Glencar reports on Mali oil field

Glencar Mining plc, the AIM and IEX listed company with gold exploration interests in Africa, has reported on additional drilling results from its Komana West project in southern Mali.

The assay results referred to in this statement relate to the final seven boreholes completed at Komana West prior to the onset of rains in early June and the suspension of drilling activities there.

12,500 metres of drilling has now been completed at Komana West, 9,886 metres of it reverse circulation drilling and 2,614 metres of diamond drilling.

The boreholes reported here were designed to cut the northern portion of the main mineralised zone at shallow depths where the deposit is being exploited by artisanal miners. Two of the drill holes, KWRC089 and KWRC093 encountered voids, probably representing areas where the artisanal miners had excavated gold bearing material.

The main mineralised intersections and the associated voids in the drill returns are given in the table below.

Commenting on the latest results, Glencar’s Managing Director, Mr Hugh McCullough said: “We drilled these seven holes at this time to provide important geological data for resource estimation purposes. This area is one of intense artisanal activity which inevitably leads to incomplete sample return when drilling at shallow depths.

"We are confident, however, that the voids represent areas of relatively high grade gold mineralization and consequently we believe that these latest holes confirm the presence, at shallow depths, of the main mineralised zone which has been intersected in the deeper holes at these locations.”

A drill plan showing the drill holes described above will be posted shortly on the Company’s website at www.glencarmining.ie