Placing to Raise EUR1 Million

Ormonde Mining PLC
15 August 2003

Ormonde Mining plc

15 August 2003

                               Ormonde Mining plc


           Placing of approximately 29.4 million new Ordinary Shares

                               to raise €1million



The Board of Ormonde Mining plc ("Ormonde" or "the Company") is pleased to
announce that it has procured commitments to place 29,411,775 new Ordinary
Shares at €0.034 (Stg2.4p) per share, principally with new UK institutional
shareholders, raising in aggregate €1,000,000 (Stg£700,000) before expenses
("the Placing"). In capping the Placing at this level, the Board was required to
scale back applications as the result of excess demand for the issue.

The net proceeds of the Placing of approximately €920,000 (Stg£645,000) will be
used to rapidly progress exploration and evaluation of the Group's gold projects
in northern Spain. Importantly, funds will be used to complete a drilling
programme, commencing in September, on the recently acquired, high-grade Salamon
deposit. This drilling is designed to test depth and strike extensions to the
current resource of some 200,000 ounces at an average grade of 9 g/t gold.

Drilling will also be carried out on the Portas prospect at Trives, where
sampling of old Roman surface workings returned high gold grades in lenses and
veins, previously untested by drilling. Further work will also be carried out on
the Tracia permit as follow up to highly encouraging prospecting results of up
to 57 g/t gold.

Completion of the Placing is conditional inter alia on the disapplication of
pre-emption rights to facilitate the issue of the Placing Shares and on the
Irish Stock Exchange approving the application for admission of the Placing
Shares to dealing on the Exploration Securities Market ("the ESM").

A circular convening an extraordinary general meeting of the Company at which a
resolution will be proposed for the purposes of completing the Placing will be
posted to shareholders shortly and it is expected that the extraordinary general
meeting will be held in mid September, 2003. It is also proposed that
application will be made in mid September 2003 for all of the Placing Shares to
be dealt in on the ESM (which application will require preparation and
publication of a document comprising ESM Particulars under the ESM Rules).

Accordingly, it is expected that the Placing will complete in mid September
2003.

Commenting on these developments, Mr. Kerr Anderson, Managing Director of
Ormonde stated:

"I believe that we have built up a strong portfolio of high grade gold projects
in northern Spain, which will now be advanced through further drilling, designed
to increase the current gold resources and identify new resources. Our focus is
clearly on high gold grades and possibilities for production in the short to
medium term. The Company is also in discussions to secure other advanced
projects in Spain where potentially economic gold resources have previously been
identified and considerable upside exists to increase these resources".

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]

Eugeneee Mulhern

Davy Corporate Finance Limited

Tel: [phone]



15 August 2003

ENDS


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