Unaudited Preliminary Results

Ormonde Mining PLC
23 May 2002


                ORMONDE MINING PLC ("Ormonde" or "the Company")

          Unaudited Preliminary Results for the Eighteen Months Ended

                               31 December, 2001

CHAIRMAN'S STATEMENT

I am pleased to present your Company's unaudited Consolidated Profit and Loss
Account and Balance Sheet for the eighteen months ended 31 December 2001, and
report that this period was one of considerable progress for your Company.

The last reporting period, which was of 18 months duration following a change in
the Company's fiscal year end from 30 June to 31 December, as announced on 4
October, 2001, was enormously important for Ormonde and its shareholders in that
the Company required to be re-financed, thereby facilitating restoration of
trading in its securities on the Exploration Securities Market of the Irish
Stock Exchange, to recruit a new management team and staff, and to commence
implementation of its strategy to locate and acquire good exploration
properties.

I am delighted to report that on all fronts the Company has been successful. In
connection with a placing and open offer of new Ordinary Shares, raising in
aggregate IR£400,000 (approximately €507,000), trading in the Ordinary Shares
recommenced on 20 April 2001 and there has, since that date, been steady
progress both in terms of the overall share price and also in terms of
liquidity. Clearly the proceeds of this refinancing were relatively small, and
after payments to various creditors, this somewhat restricted activities.
However, I am happy to report that substantial and significant progress has been
made in securing a number of very attractive, and prospective exploration
interests in Spain and Morocco.

Ormonde is focussed on precious metal exploration, in particular gold. The
acquisition of exploration properties relies much on local knowledge and
contacts and I am pleased to state that Ormonde has in place a team of
consummate, experienced industry professionals in the countries where it now
operates. In Spain, Ormonde has secured exploration licences in the Lugo/Ourense
Provinces in the northwest of the country and the Almeria Province in the
southeast, and has further applications pending with Regional Governments.
Ormonde has also recently entered into a Joint Venture in Morocco with the
Bureau de Recherches et de Participations Minieres (BRPM), the State exploration
company. Under the terms of the Agreement, Ormonde has a 40% interest in permits
held by the BRPM at Tamlalt in the northeast of the country, which include a new
gold discovery. Importantly, Ormonde will have a minimum 60% interest in any
project that reaches production. The Directors believe that this Joint Venture
represents a major achievement by the Company, which has been actively pursuing
opportunities such as this in Morocco, and the Company look forward to working
with the BRPM on this and other projects.

On Ormonde's interests in Tanzania, Axmin Ltd., continue to earn a 50% interest
into the two Siga Hills licences. Other residual interests in Tanzania have been
relinquished.

I would hope to be able to report in coming months of initial exploration
success on the interests acquired and release relevant results, as work
proceeds. The Company will also be considering seeking an alternative listing
for its securities in due course as it broadens its shareholder base and
accelerates activities.

I would like to thank most sincerely our shareholders for their patience whilst
the Company was restructured and for their continuing support since the Company
re-commenced its activities. Your Board remains dedicated to returning this
trust and patience by sustained capital growth through development of the
Company's interests currently held and under acquisition.

Colin J. Andrew

Chairman


                 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT

                    FOR THE 18 MONTHS ENDED 31 DECEMBER 2001

                                                                               18 months ended           12 months ended
                                                                                   31 December                   30 June
                                                                                          2001                      2000
                                                                                             €                         €

Administrative expenses                                                              (104,536)                  (23,281)
Write-down of exploration costs                                                      (704,748)               (1,885,376)
Exceptional item (cost of re-listing)                                                 (68,228)                         -
OPERATING LOSS                                                                       (877,512)               (1,908,657)
Other income                                                                             1,568                         -
LOSS ON ORDINARY ACTIVITIES

BEFORE TAXATION                                                                      (875,944)               (1,908,657)
Taxation                                                                                 3,204                         -
LOSS ON ORDINARY ACTIVITIES

AFTER TAXATION                                                                       (872,740)               (1,908,657)
Profit and loss account brought forward - (deficit)                                (7,716,972)               (5,808,315)
Profit and loss account carried forward - (deficit)                                (8,589,712)               (7,716,972)



                      UNAUDITED CONSOLIDATED BALANCE SHEET

                             AS AT 31 DECEMBER 2001


                                                                             18 months ended             12 months ended
                                                                                 31 December                     30 June
                                                                                        2001                        2000
                                                                                           €                           €
FIXED ASSETS
Tangible assets                                                                        8,229                      14,448
Intangible assets                                                                    381,237                     992,735
                                                                                     389,466                   1,007,183
CURRENT ASSETS
Debtors                                                                               18,603                       9,507
Cash at bank and on hand                                                             152,284                           -


                                                                                     170,887                       9,507
CREDITORS : (Amounts falling due
within one year)                                                                   (138,202)                   (353,047)
 NET CURRENT ASSETS / (LIABILITIES)                                                   32,685                   (343,540)
NET ASSETS                                                                           422,151                     663,643
CAPITAL AND RESERVES
Called-up share capital                                                            3,393,453                   2,788,205
Share premium account                                                              5,611,164                   5,585,163
Capital reserve                                                                        7,246                       7,247
Profit and loss account - (deficit)                                              (8,589,712)                 (7,716,972)
EQUITY SHAREHOLDERS' FUNDS                                                           422,151                     663,643



Enquiries to:

Kerr Anderson - Managing Director                  John Carroll - Director
Ormonde Mining plc                                 Ormonde Mining plc
Tel: [phone]                               Tel: [phone]
[e-mail]                        [e-mail]


23 May, 2002



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