Interim Results

Ormonde Mining PLC
28 September 2006

28 September 2006

                               Ormonde Mining plc

             Interim Results for the Six Months Ended 30 June 2006


DUBLIN & LONDON: 28 September 2006 - Ormonde Mining plc ("Ormonde" or "the
Company"), the Spain-focused exploration and development company, is pleased to
announce its unaudited interim results for the six months ended 30 June 2006.


                                   HIGHLIGHTS


  • Positive pre-feasibility Scoping Study on the La Zarza copper-gold project
    completed, incorporating the first JORC-compliant resource; bankable
    feasibility study underway.


  • Final phase of La Zarza infill drilling in progress, environmental
    baseline study underway and discussions initiated with appropriate companies
    for the engineering design work.


  • Drilling programmes on the Salamanca Gold Project and other exploration
    properties to progress during Q4; drilling at Salamanca will test the first
    of several new gold-in-soil anomalies identified to-date.


  • Signing of an option over a possible near-term cashflow opportunity at a
    tungsten tailings project in Salamanca; sampling and survey results will
    lead into a short metallurgical testwork programme.


  • Fully funded for all ongoing programmes following a capital raising in May
    of €4.47 million (£3.04 million) before expenses.



  • Loss for the period of €235,927 (€201,224 for the 6 months to June 2005);
    management continues to maximize in-the-ground investment and keep overheads
    to a minimum.


Mike Donoghue, Chairman of Ormonde commented,


"This has been a period in which our lead project has passed a critical
milestone and is now advancing into its final evaluation.  Our other projects
have been advanced to facilitate the more rigorous investigation which has now
commenced and which will be the subject of further news flow in the coming
months."


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



OPERATIONAL REVIEW



Operational activity during the first six months of the year focused on a
pre-feasibility Scoping Study on the La Zarza Copper-Gold Deposit in Huelva
Province of south west Spain.  This Study, completed in early September,
demonstrated positive economics for the proposed underground mining operation at
metal prices substantially lower than those presently prevailing, indicating an
Internal Rate of Return of 21%, rising to 36% with appropriate gearing.  This
milestone has allowed the Company to immediately advance to the definitive
bankable study stage to be completed by mid-2007.



Drilling is continuing at La Zarza for reserve definition, following the first
JORC-compliant resource published in April.  The environmental baseline study is
also progressing, and documentation to initiate permitting procedures will
shortly be submitted to the provincial authorities.  A detailed programme of
metallurgical testwork to facilitate optimization of the mill processing circuit
is being planned and various other technical studies will commence shortly.  We
have also initiated discussions with appropriate companies for the feasibility
study engineering design work.



Progress during the period on our gold exploration projects included the
completion of extensive soil geochemistry field programmes on our Salamanca and
Tracia licences.  At Salamanca an extensive new mineralised zone was identified
with geochemical associations and style of mineralisation suggesting a bulk
tonnage gold target.  Recently completed trenching at both Salamanca and Tracia
has confirmed drilling targets in both projects.  Drilling will be ongoing
during Q4.



In February we signed an option over a tungsten tailings project at Salamanca,
which we are currently evaluating as a possible near-term cash generating
operation with exposure to upside in the tungsten price.  Our assessment
advanced during the period with drilling, trenching and surveying of the
tailings.  A gravity separation metallurgical testwork programme will commence
shortly and, assuming positive results, will lead into a simple
technical-economic evaluation of the project, including the design and costing
of a gravity tailings treatment plant.



CORPORATE DEVELOPMENTS



In May we completed a placing with both institutional and private investors of
€4.47 million (£3.04 million) before expenses, and our current cash position of
over €5 million means that the Company is fully funded to complete the bankable
feasibility at La Zarza and its ongoing drilling programmes on its various
projects.



Ormonde's operating loss for the period was €235,927 (€201,224 for the 6 months
to June 2005).  Our management continues to maximize in-the-ground investment
and keep overheads to a minimum.



SUMMARY



This has been a period in which our lead project has passed a critical milestone
and is now advancing into its final evaluation. Our other projects have been
advanced to facilitate more rigorous investigation which has now commenced and
which will be the subject of further news flow in the coming months.



Michael J. Donoghue

Chairman

27 September 2006



Consolidated Profit & Loss Account

6 months ended 30 June 2006


                                                    6 months ended        6 months ended           12 months ended
                                                     30 June, 2006         30 June, 2005         31 December, 2005
                                                            €000's                €000's                    €000's
                                                         Unaudited             Unaudited                   Audited

Administrative expenses                                      (252)                 (210)                     (451)
Operating income                                                 -                     -                         -
OPERATING LOSS                                               (252)                 (210)                     (451)
Interest receivable                                16                                  9                        30
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                              (236)                 (201)                     (421)
Tax on loss on ordinary activities                               -                     -                         -
LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION                                               (236)                 (201)                     (421)
Minority Interest                                                -                     -
Loss for the financial period                                (236)                 (201)                     (421)
Loss per share                                           (€0.0015)             (€0.0015)                 (€0.0029)



Consolidated Statement of Total Recognised Gains and Losses

6 months ended 30 June 2006



                                                    6 months ended        6 months ended           12 months ended
                                                     30 June, 2006         30 June, 2005         31 December, 2005
                                                            €000's                €000's                    €000's
                                                         Unaudited             Unaudited                   Audited

Loss for the financial period                                (236)                 (201)                     (421)
Currency translation differences on
foreign currency net investments                                 -                     -                         3
Total recognised gains and losses                            (236)                 (201)                     (418)



Consolidated Balance Sheet

As at 30 June 2006


                                                     30 June, 2006         30 June, 2005         31 December, 2005
                                                            €000's                €000's                    €000's
                                                         Unaudited             Unaudited                   Audited

FIXED ASSETS
Tangible assets                                                 17                    14                        19
Goodwill                                                       112                   112                       112
Intangible assets                                            4,444                 2,853                     3,555
                                                             4,573                 2,979                     3,686

CURRENT ASSETS
Debtors                                                        360                    32                       571
Cash at bank and on hand                                     5,034                 3,257                     1,891
                                                             5,394                 3,289                     2,462
CREDITORS: (amounts falling due
within one year)                                              (43)                 (120)                     (236)
NET CURRENT ASSETS                                           5,351                 3,169                     2,226

TOTAL ASSETS LESS CURRENT LIABILITIES                        9,924                 6,148                     5,912

CREDITORS: (amounts falling due
after more than one year)                                        -                   (3)                     -
NET ASSETS                                                   9,924                 6,145                     5,912

CAPITAL AND RESERVES
Called-up share capital                                      5,864                 5,474                     5,484
Share premium account                                       14,230                10,383                    10,359
Capital conversion reserve fund                                 29                    29                        29
Capital reserve                                                  7                     7                         7
Foreign currency reserves                                        -                     3                         3
Profit and loss account                                   (10,208)               (9,753)                   (9,972)
SHAREHOLDERS' FUNDS                                          9,922                 6,143                     5,910

Minority interest                                                2                     2                         2

                                                             9,924                 6,145                     5,912



Consolidated Cash Flow Statement

6 months ended 30 June 2006


                                                     6 months ended        6 months ended           12 months ended
                                                      30 June, 2006         30 June, 2005         31 December, 2005
                                                             €000's                €000's                    €000's
                                                          Unaudited             Unaudited                   Audited

     NET CASH OUTFLOW FROM
     OPERATING ACTIVITIES                                     (258)                 (195)                     (821)

     RETURNS ON INVESTMENTS AND
     SERVICING OF FINANCE

Interest received                                             16                        8                        30
Interest element of finance leases                                -                   (1)                         -

     NET CASH INFLOW FROM RETURNS ON
     INVESTMENTS AND SERVICING OF FINANCE                        16                     7                        30

     CAPITAL EXPENDITURE AND
     FINANCIAL INVESTMENT
Expenditure on intangible assets                              (889)               (1,011)                   (1,759)
Payments to acquire tangible assets                               -                   (2)                      (25)
Sale of tangible fixed assets                                     -                     -                     18

     NET CASH OUTFLOW FROM CAPITAL
     EXPENDITURE AND FINANCIAL INVESTMENT                     (889)               (1,013)                   (1,766)

     NET CASH OUTFLOW BEFORE FINANCING                      (1,131)               (1,201)                   (2,557)

FINANCING

Issue of shares net of expenses                               4,274                 4,018                     4,004
Capital element of finance leases                                 -                   (4)                         -
     NET CASH INFLOW FROM FINANCING                           4,274                 4,014                     4,004
     INCREASE IN CASH                                         3,143                 2,813                     1,447




1.          This interim statement for the 6 months ended 30 June 2006 is
unaudited and was approved by the Directors on 27 September 2006. 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 2005 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 financial information has been prepared on a consistent basis
and using the same accounting policies as the audited financial statements for
the year ended 31 December 2005 with the exception of the adoption of FRS 20 '
Share-based Payment' which was adopted with effect from 1 January 2006. FRS 20
requires the fair value of share options, granted after 7 November 2002 and not
yet vested at 1 January 2006, to employees and directors to be recognized in the
financial statements. There is no impact on the 2006 interim financial
statements or on the comparative 2005 financial statements.



3.          The loss per share was calculated from the loss for the period
attributable to ordinary shareholders of €235,927(June 2005 = €201,224) divided
by the time-weighted average number of shares in issue during the period of
156,292,428 (June 2005 = 133,687,956).  There is no dilutive effect of share
options on the basic loss per share.



4.          No dividends were paid or proposed in respect of the six months
ended 30 June 2006.


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