Final Results

Ormonde Mining PLC
21 June 2004


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

                  Results for the YEAR Ended 31 DECEMBER 2003


CHAIRMAN'S STATEMENT

I am pleased to present your Company's Consolidated Profit and Loss Account and
Balance Sheet for the year ended 31 December 2003. On reviewing last year's
Chairman's Statement, I am pleased to note that many of the objectives set out
then have been achieved and have in fact been exceeded in some cases. It
therefore gives the Board satisfaction to note that during the intervening
period the realisation of these goals has been reflected in a marked increase in
the share price and market capitalisation of your company.

Some twelve months ago the Board perceived that the extremely adverse market for
resource stocks should improve during the latter part of 2003 and through 2004,
and our efforts at establishing a key presence and ground holding in Spain would
yield dividends. That strategy proved well founded, as we succeeded in raising
€1 million (before expenses) in September 2003. This funding enabled us to
consolidate our ground holdings in northern Spain, commence drilling programmes,
and to continue to take advantage of our strong local management and experience
in Spain to further our ground and advanced project acquisition strategy.
Funding of exploration activities was also achieved through a Joint Venture on
the Tracia property with Swedish company International Gold Exploration IGE AB,
who has been funding all activities on this property since September 2003.

Following the fund raising and the finalisation of a Joint Venture agreement
with Siemcalsa, a Spanish geological company, the first phase of drilling at the
Salamon Gold Deposit in the Leon Region of northern Spain was completed. This
first programme principally targeted the north-eastern extension of the main
gold zone under investigation as per the terms of the Joint Venture agreement,
whereby Ormonde has a right to earn a 51% interest in the deposit and
surrounding exploration ground totalling some 120 square kilometres. The results
of this drilling programme proved encouraging, yielding high-grade, but
narrower, gold intersections than those encountered at surface. In conjunction
with the drilling, trenching and outcrop sampling of rocks above and below the
main Salamon deposit identified two additional horizons of high-grade gold
mineralization. These results broaden the potential of Salamon, suggesting that
we are now dealing with a gold deposit containing multiple mineralized
high-grade horizons.

Fieldwork resumed at Salamon in April 2004, and drilling will be ongoing this
summer. This drilling is exploring for depth extensions to the central zone in
the main deposit and the new horizons above and below this zone. Overall, we are
pleased with progress to-date on the Salamon Joint Venture.

Elsewhere, Ormonde has advanced its two gold projects in the Galicia Region in
northwest Spain to the point where drilling is now warranted on both. Drilling
to commence at Trives will test the continuation of a gold-bearing shear zone
below two Roman surface workings at Portas, in addition to an 800 metre long
gold-in-soil anomaly extending from the two pits. The 20 metre width of the
mineralized shear zone exposed in the Roman workings, coupled with the gold
values returned from sampling through the zone, make this an exciting and
prospective target.

Work programmes on the Tracia permit have been accelerated, largely as a result
of the Joint Venture with IGE. IGE has a right to earn a 50% interest by
sole-funding exploration up to €260,000 over a two-year period. Ormonde remains
Manager of all field and operating activity for the JV. To-date, soil sampling
has defined two extensive gold anomalies where rock sampling by Ormonde had
returned gold in both bedrock and float. These anomalies will provide the main
targets for drilling. The nature of the gold mineralization at Tracia has
similarities to that of the Salave deposit some 180 kilometres to the northeast,
where a resource of 15 Mt grading 3.2 g/t gold for 1.5 million ounces of
contained gold has been established and is now the subject of a feasibility
study being carried out by Rio Narcea Gold Mines Ltd. As a consequence of the
favourable results returned to date, drilling of the Tracia project should
commence by Autumn this year.

Although work programmes during the year clearly focused on Spain, the Company
continued its presence in Morocco by maintaining its subsidiary Exprotra
S.A.R.L.. We believe that excellent potential exists for new discoveries in
Morocco and Ormonde has therefore ideally positioned itself to investigate the
most favourable opportunities as they arise.

As part of a general tidy-up of the Company's corporate structure and assets,
the Board has decided to write-off investments in projects in Tanzania which
were incurred prior to the restructuring of Ormonde in 2001; this write-off is
the major contributor to the Company's operating loss registered for 2003.

During the year, Ormonde's broader strategy of advanced and prospective project
acquisition has not been neglected. These activities by their nature take time,
patience and effort, which necessarily go unreported unless and until
successful. On-going acquisition endeavours continued during the year and, while
success can never be guaranteed in this area, we are extremely hopeful that this
work will culminate in at least one additional acquisition in the coming months.

Ormonde has also directed significant time to corporate and shareholder
relations. Steps have been taken to ensure good communications with
shareholders, promote awareness of the Company's activities, increase and
diversify the shareholder base and improve share trading liquidity, all with a
view to improving institutional recognition and the ability of the Company to
access the equity markets. These activities included arranging for the cessation
of Ormonde shares being quoted in units of 10 (previously an Irish Stock
Exchange requirement) on 3 November 2003, and the commencement of trading in the
normal individual share format. The Company website, www.ormondemining.com, has
been upgraded to ensure up-to-date information is available to those accessing
the site, and I would encourage shareholders to make the most of this resource.

Over the last twelve months, our liquidity has increased substantially and our
shareholder base has also changed significantly, with some 45% of our
shareholdings now UK held, compared with 24% previously. Institutional
shareholders now account for some 20% of the Company, a dramatic rise on twelve
months ago. The Board has been strengthened by the addition of a London-based
Director, Mr. Andrew Bell, who has been involved with the mining industry since
the 1970s, as an investment analyst, fund manager and financier. Mr Bell's
considerable experience of the mining industry and excellent working knowledge
of the London investment market has proven a considerable benefit to the Board.

I should summarise the year by stating that your Company is building up a
portfolio of advanced assets in an area of favourable geology and sound
investment regulations utilising an excellent acquisition and exploration team;
it has initiated drilling and other exploration programmes which have yielded
very encouraging results.

On behalf of the Board, I would like to thank our out-going Chairman, Colin
Andrew, who joined the Company in that role in April 2001. He was instrumental
in re-listing and funding the Company at that time, and in the introduction of
the current management. I look forward to Mr. Andrew's ongoing involvement on
the Board.

In closing, I would like to thank the shareholders for their continued support,
without which we would not have had a successful year.

Michael J. Donoghue
Chairman

                      CONSOLIDATED PROFIT AND LOSS ACCOUNT 
                      FOR THE YEAR ENDED 31 DECEMBER 2003 
                                                                               
                                           12 months ended    12 months ended 
                                               31 December        31 December 
                                                      2003               2002 
                                                         €                  €

  Administrative expenses                         (131,585)          (150,402) 
  Operating income                                  26,423             12,697 
  Write-down of exploration costs                 (345,763)                 - 
  OPERATING (LOSS)                                (450,925)          (137,705) 
  Interest income                                    1,542                750 
  (LOSS) ON ORDINARY ACTIVITIES BEFORE            (449,383)          (136,955) 
  TAXATION                                                                    
  Taxation                                               -                  - 
  (LOSS) ON ORDINARY ACTIVITIES AFTER             (449,383)          (136,955) 
  TAXATION                                                                    
  Profit and loss account brought               (8,726,667)        (8,589,712) 
  forward - (deficit)                                                         
  Profit and loss account carried               (9,176,050)        (8,726,667) 
  forward - (deficit)                                                         
 
 
                           CONSOLIDATED BALANCE SHEET 
                             AS AT 31 DECEMBER 2003 
                                                                              
                                           12 months ended    12 months ended 
                                               31 December        31 December 
                                                      2003               2002 
                                                         €                  €
  FIXED ASSETS                                                                
  Tangible assets                                   27,214             35,603 
  Intangible assets                                801,919            716,332 
                                                                      751,935 
                                                   829,133                    
  CURRENT ASSETS                                                              
  Debtors                                           22,205             82,747 
  Cash at bank and on hand                         472,919            119,498 
                                                   495,124            202,245 
  CREDITORS : (Amounts falling due                 (46,514)          (118,876) 
  within one year)                                                            
  NET CURRENT ASSETS / (LIABILITIES)               448,610             83,369 
  CREDITORS : (Amounts falling due                 (19,606)           (24,558) 
  after one year)                                                             
  NET ASSETS                                     1,258,137            810,746 
  CAPITAL AND RESERVES                                                        
  Called-up share capital                        4,370,712          3,635,418 
  Share premium account                          6,027,300          5,865,820 
  Capital conversion reserve fund                   28,928             28,928 
  Capital reserve                                    7,247              7,247 
  Profit and loss account - (deficit)           (9,176,050)        (8,726,667) 
  EQUITY SHAREHOLDERS' FUNDS                     1,258,137            810,746 



Enquiries to:

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

Mike Donoghue - Non-Executive Chairman
Ormonde Mining plc
Tel: [phone]
[e-mail]

Fraser Gardiner - Investor Relations
Ormonde Mining plc
Tel: [phone]
[e-mail]

Eugenee Mulhern
Davy Corporate Finance Limited
Tel: [phone]

21 June 2004


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