Tungsten Resource Update

Ormonde Mining PLC
24 January 2008


24 January 2008
                               Ormonde Mining plc


    Initial Inferred Resource Estimate of 1.0 Million Tonnes at 0.7% WO3 at
    Barruecopardo Tungsten Project, Spain and Positive Preliminary Economic
                                   Evaluation


DUBLIN & LONDON: 24 January 2008 - Ormonde Mining plc ("Ormonde" or the
"Company") is pleased to report very encouraging results from the initial
resource estimation and a preliminary economic evaluation study 
("Order-of-Magnitude Study") on its Barruecopardo Tungsten Project in Salamanca, 
Spain (the "Project").  The Company also reports a further five encouraging 
drill hole results from the various mineralised zones.


Highlights
     
•    The initial resource estimate, based on drilling results to-date, is 1.0 
     million tonnes at an average grade of 0.7% WO3 in the JORC Inferred 
     Resource category; ongoing drilling aims to expand this to a minimum 1.5 
     million tonnes in the near-term.

•    Furthermore, the Company believes that the resource potential down to a 
     depth of 350 metres is of the order of 3-4 million tonnes, based upon the
     deposit now being expanded from 3 to 5 mineralised tungsten zones with all 
     zones open along strike in both directions and at depth.

•    The Order-of-Magnitude Study indicates that an underground production rate 
     of 200,000 tonnes per year ("tpy") would be appropriate for start-up which
     could result in tungsten production of around 90,000 metric tonne units 
     ("mtu") of WO3 per year; this production rate could be increased post 
     start-up.

•    Net surplus cashflows from such an operation should be in the region
     of €5 million per year.

•    This Study indicates that the total capital costs of a 200,000 tpy mine 
     would be in the region of €10-15 million.

•    The Company envisages that the evaluation-feasibility study phase of
     the Barruecopardo Project should be completed during 2008.


Kerr Anderson, Managing Director, said:

"The Order-of-Magnitude Study indicates that Barruecopardo is a high-grade
tungsten resource which has the potential to generate significant cashflows at
relatively modest capital investment levels. Moreover, we are extremely
confident that we will expand this resource to a minimum 1.5 million tonnes with
our ongoing drilling programme.  This will form the basis of a 200,000 tpy mine
production study, which would rank Barruecopardo amongst the leading tungsten
producers with an estimated 10% of Western World production."


Order of Magnitude Study

Mineral Processing:  The processing of the tungsten ore would be through
three-stage crushing, a rod-mill for coarse grinding, a gravity
pre-concentration circuit utilising a combination of jigs and spirals and a
final concentrate clean-up circuit to produce a saleable concentrate. The Study
assumes overall tungsten recoveries of 70% to 80% based upon the results of
initial scoping testwork carried out last year and documentation relating to the
historic open-pit operation at Barruecopardo.  This would result in the
production of around 90,000 mtu's of WO3 per year.   Additional testwork is
being carried out to facilitate detailed process plant design.

Mining:  The mining assumptions in the Study are for an initial production rate
of 200,000 tpy, with underground access and ore transportation via a decline
from surface. The steep dips, good ground conditions and visually distinctive
mineralised zones should make for favourable mining conditions. The mining
method is expected to be predominantly narrow-vein, mechanised long-hole
stoping, with occasional use of shrinkage stoping. A minimum mining width of 2
metres has been assumed for the mechanised mining method.

Capital Costs:  The preliminary capital cost for the development of a mine at
Barruecopardo is based on development of an underground decline mine,
construction of a 28 tonnes per hour processing plant, together with related
site infrastructure and working capital. This production rate may be increased
post start-up when exploration of the other zones is advanced and multiple
access points have been developed to all tungsten zones.

Cashflow Analysis:  Based upon operating cost estimates ranging from €23 to €45
per tonne and head grades varying from 0.6% to 0.7% WO3, with figures varying
depending on the proportion of mechanised to shrinkage stoping, and assuming
tungsten concentrate prices of US$180 per mtu of WO3, the proposed 200,000 tpy
operation at Barruecopardo could generate annual cashflows in the region of €5
million per year.


Mineral Resource Statement

An Inferred Mineral Resource estimate has been prepared for the Barruecopardo
Tungsten Deposit:

Category     Cut-off (WO3%)         Tonnes (millions)           Grade (WO3%)              Contained WO3% (MTU*)

Inferred          0.3                      1.0                      0.7                          700,000


* MTU = metric tonne unit, the standard unit of measurement for tungsten, which
is equivalent to 10 kg of WO3.  700,000 MTUs is equivalent to 7,000 tonnes.

The Mineral Resource estimate has been prepared by Ormonde to a standard which
complies with reporting according to the JORC Code (2004) and has been
independently audited by geological consultants CSA Australia Pty Ltd.
Supporting information is provided in Note 1 and the Technical Notes supplied
below.

In brief, the deposit is a steeply dipping, multi-vein tungsten mineralised
system within granite rocks.  Three major zones (FM, FC and FP Zones) and other
less-defined zones have been intersected by Ormonde's drilling and are included
in the resource estimate.

There are no verifiable historic data for the Project and only data from
Ormonde's drilling programmes were used to prepare the resource estimate.  Data
from 25 holes were used, including new results reported below (see Technical
Notes for details of all holes).  Drilling is ongoing in areas not included in
the current estimate, with a view to increasing resources in the near-term.


Further potential

The Mineral Resource does not include the full potential of the deposit and
several opportunities exist to significantly increase the Project's resource
base.  For example, only a small part of the Filon Principal (FP) Zone has been
included as only limited drilling (two holes) has so far been carried out on
this zone.  All zones are open at depth and along strike, and other untested
zones in the area present further potential to add significantly to the resource
base.

Continuation of the existing drill-defined zones to a depth of 350 metres would
indicate the potential for around 2-3 million tonnes of additional mineralised
material.  Together with the Inferred Mineral Resource, the potential of the
Project could therefore be at least of the order of 3-4 million tonnes at a
grade in the range 0.5 to 0.8% WO3, with further resource additions likely as
exploration of the other mineralised zones continues over the longer term.


New Drilling Results

Significant assay results received since the last drilling report are listed
below.  Eight of these intervals were included in the resource estimate as
indicated.

Hole     From (m)      Width (m)           True Width (m)                       WO3%           Resource

BAR-02   53.0          1.0                 0.8                                  0.7
         79.0          3.0                 2.5                                  0.3            included
         110.0         1.0                 0.9                                  0.6
         125.0         3.0                 2.6                                  0.5            included
         253.0         3.0                 2.6                                  0.7            included
         295.0         1.0                 0.9                                  1.4            included
BAR-23   131.0         1.0                 0.7                                  0.3            included
         150.0         1.0                 0.7                                  3.0            included
BAR-24   67.0          3.0                 0.9                                  0.7            included
BAR-25   94.0          2.0                 0.7                                  1.4            included
BAR-26*  80.0          1.0                 0.8                                  1.9


*  This hole was abandoned due to technical difficulties before reaching the FP
Zone.  Samples from the repeat hole, BAR-26 BIS are awaiting assay.


Enquiries to:

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

Bankside Consultants
Simon Rothschild / Louise Mason  
Tel: [phone]   Mob: [phone]

Davy (Nomad / IEX Adviser)
Fergal Meegan  Tel: [phone]

Brewin Dolphin (UK Adviser)
Gordon Culfeather  Tel: [phone]

ENDS


NOTE 1 - Compliance statement on resource estimate

Mineral Resources are reported in compliance with the standards set out in the
JORC Code (2004).  Resources have been modelled and estimated using a manual
polygonal method by Ormonde, and have been approved by Kerr Anderson PhD EurGeol
PGeo, Managing Director of Ormonde.  Dr. Anderson is a member of the Institute
of Geologists of Ireland.  He has sufficient experience which is relevant to the
style of mineralization and type of deposit under consideration to qualify as a
Competent Person as defined in the 2004 Edition of the JORC Code as a Recognised
Overseas Professional (ROPO) and a Qualified Person as defined in the Guidance
Note for Mining, Oil and Gas Companies, March 2006, of the London Stock
Exchange.

Further details on the Mineral Resources can be found in the Technical Notes
section at the end of this announcement.  A glossary of terms is also appended.


About Tungsten

Tungsten is most frequently used as tungsten monocarbide, which has a hardness
close to diamond, in cemented carbides.  The principal tungsten applications
include its use in cutting steels and in tungsten alloys, electronics, and
chemical products.

Prices of tungsten concentrates are expected to remain buoyant for the long
term, and are currently quoted by the Metal Bulletin in the range $160-$180 per
metric tonne unit.  A metric tonne unit is equal to 10kg of WO3, which equates
to 1.0% contained WO3 in the rock.


About Ormonde

Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin.
Ormonde is a mineral development and exploration company focused on Spain, with
the objective of developing mining projects and taking them into production.

For more information please visit www.ormondemining.com.


TECHNICAL NOTES & DRILLING INTERVALS


DATA USED

There are no verifiable historic data for the Project and only data from
Ormonde's drilling programmes were used to prepare the current geological
interpretation and resource estimate.  All holes are core drilling using HQ core
diameter.  Data from 25 holes were used, with the relevant intervals for each
zone set out below.


Filon Maestro (FM) Zone

     Hole          From (m)      Width (m)       True Width (m)        WO3%

    BAR-01          115.7           1.0               0.8              0.5
    BAR-02          253.0           3.0               2.6              0.7
    BAR-03          101.5           3.4               2.5              1.0
    BAR-04          122.0           0.9               0.6              1.6
    BAR-05          133.7           1.7               1.5              0.4
    BAR-06          245.0           1.0               0.7              0.7
    BAR-09          119.0           2.0               1.5              2.1
    BAR-10          125.0           2.0               1.4              1.5
    BAR-11          114.0           1.0               0.7              0.3
    BAR-12          128.0           2.0               1.4              1.7
    BAR-13          123.0           2.0               1.4              2.4
    BAR-14                              Not mineralised
    BAR-15          122.0           2.0               1.4              0.4
    BAR-16          202.0           4.0               2.9              0.6
    BAR-17          125.0           2.0               1.4              0.9
    BAR-18          254.0           1.0               0.7              0.3
    BAR-19          268.0           2.0               1.4              0.5
    BAR-21          125.0           5.0               3.7              0.5
    BAR-22          132.0           4.0               2.9              0.2
    BAR-23          131.0           1.0               0.7              0.3
    BAR-24           67.0           3.0               0.9              0.7
    BAR-25           94.0           2.0               0.7              1.4


The Filon Maestro Zone is the subject of the most detailed amount of drilling
being intersected by 22 holes.  The zone varies in width from 0.7 to 3.7 metres.
  In the current interpretation it extends for a total strike length of 900
metres and has a depth extent of 210 metres from the base of historic surface
workings.  The zone is open in both directions along strike, and is open at
depth.


Filon Central (FC) Zone

     Hole          From (m)         Width (m)         True Width (m)          WO3%
    BAR-02          125.0              3.0                 2.6                0.5
    BAR-05           22.7              0.8                 0.7                0.7
    BAR-06          106.3              0.5                 0.4                0.7
    BAR-16           91.0              1.0                 0.7                1.4
    BAR-18           91.0              1.0                 0.7                0.7
    BAR-19           96.0              8.0                 5.8                0.3

The Filon Central Zone is intersected by 6 holes.  The zone varies in width from
0.7 to 5.8 metres.  In the current interpretation it extends for a total strike
length of 650 metres and has a depth extent of 140 metres from the base of
historic surface workings.  The zone is open in both directions along strike,
and is open at depth.  Due to limited drilling data at the time of the resource
estimate, resources have not been estimated along its full strike extent.
Infill drilling is being carried out as part of the ongoing work programme.


Filon Principal (FP) Zone

     Hole          From (m)         Width (m)         True Width (m)          WO3%

    BAR-02           79.0              3.0                 2.5                0.3
    BAR-20          137.0              3.0                 2.2                1.0



The Filon Principal Zone is intersected by 2 holes.   The zone varies in width
from 2.2 to 2.5 metres.  From historic mapping of the open pit, the zone is
known to be on average 14 metres wide at lower overall grade (0.2% WO3).  In the
current interpretation it extends for a total strike length of at least 700
metres (the length of the most recent open pit mining operation which focused on
this zone), however in the current resource estimate resources have only been
estimated along part of its strike extent.  The zone has a known depth extent of
100 metres from the base of the open pit.  The Zone is open in both directions
along strike, and is open at depth.


Other mineralised veins

     Hole          From (m)         Width (m)         True Width (m)          WO3%

    BAR-02          295.0              1.0                 0.9                1.4
    BAR-04          142.5              0.6                 0.4                4.5
    BAR-06          181.6              1.2                 0.9                0.6
    BAR-23          150.0              1.0                 0.7                3.0



SAMPLING, LABORATORIES AND QUALITY CONTROL MEASURES

All core has been routinely logged by an experienced geologist.  Relevant core
intervals were split in half by diamond saw, with half being sent for assay and
the other half being retained in the core boxes for reference.

Sample preparation and analyses were performed at ALS Chemex, Vancouver and
ASA-OMAC Laboratories, Ireland.   Reference samples are routinely included in
each sample batch as quality control measures.  Check assays on selected
mineralised samples are being carried out although results were not available at
the time of preparing the Mineral Resource estimate.


ESTIMATION METHODOLOGY

The Mineral Resource has been estimated using a manual polygonal method.  The
necessary measurements have been taken from longitudinal projections and
cross-sections derived from a geological interpretation.  Combined with the
relevant resource drill hole intercept data, these were used to estimate
tonnages and grades for each resource polygon / panel.


Geological Interpretation

The geological interpretation has allowed geological continuity between drill
hole intercepts to be assessed and aided the determination of which drill hole
intercepts were to be included in the resource estimation for each zone.  The
interpretation has been developed as an iterative process by cross-referencing
information plotted on cross-sections, level plans and longitudinal projections.
  Surface features, in particular the distribution of surface workings
(previously mined mineralised zones), have also been used as a guide to
determining mineralised zone geometries and increase confidence in the
interpretation derived from drilling data.


Bulk Density

No bulk density measurements are available to-date.  The mineralised zones
contain variable sulphide content (0% to 19%) and bulk densities will therefore
vary locally.  Sulphide content has been estimated for each drill hole intercept
based on multi-element assay data, and a bulk density subsequently derived for
each resource panel.  Bulk densities range from 2.7 to 3.3 t/m3.


RESOURCE CLASSIFICATION

The Mineral Resource is classified in the Inferred resource category of The JORC
Code (2004).  See the Glossary for definitions of the JORC resource categories.



GLOSSARY


TERM                       DEFINITION

Competent Person           A person who is a Member or Fellow of The Australasian Institute of Mining and
                           Metallurgy, or of the Australian Institute of Geoscientists, or of a '
                           Recognised Overseas Professional Organisation' ('ROPO') included in a list
                           promulgated from time to time.  A 'Competent Person' must have a minimum of
                           five years experience which is relevant to the style of mineralization and type
                           of deposit under consideration and to the activity which that person is
                           undertaking.

Cut-off grade              The grade of material below which mining is uneconomic.

Inferred Mineral Resource  That part of a Mineral Resource for which tonnage, grade and mineral content
                           can be estimated with a low level of confidence.  It is inferred from
                           geological evidence and assumed but not verified geological and/or grade
                           continuity.  It is based on information gathered through appropriate techniques
                           from locations such as outcrops, trenches, pits, workings and drill holes which
                           may be limited or of uncertain quality and reliability.

JORC Code (2004)           Australasian Code for Reporting of Exploration Results, Mineral Resources and
                           Ore Reserves "The JORC Code" 2004 Edition.

MTU                        Metric Tonne Unit

Mineral Resource           A concentration or occurrence of intrinsic economic interest in or on the
                           Earth's crust in such form, quality and quantity that there are reasonable
                           prospects for eventual economic extraction.  The location, quantity, grade,
                           geological characteristics and continuity of a Mineral Resource are known,
                           estimated, or interpreted from specific geological evidence and knowledge.
                           Mineral Resources are sub-divided, in order of increasing geological
                           confidence, into Inferred, Indicated and Measured categories.

WO3                        Tungsten trioxide, the standard form in the minerals sector for quoting
                           tungsten content.




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