Gold Results - Tracia Project

Ormonde Mining PLC
19 July 2004


                               Ormonde Mining plc

            High-Grade Gold Results: Tracia Project, Northwest Spain


The Board of Ormonde Mining plc ("Ormonde" or "the Company") is pleased to
announce results from a detailed rock sampling programme at the Tracia Project
in northwest Spain. Progress on additional soil sampling and a regional stream
sediment geochemistry programme is also reported. The Company's JV partner,
Swedish company IGE AB, is funding all exploration activities at Tracia, one of
Ormonde's four active gold projects in Spain.


HIGHLIGHTS

  • Excellent gold results (maximum values of 75.6, 49.7, 46.9 and 40.9 g/t)
    returned from detailed rock sampling focused on areas of strong soil
    anomalism

  • Drilling targets being finalized based on high-grade outcrops

  • Extension of initial soil sampling grids completed

  • Regional stream sediment geochemistry over large unexplored areas in
    northwest Spain is identifying new target areas with similar expression to
    the Tracia mineralization


ROCK SAMPLES

The purpose of the rock sampling was to acquire more detailed data from the
extensive areas of anomalous soil geochemistry reported in the Company's
announcement of 2 March 2004, in order to prioritize drilling targets within the
anomalies. The soil sampling results defined two large gold-arsenic anomalies:
Anomaly T1, a north-south trending feature with a potential strike length of 3
kilometres, and Anomaly T2 which has an east-west orientation and strike length
of 750 metres.

In total, 103 samples were collected from outcrops and loose blocks, mostly
within the T1 and T2 anomalies. The samples returned excellent gold values,
which can be summarized as follows:

  • Over 10 g/t gold - 11 samples (10 per cent of all samples)
  • Over 3 g/t gold - 22 samples (20 per cent of all samples)
  • Over 1 g/t gold - 39 samples (some 40 per cent of all samples)

Maximum values of 75.6, 49.7, 46.9 and 40.9 g/t gold were returned from samples
containing quartz vein material with sulphides. Importantly, many of the highest
values were returned from outcrops, which will form the basis of drilling
targets.

These results give a high level of confidence in the target areas prior to
drilling; only 26 rock samples had previously been taken during the prospecting
phase in 2003. The sampling has shown that gold mineralization at Tracia appears
to occur in two main styles: prominent zones of silicified, altered,
sulphide-bearing granite, and more discrete sulphide-bearing quartz veins. Both
styles provide important drilling targets.

Drilling is scheduled to commence at Tracia when a rig becomes available from
either of Ormonde's Salamon or Trives projects, where drilling is currently
underway.


SOIL SAMPLING

Further soil sampling testing the extensions of the T1 anomaly has been
completed and samples are currently being prepared for analysis.


REGIONAL STREAM SEDIMENT GEOCHEMISTRY

In conjunction with work on the Tracia Project and as part of IGE's earn-in,
regional stream sediment sampling has been completed over an area of some 2,000
square kilometres in this part of northwest Spain, designed to identify further
new areas of gold mineralization. The results received from this programme
to-date are extremely encouraging, having identified several stream catchment
areas with similar geochemical signatures to Tracia. Additional ground holdings
are being acquired.

Managing Director Kerr Anderson said, "These results confirm the Company's
belief that Tracia and this part of northwest Spain have great potential for the
discovery of substantial gold deposits."


BACKGROUND INFORMATION

Some characteristics of the newly recognised gold system at Tracia are similar
to those of the Salave deposit in nearby Asturias, which has a resource of 15 Mt
grading 3.2 g/t gold (1.5 million ounces of contained gold) including a smaller,
higher grade resource of 3.1 Mt at 7.0 g/t gold (0.7 million ounces of gold).
Rio Narcea Gold Mines Ltd is currently conducting a feasibility study at Salave.

The activities at Tracia are being carried out in Joint Venture with
International Gold Exploration IGE AB, a Swedish mining company listed on the
Oslo Stock Exchange. Ormonde currently holds 100 per cent of the Tracia permit;
IGE can earn a 50 per cent interest by spending €260,000 over a two-year period,
and is funding all ongoing exploration activities. Ormonde is the Operator,
responsible for field and administrative activities.

Ormonde Mining plc is a European exploration company trading on the Exploration
Securities Market (ESM) of the Irish Stock Exchange and on the SEAQ platform in
London.  The Company is focused on developing Spanish gold projects. Further
information about Ormonde and its activities are available on its website at
www.ormondemining.com.


Enquiries to:

Ormonde Mining plc - [phone] - [e-mail]
Kerr Anderson - Managing Director
Fraser Gardiner - Investor and Media Relations
John Carroll - Director - [phone]

19 July 2004

ENDS


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