Drilling Report

Ormonde Mining PLC
04 October 2004

Monday 4 October 2004


                               Ormonde Mining plc


High-grade gold intersected by deeper drilling at Salamon Gold Deposit in Spain

DUBLIN & LONDON: 4 October 2004 - Ormonde Mining plc is pleased to report assay
results from recent drilling operations and other exploration activities at
Salamon, one of its four active Spanish gold projects.




HIGHLIGHTS


  • New drilling has successfully intersected high-grade gold mineralization
    over mineable widths 100 metres below the existing gold resource (190,000
    ounces of gold contained in the top 100 to 120 metres of the deposit),
    confirming the potential to increase this resource


  • Additional high gold grades returned from a trench in Salamon's "footwall"
    zone


  • Soil sampling anomalies suggest a new gold target to the east of the main
    Salamon deposit


  • New target areas identified by regional prospecting work.



Managing Director Kerr Anderson commented,


"Intersecting high gold grades at depth is extremely encouraging, supporting our
belief that the main Salamon gold zone continues at depth below the existing
resource. Results of other work undertaken further underpin the broader
potential of the Salamon area."



DRILLING


During the latest drilling programme, three core drill holes (SS-53, 54 and 56),
totalling 907 metres, tested the depth extension to the main gold zone,
targeting the area surrounding an isolated gold intersection in a previously
drilled hole, SS-24, which occurs 100 metres below the existing gold resource.

SS-54 intersected the target zone 35 metres along strike to the east of SS-24,
and core samples returned a high-grade interval of 2.3 metres grading 14.4 grams
per tonne (g/t) gold within a wider zone of 8.6 metres grading 4.6 g/t gold at
253 metres downhole depth.

SS-56 also successfully tested the zone, a further 55 metres along strike, with
an interval of 3.3 metres at 3.8 g/t gold within a broad low-grade zone at 232
metres downhole depth.


Hole SS-53, testing the zone some 50 metres to the west of the SS-24 interval,
intersected encouraging alteration with no significant gold values.


These drill holes confirm that the main gold zone continues as a coherent body
for at least 100 metres below the current resource, over at least 90 metres of
strike length, with economic concentrations of gold over mineable widths. This
body is open laterally to the east and downwards.



OTHER ACTIVITIES

Trenching

A further trench was completed across the western extent of the "footwall" zone
(altered carbonate rocks beneath the main gold zone) as follow-up to previously
reported sampling. This returned a wide, consistently high-grade interval of
10.9 metres grading 19.8 g/t gold.


Drilling is now required to clarify the relationship between this footwall zone
and the main gold zone.

Soil sampling

A total of 451 soil samples were taken over a strike length of 2.6 kilometres in
the Las Salas area, immediately to the east of the Salamon deposit along the
prospective Leon Fault structure on which Salamon is located. The results from
this programme show a significant combined gold-arsenic anomaly one kilometre to
the east of Salamon, having the same signature as that occurring over Salamon
itself. Maximum values from the sampling are 5 ppm (parts per million) gold and
9,765 ppm arsenic.


This new area will be the focus of detailed follow-up sampling as a matter of
priority, to define targets for trenching and drilling.

Regional prospecting

Positive gold results were received from prospecting work in several areas over
the region surrounding Salamon, the most attractive being an area several
kilometres east of Salamon where 7 samples returned an average grade of 2.9 g/t
gold with a highest grade of 14.5 g/t in veined and altered rocks. The
prospecting phase has successfully reduced a very extensive tract of ground to a
number of specific areas of interest on which future follow-up activities can be
focused.


Enquiries to:


Ormonde Mining plc

Kerr Anderson, Managing Director [phone]

Fraser Gardiner, Investor and Media Relations [phone]

[e-mail]


John Carroll [phone]


Bankside Consultants

Simon Rothschild/Keith Irons [phone]


ENDS







NOTE

The Salamon gold deposit is located in the Leon province of northern Spain. The
resource estimate for the uppermost 100-120 metres of the carbonate-hosted
deposit is 640,000 tonnes grading 9.1 g/t gold (190,000 ounces of gold). Ormonde
is currently farming-in to the Salamon gold deposit and 120 square kilometres of
associated exploration ground through a JV agreement with Spanish company
SIEMCALSA. Ormonde can earn a 51 per cent interest in the project by spending
€900,000 over two years and is currently at the beginning of year two.


Ormonde Mining plc is a European exploration company trading on the Exploration
Securities Market of the Irish Stock Exchange and on the SEAQ platform in
London. The Company is focused on developing Spanish gold projects, and
currently has four active projects: La Zarza, Salamon, Trives and Tracia.


More information on the Company and its projects can be found on its website
www.ormondemining.com









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