Interim Results

Ormonde Mining PLC
26 September 2005

26 September 2005



                               Ormonde Mining plc

           Interim Results for the Six Months Ended 30 June 2005

DUBLIN & LONDON: 26 September 2005 - Ormonde Mining plc ("Ormonde" or "the
Company"), the Spain-focused gold exploration and development company, is
pleased to announce its interim, unaudited results for the six months ended 30
June 2005.
                                   HIGHLIGHTS

  • Admission to AIM and associated capital raising of £3.0 million provides
    the Company with financial platform to complement its technical strengths

  • Progress at La Zarza, lead  project: results from initial drilling
    programme in line with expected widths and grades of mineralization;
    metallurgical testwork in progress;  Phase 2 infill drilling underway

  • Activities advancing on portfolio of other mineral evaluation and
    exploration projects

  • Reported loss of €201,224  reflects continuing success in keeping
    overheads down and investment 'in the ground'


Mike Donoghue, Chairman of Ormonde commented:

"During this reporting period Ormonde has refinanced its activities and advanced
its projects significantly.  The combination of a solid project portfolio with
increased exposure to broader equity markets in a bullish commodity cycle, means
that Ormonde is well positioned for growth."

Enquiries to:

Kerr Anderson, Managing Director,
Ormonde Mining plc    Tel: [phone]

Fraser Gardiner, Director,
Ormonde Mining plc    Mobile: [phone]

Simon Rothschild,
Bankside Consultants   Tel: [phone]   Mobile: [phone]


                              CHAIRMAN'S STATEMENT


CORPORATE DEVELOPMENTS

This Interim Report represents the first opportunity for your Board to formally
report on its activities since Ormonde began trading on London's Alternative
Investment Market (AIM) earlier this year.  The Company was admitted to AIM in
April with an associated capital raising of £3.0 million (€4.3 million).
Placees included both existing and new institutional investors, and the Placing
was heavily oversubscribed.  Trading on AIM, together with our quotation on the
new Irish Enterprise Exchange (IEX), affords us increased investor visibility
and greater access to capital markets, in an appropriately regulated market
environment.

We were also very pleased at this time to appoint Seymour Pierce as joint broker
with Davy, thereby reinforcing Ormonde's position in the UK markets.  Of
particular note, both brokerages have well-respected, in-house, dedicated
resource research personnel and sales teams familiar with dealing in our sector.
Davy also acts as Nominated Adviser and IEX Adviser.

These corporate developments have therefore been critical moves in providing
Ormonde with a platform for growth.

OPERATIONAL REVIEW

On operational matters, April's Placing has allowed Ormonde to pursue progress
on all fronts.  Foremost was the drilling programme at our lead project, La
Zarza, where we are evaluating gold and copper resources estimated by a
Normandy-BRGM JV in the 1990s to contain 950,000 ounces of gold, 9.5 million
ounces of silver and 81,000 tonnes of copper.

Results from the programme, designed primarily to obtain samples for
metallurgical testwork, support our confidence in the project by confirming the
expected widths and grades of mineralization, including intersections of 10
metres at 6.0 g/t gold and 15 metres at 5.8 g/t gold in hole ORM7, and 20.4
metres at 6.5 g/t gold in ORM11.  Our Phase 2 infill drilling programme,
currently in progress, will provide more representative information on
distribution of metal grades across the deposit.

The metallurgical testwork itself is now underway. In this programme,
representative samples from drilling core are composited and put through various
tests to indicate the most appropriate method for the extraction of the economic
minerals.  The results of this testwork will then provide the basis of an
economic scoping study, which will investigate the approximate economics and
viability of various development options for a mining operation at La Zarza.
The integration of extensive underground workings, previously developed for
pyrite mining at La Zarza, into a new mining operation will also be considered
as an important factor in the study.

In the meantime, Phase 2 drilling is continuing at La Zarza.  Ormonde's
objective is to upgrade at least part of the Normandy-BRGM resource to JORC "
Indicated" category, and as previous drilling is widely spaced, more detailed
drilling is required.  This drilling is currently focused on the upper portion
of the deposit, which is accessed by existing underground infrastructure.

In addition to La Zarza, work continued on our other mineral evaluation and
exploration projects.  In January, we completed the second part of our
significant ground acquisition in Salamanca, where an extensive soil
geochemistry campaign, detailed mapping exercise and prospecting programme are
currently in progress.  These activities will lead to generation of initial
drilling targets, and we would anticipate testing these in Q1 2006.

We have continued to explore the potential depth extension to Salamon, and at
Tracia our exploratory drilling campaign confirmed the depth extension of
surface gold mineralization, whilst ongoing soil geochemistry has expanded the
extent of known anomalous zones and is providing more detailed information on
specific drilling targets.  As activities must be scheduled so as to keep
company resources focused, programmes at Trives, where further drilling is
warranted following encouraging results from a preliminary campaign, will
continue in 2006.

In completing this brief operational review, I should note that we continue to
evaluate new value opportunities in Spain, and we have recently signed an option
agreement to acquire a 50 per cent interest in the Valina Siver-Gold Project
from Polar Mining Oy, a Finnish subsidiary of ASX-listed Dragon Mining NL.
Valina is a near-surface, potentially open-pittable, high-grade
silver-gold-antimony deposit, tested to-date by only six drill holes.  Ormonde
intends to drill three short holes on the prospect to obtain samples for
metallurgical testwork, and if a saleable concentrate can be produced from this
mineralization, we will proceed with a full evaluation of the deposit.

MARKET TRENDS

In the broader market, the metals and mining industry appears to be gathering
momentum again after a somewhat quiet summer.  Gold and copper, the metals of
immediate interest to us, are presently trading at highs, the former recently
reaching a 17-year high, with some analysts believing that it could be looking
towards the US$500 level, whilst copper is now trading in the US$3,700-3,800 per
tonne range.  This favourable situation is supported by the growing belief that
this upward readjustment in metal prices may be sustained in the longer term,
albeit with periodic corrections, with market commentators forecasting a longer
term commodity super-cycle driven by the emergence of the larger Asian
economies.

This bullish outlook for metal prices benefits Ormonde not only by creating
favourable sentiment in the junior resource market generally, but also,
importantly, in real terms as we take further steps closer to building a gold
mining business in Spain.

SUMMARY

In summary, I would note that during this reporting period Ormonde has
refinanced its activities and advanced its projects significantly.  Our reported
loss of €201,224 reflects our continued endeavours to keep overheads to a
minimum and put as much investment as we can "into the ground".  Finally, I
believe that the combination of a solid project portfolio with increased
exposure to broader equity markets in a bullish commodity cycle, means that
Ormonde is well positioned for growth.

Michael J. Donoghue
Chairman
23 September 2005


Consolidated Profit & Loss Account
6 months ended 30 June 2005
                                                    6 months ended        6 months ended           12 months ended
                                                     30 June, 2005         30 June, 2004         31 December, 2004
                                                            €000's                €000's                    €000's
                                                         Unaudited             Unaudited                   Audited

Administrative expenses                                      (210)                 (109)                     (401)
Operating income                                                 -                     -                        19
OPERATING LOSS                                               (210)                 (109)                     (382)
Interest receivable                                 9                                  1                         6
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                              (201)                 (108)                     (376)
Tax on (loss) on ordinary activities                             -                     -                         -
LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION                                               (201)                 (108)                     (376)
Minority Interest                                                -                     -                         1
Retained (loss) for year                                     (201)                 (108)                     (375)
Loss per Share                                           (€0.0015)             (€0.0010)                 (€0.0033)


Consolidated Statement of Total Recognised Gains and Losses
6 months ended 30 June 2005
                                                    6 months ended        6 months ended           12 months ended
                                                     30 June, 2005         30 June, 2004         31 December, 2004
                                                            €000's                €000's                    €000's
                                                         Unaudited             Unaudited                   Audited

(Loss) for the financial year                                (201)                 (108)                     (375)
Currency translation differences on
foreign currency net investments                                 -                     1                         3
Total recognized gains and losses                            (201)                 (107)                     (372)


Consolidated Balance Sheet
6 months ended 30 June 2005
                                                    6 months ended        6 months ended           12 months ended
                                                     30 June, 2005         30 June, 2004         31 December, 2004
                                                            €000's                €000's                    €000's
                                                         Unaudited             Unaudited                   Audited

FIXED ASSETS
Tangible assets                                                 14                    14                        20
Goodwill                                                       112                     -                       112
Intangible assets                                            2,853                 1,064                     1,795
                                                             2,979                 1,084                     1,927

CURRENT ASSETS
Debtors                                                         32                    18                        66
Cash at bank and on hand                                     3,257                 1,057                       444
                                                             3,289                 1,075                       510
CREDITORS: (amounts falling due
within one year)                                             (120)                  (97)                     (100)
NET CURRENT ASSETS                                           3,169                   978                       410

TOTAL ASSETS LESS CURRENT LIABILITIES                        6,148                 2,062                     2,337

CREDITORS: (amounts falling due
after more than one year)                                      (3)                  (15)                       (9)
NET ASSETS                                                   6,145                 2,047                     2,328

CAPITAL AND RESERVES
Called-up share capital                                      5,474                 4,622                     4,636
Share premium account                                       10,383                 6,668                     6,717
Capital conversion reserve fund                                 29                    29                        29
Shares to be issued for
consideration                                                    -                     -                       486
Capital reserve                                                  7                     7                         7
Foreign currency reserves                                        3                     3                         3
Profit and loss account                                    (9,753)               (9,284)                   (9,552)
SHAREHOLDERS' FUNDS                                          6,143                 2,045                     2,326

Minority interest                                                2                     2                         2
                                                             6,145                 2,047                     2,328


Consolidated Cash Flow Statement
6 months ended 30 June 2005
                                                     6 months ended        6 months ended           12 months ended
                                                      30 June, 2005         30 June, 2004         31 December, 2004
                                                             €000's                €000's                    €000's
                                                          Unaudited             Unaudited                   Audited

     NET CASH OUTFLOW FROM
     OPERATING ACTIVITIES                                     (195)                  (88)                     (329)

     RETURNS ON INVESTMENTS AND
     SERVICING OF FINANCE

     Interest received                                            8                     2                         6
     Interest element of finance leases                         (1)                   (1)                       (2)

     NET CASH INFLOW FROM RETURNS ON
     INVESTMENTS AND SERVICING OF FINANCE                         7                     1                         4

     CAPITAL EXPENDITURE AND
     FINANCIAL INVESTMENT

     Expenditure on intangible assets                       (1,011)                 (160)                     (587)
     Payments to acquire tangible assets                        (2)                     -                       (3)

     NET CASH OUTFLOW FROM CAPITAL
     EXPENDITURE AND FINANCIAL INVESTMENT                   (1,013)                 (160)                     (590)

     NET CASH OUTFLOW BEFORE FINANCING                      (1,201)                 (247)                     (915)

     FINANCING

    Issue of shares net of expenses                          4,018                   832                       895
    Capital element of finance leases                           (4)                   (5)                      (10)
     NET CASH INFLOW FROM FINANCING                           4,014                   827                       885
     (DECREASE)/INCREASE IN CASH                              2,813                   580                      (30)



1.          This interim statement for the 6 months ended 30 June 2005 is
unaudited and was approved by the Directors on 23 September 2005.  The financial
information contained in these statements does not constitute statutory accounts
within the meaning of section 240 of the Companies Act 1985.  The financial
information for the year ended 31 December 2004 has been extracted from the
statutory accounts for that year, which have been filed with the Registrar of
Companies and on which the auditors issued an unqualified report.

2.          The loss per share was calculated from the loss for the period
attributable to ordinary shareholders of €201,224 (June 2004 = €107,457) divided
by the time-weighted average number of shares in issue during the period of
133,687,956 (June 2004 = 108,790,601).  There is no dilutive effect of share
options on the basic loss per share.

3.          No dividends were paid or proposed in respect of the six months
ended 30 June 2005.


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