Interim Results

Ormonde Mining PLC
26 October 2001

                              ORMONDE MINING PLC


               INTERIM RESULTS FOR THE YEAR ENDED 30 JUNE, 2001




Chairman's Statement


Since the refinancing and re-listing of your Company in April this year
considerable progress has been made on several fronts to establish Ormonde as
a significant exploration company, by developing interests in Europe and
Africa.


Firstly, the refinancing enabled the Company to discharge all of its
indebtedness whilst retaining a substantial amount of the funds raised in the
April placing and open offer.


Secondly, quiet progress has been seen in both the share price and liquidity
since the shares returned to dealing on the Exploration Securities Market in
Dublin.


Most importantly, however, is that we have been fortunate to develop a strong
team of industry professionals to take the Company forward. Dr. Kerr Anderson,
formerly Exploration Manager of Navan Mining plc, who joined the Company in
May as Managing Director, has been instrumental in developing the Company's
interests to-date, and heads this team. In Iberia, our recently incorporated
(wholly-owned) Spanish subsidiary is also managed by experienced and
well-respected figures in the Spanish and Portuguese mining sector. Their
knowledge and excellent contacts has enabled Ormonde to rapidly advance a
number of projects.


The philosophy of Ormonde is to identify opportunities in advanced, highly
prospective properties that can initially be optioned for low cash costs and/
or equity in the Company. This approach has enabled a portfolio of prospects
for precious and other metals to be assembled without the requirement for
further immediate fund-raisings or share dilution.


We are pleased to announce the first result of this approach by revealing that
Ormonde has reached an agreement with TOLSA S.A. (TOLSA), a major Spanish
industrial minerals company, whereby Ormonde will explore for gold within a
number of permits held by TOLSA in the Almeria province of SE Spain. Under the
terms of this agreement, Ormonde will pay TOLSA an annual rental fee, which
also covers Ormonde's right to develop any viable deposit defined by the
exploration activities. The permits cover part of the highly prospective
Tertiary volcanic belt of Cabo de Gata which hosts the well-documented
epithermal gold mineralization at Rodalquilar. Ormonde's activities will
initially be directed towards the investigation of epithermal
(high-sulphidation) gold mineralization at Palai, some twenty kilometres
northeast of Rodalquilar. Widely spaced, relatively shallow drilling
(generally greater than 200 metre hole separations with the majority drilled
to 80-150m depth) conducted in this area in the late 90's identified a large
mineralized system over an area of some 1,300 by 750 metres, carrying gold and
copper. A consultant's report based on this drilling concluded that the area
has '... the potential to host in excess of 30 million tonnes grading 1.1g/t
gold and 0.3% copper'. The mineralized zone is open laterally and at depth.
Importantly, limited test work suggests that the gold occurs within sulphides
in the altered host rocks, presenting the possibility of producing a
copper-gold concentrate.


Ormonde intends to investigate both the full potential of this mineralized
zone, and the possibility for defining higher grade zones within the system.
In addition, the Company will conduct further metallurgical test work to
ascertain gold and copper recoveries to possible gravity and subsequent
sulphide flotation concentrates.


In northern Spain, Ormonde has concluded an option agreement with SMMPE
(Sociedad Minera Metalurgica Penarrolla Espana) over two permits covering a
total area of approximately 28km2. Mineralization in the district occurs as
free gold associated with sulphides within Cambro-Ordovician brecciated
gneisses, quartzites and schists. Limited sampling by previous operators of
bedrock exposed in Roman pits on the permits has returned grades ranging from
0.5 to 4.0g/t gold. Ormonde believes that potential exists for bulk tonnage
gold mineralization as virtually no exploration activities have been carried
out. Initial work will comprise outcrop and stream sediment sampling.


The Company is also currently investigating two other properties with
excellent potential, details of which cannot be disclosed at this stage for
commercial reasons.


In Tanzania, under the terms of an earn-in joint venture, Axmin Limited
anticipate carrying out further work on the Kayenze prospect on the Siga Hills
Licence area, as a follow-up to the RC drilling completed in March this year.
Noel O'Keefe, who was integrally involved in acquiring Ormonde's interests in
Tanzania, will continue to oversee these interests.


In Morocco three specific project areas have been identified and negotiations
are underway to secure licences over these areas. The Company, to assist in
identifying opportunities, has retained a recently retired senior member of
the BRPM, the State exploration company.


The Board has informed the Irish Stock Exchange that it intends to change the
year end of the Company to 31st December from 30th June, to better reflect
statutory year ends in the countries it is now building its interests in.


Finally, I would like to thank the shareholders for their continuing support
and assure you that the new Directors and Management will strive to bring
success to the Company.








Colin J. Andrew

CHAIRMAN






Consolidated Profit & Loss Account

for the 12 months ended 30 June 2001
                                               12 months ended  12 months ended
                                                 30 June, 2001    30 June, 2000
                                                           IR£              IR£
                                                     Unaudited          Audited

Administrative expenses                               (15,999)         (18,335)
Write down of exploration costs                              -      (1,484,854)
Exceptional Items (Cost of re-listing)                (52,712)                -
OPERATING LOSS                                        (68,711)      (1,503,189)
Interest receivable and similar income                   2,000                -
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                       (66,711)      (1,503,189)
Taxation                                                     -                -
LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION                                        (66,711)      (1,503,189)
Profit & Loss a/c brought forward - (deficit)      (6,077,609)      (4,574,420)
Profit & Loss a/c carried forward - (deficit)      (6,144,320)      (6,077,609)
Loss per Share                                        (0.0010)         (0.0342)

Notes:


 1. This interim statement for the 12 months ended 30 June 2001 is unaudited
    and was approved by the Directors on 23 October 2001. Statutory accounts
    relating to the year ended 30 June 2000 on which auditors made an
    unqualified report have been filed with the Registrar of Companies.


 2. The Board of Ormonde resolved on 4 October 2001 that the year end
    accounting date for the company be changed from 30 June to 31 December.


 3. This interim statement is being sent by post to all registered
    shareholders. Additional copies are available from the Company's offices
    at Metges Lane, Navan, Co. Meath, Ireland.




END