GLR Galileo Resources Plc

RNS No 5060u
GAELIC RESOURCES PLC
11th August 1998


GAELIC RESOURCES PLC ("Gaelic" or "the Company")

Gaelic announces that the placing of 80,000,000 Gaelic ordinary shares at
Stg1.25p announced on 4 August, 1998 has been successfully completed.  There
are therefore 916,956,598 ordinary shares now in issue.

It is expected that dealings in the 80,000,000 placee shares will commence
today on the Exploration Securities Market of the Irish Stock Exchange.

Gaelic also announces that, pursuant to this placing, which raised Stg#1
million and the successful placing concluded in November, 1997, which raised
Stg#1.020 million, the Underwriting Agreement (the "Agreement") entered into
between Charles Street Securities Limited, Phipps and Company Limited and the
Company on 11 September, 1997 (and as subsequently amended) has been fully
satisfied.  Under the Agreement, the two underwriters, Charles Street
Securities Limited and Phipps and Company Limited ("the Underwriters") agreed
to subscribe in equal portions for ordinary shares to the value of Stg1.7
million or IR#1.7 million, whichever is higher.  Consequently, the
Underwriters have no further obligations in respect of the Agreement.

For further information, please contact:

Thomas Fussell
Gaelic Resources plc
Tel:  (00 44) 118 319 1860

Hugh McCutcheon
Davy Corporate Finance Limited
Tel:  (353-1) 679 6363


END

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