Interim Results

RNS Number:2474R
Ormonde Mining PLC
23 October 2003

                               ORMONDE MINING PLC

             INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE, 2003


Chairman's Statement


Over the past six months we have seen a number of positive developments in the
gold mining and exploration sector. The recent increase in the gold price above
US$375 per ounce has been most encouraging. Furthermore, much talk in the
industry suggests higher gold prices in real terms over the next year and this
is positive news for Ormonde.


This increase in interest in the gold mining and exploration sector facilitated
your Company in recently placing 29.4 million new shares, principally with
London-based financial institutions, to raise approximately Euro1 million before
expenses. These funds will enable Ormonde to continue its focus on advanced gold
projects in its area of geographical focus, Spain, with the exercise of its
earn-in rights on the Salamon project being the first step in implementing this
strategy.


In June 2003 Ormonde entered into a heads of terms with SIEMCALSA, a Spanish
geological company, whereby it acquired an earn-in right to 51% in the Salamon
gold deposit and surrounding 120 square kilometres of exploration ground. The
Salamon deposit is located in the Leon Region of northern Spain, some 110
kilometres ESE of Rio Narcea Gold Mines Ltd's El Valle gold mine, which produced
approximately 180,000 ounces of gold in 2002. Drilling and trenching to-date at
Salamon have identified a total resource of 640,000 tonnes at an average grade
of 9 g/t gold, for a total of approximately 190,000 ounces of contained gold.
This resource is contained within the uppermost 100-120 metres of the presently
known deposit, over a strike length of some 350 metres.


The particularly attractive features of this deposit are its high grade and
significant width of up to 22 metres. The present resource estimate is based on
29 drill holes which include the following mineralised intersections:

S-31:                            29.0m @ 20.5g/t gold from 70.5m
S-17:                            16.0m @ 7.6g/t gold from 64.0m
S-6:                             14.0m @ 5.7g/t gold from 24.0m


The deposit is steeply dipping and open at depth and along strike to the
northeast, where recent trenching has returned intervals including 26.5m @ 
13.4 g/t gold and 13.2m @ 25.8 g/t gold.


The surrounding exploration ground includes numerous historic
gold-arsenic-antimony and mercury workings and other occurrences. Recent
trenching on one prospect some 1.8 kilometres to the west of Salamon returned an
intersection of 11.5m @ 4.1 g/t gold, and further work on this prospect is
considered to be a priority by your Company. This may represent the upper part
of a second deposit similar to Salamon.


The gold resource at Salamon has the potential to increase significantly in
size. If a sufficiently large resource can be established, the project also has
the potential to provide an early cash flow through development, which is one of
Ormonde's near-term objectives.


Ormonde commenced drilling at Salamon in October and the results of the first
phase of this drilling programme should be available by December.


Upon completion of this first phase drilling programme at Salamon, initial
drilling is planned on Ormonde's Portas prospect on the Trives licence area,
also located in northwest Spain, approximately 180 km from Salamon. This
programme of two to three drill holes, is designed to test the shallow depth
extension of high-grade mineralizaton exposed in the Roman workings.


I am also very pleased to welcome Mr. Andrew R. McM. Bell, MA, LLB, to the Board
as a Non-Executive Director. Andrew has been involved with the mining industry
since the 1970s, as an investment analyst specialising in the industry, a unit
trust manager, an investment banker, and as an investor and financier, and
provided considerable assistance to Ormonde during the recent fund raising in
London. The Directors consider that the addition to the Board of Andrew's
extensive financial and mining experience and, in particular, his knowledge of
the London market, will add considerably to the Company's ability to expand its
acquisition and development activities.


I would like to assure shareholders that the Directors and Staff of Ormonde
remain dedicated to achieving success and I believe that we have further
enhanced the Company's potential in the first six months of this year.




Colin J. Andrew

CHAIRMAN






                       Consolidated Profit & Loss Account

                          6 months ended 30 June 2003
                                                                           6 months ended                 6 months ended
                                                                            30 June, 2003                  30 June, 2002
                                                                                        Euro                              Euro
                                                                                Unaudited                      Unaudited

Administrative expenses                                                          (55,984)                       (77,651)

Other operating incomes                                                                 -                              -

OPERATING LOSS                                                                   (55,984)                       (77,651)

Interest receivable and similar income                                                  -                              -

LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                                  (55,984)                       (77,651)

Taxation                                                                                -                              -

LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION                                                                   (55,984)                       (77,651)

Profit & Loss a/c brought forward - (deficit)                                 (8,726,667)                    (8,589,712)

Profit & Loss a/c carried forward - (deficit)                                 (8,782,651)                    (8,667,363)

Loss per Share                                                                  (Euro0.0007)                      (Euro0.0011)



Notes:


 1. This interim statement for the 6 months ended 30 June 2003 is unaudited and
    was approved by the Directors on 23 October 2003.


 2. This interim statement is being sent by post to all registered shareholders.
    Additional copies are available from the Company's offices at Metges Lane,
    Navan, Co. Meath, Ireland.




Enquiries to:

Kerr Anderson - Managing Director

Ormonde Mining plc

Tel: [phone]

[e-mail]

Colin Andrew - Chairman

Ormonde Mining plc

Tel: [phone]

[e-mail]

John Carroll - Director

Ormonde Mining plc

Tel: [phone]

[e-mail]

Eugenee Mulhern

Davy Corporate Finance Limited

Tel: [phone]



23 October, 2003


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