating.

NIce update:

Glencar Mining plc

Glencar confirms main ore zone at Komana West and shows excellent southern strike potential

9 May 2007

Highlights:

KWDD068 18 metres at 4.6 grams/tonne from 84m to 102m KWDD072 10 metres at 4.2 grams/tonne from 18m to 28m KWDD074 49 metres at 6.0 grams/tonne from 77m to 126m KWDD080 36 metres at 3.6 grams/tonne from 57m to 93m KWDD081 8 metres at 3.9 grams/tonne from 52m to 60m and, 11 metres
at 4.5 grams/tonne from 69 m to 80 m.


Glencar Mining plc, ("Glencar" or the "Company"), is pleased to announce continuing positive drill results from its exciting Komana West gold project in southern Mali. 4,421 metres of drilling have been completed to date in the fourth phase drilling programme, and assays have shown that the extensive, high grade intersections continue in the most southerly of the fencelines drilled to date in this drilling phase. The drill programme is continuing, but will be suspended when the rainy season gets underway in Mali in early June. It is expected that, by that time, sufficient drilling will have been done to enable the calculation of a resource estimation by the end of Q3 2007.

The drill assay data reported in this announcement relate to additional drillholes located further to the south than those reported in our last Drilling Update dated 20 March 2007 which reported assay results for 8 of the 24 holes now drilled in this fourth phase. This announcement deals with assay information for the remaining 16 holes drilled to date.

The most significant aspect of the latest drill results is the fact that extensive, ore grade mineralization has now been intersected in two holes on the most southerly fenceline drilled in the current phase of drilling. KWDD074 intersected 49 metres at 6.0 grams/tonne between 77 metres and 126 metres downhole depth. KWDD080, further to the southeast, intersected 36 metres at 3.6 grams/tonne between 57 metres and 93 metres downhole depth. These two holes, located as they are, at the southern edge of the current drilling grid, confirm the potential for southerly strike extension of this ore zone.

Most of the holes in this fourth phase of drilling were precollared in reverse circulation ("RC") drilling and tailed with diamond core drilling. Total RC metreage to date in the Phase 4 programme is 2,921 metres while diamond coring in this phase to date has amounted to 1,500 metres. All holes have been drilled at an azimuth of either 135 degrees or 315 degrees, depending on hole location and ground conditions and the drillhole angle is 55 degrees from the horizontal. A map showing the location of the drillholes referred to above will be uploaded onto the Company's website, www.glencarmining.ie shortly.

The significant intersections in eleven of the sixteen boreholes are set out in the table below. There were no significant intersections in the other five boreholes drilled (KWDD065, KWDD070, KWDD075, KWDD078 and KWDD079).

The drillrig operating at Komana West was temporarily deployed to Badogo-Malikila on our Solona concession to carry out reverse circulation drilling on a well defined target there and, following completion of that programme on 8 May, the rig is now returning to Komana West to carry on drilling there until the rains in June will force suspension of drilling until October next.

Widths of mineralization quoted in this report are not to be taken as true widths. Further geological evaluation is required in order to determine the precise disposition of the ore zones at Komana West.

Commenting on the results, the Managing Director, Mr. Hugh McCullough said,

"This latest set of results confirms our confidence in the extent of this significant ore zone. The width and grade of these latest intersections compares very well with the previously reported results to the north. The orebody model we are developing is giving us greater confidence in the continuity of the ore zone, and we are very optimistic about the potential for a commercial deposit at Komana West."

Hugh McCullough, EurGeol., PGeo, Managing Director of Glencar, is a member of the Institute of Geologists of Ireland. He is a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange. He has reviewed and approved the technical information contained in this announcement.

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

Notes to Editors

Glencar is a Dublin-based exploration company with a focus on exploration and development of gold deposits in Africa. Glencar has found major gold deposits in Ghana, West Africa in both the 1980s and in the 1990s. The Company has operations in Mali and Ghana in West Africa and in Uganda in East Africa.


Hole From To DH Width Au
(m) (m) (m) (g/t)
KWDD066 89 90 1 6.5
KWDD066 96 105 9 2.6
KWDD067 208 214 6 3.1
KWDD068 41 44 3 3.6
KWDD068 79 102 23 3.7
KWDD068 84 102 18 4.6
KWDD069 138 139 1 5.8
KWDD071 11 13 2 2.1
KWDD071 102 103 1 1.4
KWDD071 107 109 2 1.0
KWDD071 116 117 1 2.9
KWDD071 128 130 2 5.3
KWDD072 5 9 4 3.4
KWDD072 18 28 10 4.2
KWDD072 92 93 1 2.0
KWDD072 100 101 1 1.8
KWDD073 38 39 1 6.6
KWDD074 36 39 3 10.0
KWDD074 54 63 9 1.2
KWDD074 66 67 1 1.3
KWDD074 72 74 2 2.2
KWDD074 77 126 49 6.0
KWDD077 135 155 20 0.6
KWDD080 57 93 36 3.6
KWDD080 96 98 2 0.7
KWDD081 26 30 4 12.1
KWDD081 52 60 8 3.9
KWDD081 69 80 11 4.5
KWDD081 104 106 2 4.5
KWDD081 118 122 4 1.3

Tipped in the Investor's Chronicle today.



robbi123 - 11 May'07 - 00:18 - 1965 of 1968 edit


Great webcast, just listened to it and it fills me with more confidence.

tsmith - I think he did say it was commercial, but the idea was to prove up the resource. There is no doubt that Komana will be sold on and I wouldnt be surprised to see a line of potential suitors. I cant remember the name of the project he said, but at the time it was sold on, the resource was roughly 600k oz's, but has produced 6million since. GEX clearly have a phenomenal track record for exploration and identifying these targets.

2007/8 will be a MASSIVE couple of years for this company, and I think the days of 12p will be long gone by then. Rough calculations for Komana alone justify a price of at least double from here imo, and that is for a 3mil oz resource. If indeed it was 5mil, then we would be looking very healthy indeed. Looking ahead, I couldnt see myself selling even if Komana was sold, as I believe the other prospects have excellent potential indeed. Maybe there would be a return to shareholders if the Komana asset were to be sold?

Just thinking out loud again :)

Juniors ready for a very sharp move up ? Gold juniors look like the favourite !

February 05, 2009
Why Juniors?, Why Now? - Analysis of the Canadian CDNX Index...
by Clive Maund

http://www.safehaven.com/article-12521.htm

The charts speak volumes !!

walden - we are probably the only gold junior that hasnt had a rally yet. Im waiting for the herd to finally realise that GEX is probably a much better investment than many of these gold juniors. Resource of 1.3mil oz (minimum) an ongoing projects with possible joint ventures in the offiing make this a great play at these levels. Only a matter of time before we move higher IMO

Major volume on this move up over the last couple of days.

New article, Click HERE

New article re takeover offer;

Click HERE

guys mercator gold/MCR news just out.acquisition.