Final Results

Ormonde Mining PLC
07 March 2005

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

                  Results for the YEAR Ended 31 DECEMBER 2004



CHAIRMAN'S STATEMENT

2004 was a most productive and rewarding year for Ormonde in which considerable
advances were made in both our project acquisition and exploration activities in
Spain. These activities culminated in the acquisition of two major advanced
projects, the La Zarza Gold-Copper Project and the Salamanca Gold Project, the
upgrading and reconsolidation of the Tracia Gold Project into 100% Ormonde
ownership, and the completion of drilling programmes on the Salamon and Trives
gold projects.

In June 2004, Ormonde acquired the right to earn a seventy percent interest in
the La Zarza Gold-Copper Project in southwest Spain. This acquisition represents
a major step in the Company's development, presenting us with the opportunity of
moving forward into the ranks of mining producers. The La Zarza Gold-Copper
Deposit contains two substantial inferred mineral resources: a gold resource of
5.9 million tonnes, grading 5.0 grams per tonne (g/t) gold and 50 g/t silver,
and a 2.9 million tonne copper resource grading 2.8 percent copper, the
contained metal amounting to 950,000 ounces of gold, 9.5 million ounces of
silver and 180 million pounds of copper. Moreover, there is considerable
potential to increase the size of these resources as they are largely open along
strike and at depth; indeed, the deepest intersection of 7.0 metres at 12.1 g/t
gold represents one of the best gold intersections.

The key to the development of La Zarza will be the establishment of an optimal
processing route for the treatment of both the gold/silver and the copper
deposits. A drilling programme is presently underway to obtain samples for
metallurgical testwork. The results of this testwork will be incorporated into a
scoping study which will determine the relative economics of the various options
for the development of both the copper and gold resources. Following this we
propose to carry out infill drilling to upgrade the resource figures ahead of a
bankable feasibility study on the project. We look forward in 2005 to making
major progress in advancing La Zarza towards development.

The Salamanca Gold Project in western Spain is a relatively new acquisition and
is, perhaps, less well known to shareholders, but we anticipate that the names
of many of our Salamanca prospects and mineral deposits will become familiar as
they are evaluated and drilled. Previous workers have reported resources on
three of these prospects: a large, low grade, one million ounce near-surface
gold resource at the Mina Marta Gold Deposit and a higher grade, 0.3 million
ounce gold resource at the Mina Saturno and Valle de Los Espinos Gold Deposits.
Ormonde's initial programmes will target higher grade zones within the Mina
Marta deposit and extensions of the other two deposits.

Our ground consolidation programme at Salamanca opens up two critical
opportunities: firstly, the possibility of establishing a viable mining
operation based on a central plant treating ore from the various deposits; and
secondly, the opportunity to explore the intervening ground between deposits
along the geological structures controlling the mineralization. Ormonde has now
scheduled an aggressive evaluation and exploration programme for Salamanca
during 2005.

The results of last summer's drilling and trenching programmes on the Salamon
Gold Deposit in northwest Spain were encouraging. Deeper drilling below the
central zone encountered high grade mineralization, indicating that the higher
grade zones continue at depth, while surface trenching revealed a new footwall
zone of mineralization below the main zone. Continued regional exploration in
the vicinity of Salamon also revealed a new area of gold mineralization, the Las
Salas Prospect, located approximately one kilometre east of Salamon. We are
encouraged by the discovery of these new zones of mineralization in and adjacent
to the main deposit and further drilling is planned.

At Trives in Galicia, we completed our first-stage drilling programme on the
Portas Gold Prospect. This yielded encouraging results, with higher grade
intervals within broader areas of low grade mineralization below the surface
workings. Further drilling is required to better define the depth extent of this
mineralization and clarify the structural controls on the localisation of the
Portas gold zones.

While our advanced projects represent the cornerstone in the Company's strategy,
our policy of including carefully selected, earlier stage projects in our
portfolio has yielded dividends in the case of the Tracia Gold Project in
northwest Spain. Initial exploration results were particularly positive and an
aggressive follow-up programme during the year culminated in drilling which
commenced in December. The exploration results from Tracia encouraged us to
explore a much larger 2,000 square kilometre surrounding area and this has
proven most rewarding, with the identification of several new areas which look
geologically similar to Tracia. The upgrading and enlargement of the Tracia
project area also encouraged us to buy out our joint venture partner's interest
in the permit when this became available in December 2004. We believe that the
Tracia area holds considerable potential and we anticipate continued news flow
from here during 2005.

In order to fund our increased operational activity, Ormonde raised €940,000
(before expenses) in June 2004, and it was most encouraging to see that this
capital raising was well supported by both existing and new institutional
shareholders. In this respect, I must note that the more recent capital raisings
have been strongly supported in London and this has resulted in an increase in
both the proportion of institutional shareholders and in the proportion of
shareholders in the UK. These changes, I believe, are most positive, serving to
considerably increase the trading liquidity in your Company's shares and
facilitating a steady growth in market capitalisation and share price to better
reflect Ormonde's assets. Significant efforts have also been expended to promote
awareness of Ormonde's progress through investor and public relations work and
in September the Company retained Bankside Consultants to advise and assist in
this area.

The Board is of the view that as Ormonde progresses and grows with the
evaluation and development of its Spanish gold projects, on-going support from
the UK market needs to be underpinned by Ormonde obtaining a quotation in London
and, consequently, the Board has decided to seek admission to the London Stock
Exchange's AIM market during 2005.

Looking forward to 2005, I anticipate that it will be a very active year on the
operational side as we progress with the technical evaluation of La Zarza,
commence the evaluation of the Salamanca resources, step-up our exploration
activities on the Tracia prospects and carry out an additional round of drilling
at both Salamon and Portas. We continue to be active in the area of project
acquisition, although as we grow we are increasingly cognizant of the need to
ensure that these efforts are compatible with other corporate objectives. We
remain very satisfied with our focus on Spain, where the opportunities are
considerable, the regional and local authorities very supportive and the risk
profile is low.

I believe we have taken critical steps in 2004 towards our objective of becoming
a mid-sized European gold producer, and in 2005 we can look forward to increased
operational activity as we seek to fast-track the evaluation of our key
projects.

Our Profit and Loss Account shows a loss of €376,140 for 2004 (2003: €449,383,
which included the write-off of investments in projects in Tanzania). Management
continues to ensure that most of the funds raised are expended on field
activities and project development.

The support of all shareholders, staff and advisers in pursuing our objectives
is most appreciated.

Michael J. Donoghue

Chairman


                             ONSOLIDATED PROFIT AND LOSS ACCOUNT 
                              FOR THE YEAR ENDED 31 DECEMBER 2004 

                                                                                                
                                              12 months ended    12 months ended 
                                                 31 December        31 December 
                                                      2004               2003 
                                                      euro               euro 

Administrative expenses                           (401,370)          (131,585)

Operating income                                     19,450             26,423

Impairment of intangible fixed assets                     -          (345,763)

                                                  (381,920)          (450,925)

OPERATING (LOSS)                                                              

Interest receivable                                   5,780              1,542

(LOSS) ON ORDINARY ACTIVITIES                                        (449,383)

BEFORE TAXATION                                                               
                                                  (376,140)                   
 

Tax on (loss) on ordinary activities                      -                  -

(LOSS) ON ORDINARY ACTIVITIES                     (376,140)          (449,383)

AFTER TAXATION                                                                

Minority Interest                                       694                  -

Retained (loss) for year                          (375,446)          (449,383)

Profit and loss account brought forward         (9,176,050)        (8,726,667)

Profit and loss account carried forward         (9,551,496)        (9,176,050)


(Loss) per share                               (euro0.0033)       (euro0.0052)

(Loss) per share - diluted                     (euro0.0033)       (euro0.0052)
 
 
                                            CONSOLIDATED BALANCE SHEET 
                                               AS AT 31 DECEMBER 2004 

                                                                                     
                                            12 months ended      12 months ended 
                                                31 December         31 December 
                                                       2004               2003 
                                                       euro               euro 
FIXED ASSETS                                                                  

Tangible assets                                      19,667             27,214

Goodwill                                            111,898                  -

Intangible assets                                 1,795,376            801,919

                                                                       829,133
                                                  1,926,941                   
CURRENT ASSETS                                                                

Debtors                                              66,446             22,205

Cash at bank and on hand                            444,398            472,919

                                                                       495,124
                                                    510,844                   

CREDITORS : (Amounts falling due                  (100,560)           (46,514)
within one year)                                                              

NET CURRENT ASSETS                                  410,284            448,610

TOTAL ASSETS LESS CURRENT LIABILITIES             2,337,225          1,277,743

CREDITORS : (Amounts falling due                    (9,355)           (19,606)
after one year)                                                               

NET ASSETS                                        2,327,870          1,258,137

CAPITAL AND RESERVES                                                          
Called-up share capital                           4,635,712          4,370,712

Share premium account                             6,717,240          6,027,300

Capital conversion reserve fund                      28,928             28,928

Shares to be issued for consideration               485,913                  -

Capital reserve                                       7,247              7,247

Foreign currency reserves                             2,612                  -

Profit and loss account                         (9,551,496)        (9,176,050)

SHAREHOLDERS' FUNDS                               2,326,156          1,258,137

Minority Interest                                     1,714                  -

                                                  2,327,870          1,258,137


Enquiries to:

Mike Donoghue - Non-Executive Chairman

Ormonde Mining plc

Tel: [phone]

[e-mail]

John Carroll - Director

Ormonde Mining plc

Tel: [phone]

Fergal Meegan

Davy Corporate Finance Limited

Tel: [phone]

Simon Rothschild

Bankside Consultants

Tel: [phone]

[e-mail]

7 March 2005


ENDS




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