1st Quarter Results to 30 September 1999

Ormonde Mining PLC 30 November 1999 ORMONDE MINING PLC RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER, 1999 30 November 1999 Shares on Issue: 43,917,841 Press Release Fully Diluted: 43,917,841 Irish Stock Exchange Share Price: 7 cents Vancouver Stock Exchange (OMP) Market Cap: EUR3.07 M, C$4.63M Ormonde Mining Plc ('Ormonde') has today released its financial results for the quarter ended 30 September, 1999. Ormonde, in common with most other junior exploration companies, has had a difficult year during 1998/99. Pressure on metal prices continued with a subsequent knock-on effect on share prices. Equity raising remained difficult and the need to conserve funds resulted in a world-wide cut-back in exploration and development activity. Fortunately metal prices firmed during the third quarter of 1999. The decision by the European central banks to formalise their gold sales, and, particularly their decision to control the gold available for leasing, has had an immediate beneficial impact on the gold price. We would expect to see a continuing firming trend in the gold price over the next couple of years. The stock markets have reacted favourably to this change, but it will take some time to shake off the recent adverse sentiment and see the full effect of this change reflected in the markets and particularly in the junior exploration sector. However the critical fact is that the gold market has bottomed and the industry cycle is starting on the upward swing. The earlier adverse market conditions have forced Ormonde to curtail its activities towards the middle of 1999. However significant advances were made in Tanzania during the first half of the year. The initial reconnaissance drilling programme was carried out on the Mgusu property where a 271,000 ounces inferred gold resource was defined by earlier drilling. This property lies adjacent to the multi-million ounce deposits presently being evaluated and developed by Ashanti at Geita and Kukuluma and Ridge 8 by Anglo American. Four of the seven targets at Mgusu were subjected to first-pass rotary-air-blast (RAB) drilling. Results from three of these targets were disappointing, but the drilling on Mgusu III revealed that gold mineralisation is present in this area. Follow-up drilling is warranted on this target in addition to the drilling required on the other untested Mgusu targets. Exploration activity on the Bukoli property, Lake Victoria Goldfield, during 1998/99 consisted of two programmes of reconnaissance drilling along a 3.3km long mineralised zone. The results to date have been very encouraging with several holes encountering economic widths and grades of gold mineralisation, including 21m at 2.04 grams per tonne (g/t), 8m @8.75g/t, 5m @3.51g/t and 13m @ 1.68g/t. However the holes were very shallow, generally less than 40m deep, and the lines were widely spaced. Much tighter spaced deeper holes will be required to allow us to establish the economic potential of this area. Exploration activity continued elsewhere in Tanzania, at the Ikoka, Karumwa, Mrangi, Ikina, and Chunya projects, but at a lower level then we would have wished. The programme and prospects for 1999/2000 are at this time of writing not finalised, reflecting the interim stage of a number of commercial and funding opportunities currently being assessed by Ormonde. Corporate activity on project acquisitions is also finally on the increase and in the last quarter we have been very active in pursuing some interesting opportunities. Now that the gold price has recovered and the gold equity markets are showing some signs of life, your Directors expect to be in a position to raise funds and enter into other transactions which should lead to a step up in the company's activities. In the interim we have completed a joint venture on our Siga Hills, Karumwa and Magamba properties in Tanzania and we are presently negotiating a second joint venture on other licences. At this point the company has farmed out almost half of its Tanzanian portfolio of properties. Overall we believe that 1999/2000 has the makings of a turnaround in the company's fortunes. We look forward to the millennium. Financial Results Profit and Loss Statement for the quarter ended 30 September, 1999 and the balance sheet at that date is appended. Desmond J. Burke Managing Director ORMONDE MINING PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 3 MONTHS ENDED 30 SEPTEMBER 1999 3 Months Ended Year Ended 3 Months Ended 30/9/1999 30/6/1999 30/9/1998 IR£ IR£ IR£ Unaudited Audited Unaudited Administrative expenses _ (27,036) _ Write-down of exploration costs _ (26,477) _ OPERATING LOSS _ (53,513) _ Other income - 2,410 1,365 ___________________________________ GAIN/ (LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION - (51,103) 1,365 Taxation _ _ _ GAIN/ (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION - (51,103) 1,365 Profit & loss account brought forward - (deficit) (4,574,420) (4,523,317) (4,523,317) _____________________________________ Profit & loss account carried forward - (deficit) (4,574,420) (4,574,420) 4,521,952) _____________________________________ Gain/ (Loss) per share - (0.0013p) 0.004p The Group has no recognised gains or losses other than those reflected in the profit and loss accounts above. ORMONDE MINING PLC CONSOLIDATED BALANCE SHEET AS AT 3 MONTHS ENDED 30 SEPTEMBER 1999 3 Months Ended Year Ended 3 Months Ended 30/9/1999 30/6/1999 30/9/1998 IR£ IR£ IR£ Unaudited Audited Unaudited FIXED ASSETS Tangible Assets 20,458 20,458 26,966 Intangible Assets 2,134,712 2,038,596 1,455,199 _____________________________________ 2,155,170 2,059,054 1,482,165 _____________________________________ CURRENT ASSETS Debtors 6,239 10,804 7,248 Cash at bank and on hand 3,061 69,385 78,779 _____________________________________ 9,300 80,189 86,027 _____________________________________ CREDITORS: (Amounts falling Due within one year) (138,620) (113,393) (31,600) _____________________________________ NET CURRENT ASSETS/(LIABILITIES) (129,320) (33,204) 54,427 _____________________________________ NET ASSETS 2,025,850 2,025,850 1,536,592 _____________________________________ CAPITAL AND RESERVES Called-up share capital 2,195,890 2,195,890 1,816,391 Share Premium Account 4,398,673 4,398,673 4,236,446 Capital reserve 5,707 5,707 5,707 Profit & loss account (4,574,420) (4,574,420) (4,521,952) _____________________________________ 2,025,850 2,025,850 1,536,592 _____________________________________ Supplementary Information 1. Break down of expenditures for the quarter ended 30 September 1999 Quarter ended Year ended 30/9/1999 30/6/1999 IR£ IR£ Description Unaudited Audited Field Exploration 28,229 345,562 Field Supplies 2,288 50,491 Field geology - 28,297 Option and government fees 23,988 144,444 Travel, accommodation 496 34,744 Legal fees - 16,015 Telephone, fax and postage 673 16,601 General 40,442 76,877 ___________________________ 96,116 713,061 ============================ Directors' fees and other emoluments 17,750 77,235 There were no other payments made to parties not at arm's length from the issuer. 2. (a) No options have been granted in the period under review (b) No additional shares issued 3. (a) Authorised share capital: 100,000,000 ordinary 5p shares Issued share capital: 43,917,841 ordinary 5p shares at the end of period (b) No options, warrants or convertible securities are outstanding. (c) Total number of shares in escrow: 8,435,691 (d) Directors: Desmond J Burke Michael J Donoghue Hugh W Mc Cormack David O'Beirne For further information please contact : Desmond J. Burke Esq 2 St. Canice's Court Dean Street Kilkenny City Kilkenny Ireland Tel: 353-56-52411 Fax: 353-56-52433

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