Interim Results

Ormonde Mining PLC
25 October 2002

                               ORMONDE MINING PLC

             INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE, 2002





Chairman's Statement

Like many other industries, the mining sector has been adversely affected by the
downturn in the world economy. This has been felt right through the sector from
producers to junior explorers as low metal prices, including the gold price,
have prevailed. However, Ormonde believes that the ongoing consolidation within
the gold mining sector into a handful of very large companies, each annually
producing more than five million ounces of gold, presents opportunities for
junior explorers, as new discoveries are required to service the production
capacity of these companies.

Ormonde has, over the first six months of 2002, been acquiring interests in
advanced gold properties in both Spain and Morocco and has thereby positioned
itself to take advantage of any upsurge in exploration activity for gold. These
projects have been selected based on the presence of high-grade gold, and have
been obtained by careful negotiation without the incurrence of any significant
entry cost. This fact does not reflect on their prospectivity as both the
Spanish and Moroccan Ormonde interests have yielded positive results to date.

In northwest Spain, the Company has put together a significant land package in
the Trives area that is now showing its true potential. This area was selected
on the basis of high gold grades returned from samples collected from Roman
pits. In one pit, clearing of obscuring scrub and bush has now revealed a shear
(deformation) zone some 20 metres wide in the main face, where sampling from
sub-vertical zones rich in Fe-oxide and quartz has previously returned values
including 14.5, 30.6 and 106.8 g/t gold. Two chip samples recently collected by
Ormonde on the eastern and western margins of this zone have returned 3.0m @ 6.0
g/t and 3.3m @ 4.8 g/t gold respectively, and sampling of the main zone some 14
metres wide in between has now been completed, with assay results expected
shortly. Recently acquired historical soil sampling results show anomalous gold
values of greater than 500ppb gold in soil over a strike length of around 800
metres extending southeast from the main pit, with values including 3.5, 4.8 and
7.0 g/t. Verification of this soil sampling will be carried out upon completion
of rock sampling, followed by trenching designed to delineate drilling targets.
The combination of strike length and width suggests that a substantial gold
deposit may await delineation at Trives, and the presence of high-grade
mineralization, at least in part free-milling, means that an initial operation
to generate cash flow for ongoing exploration could be a viable proposition.

As a result of the Company's focus on northwest Spain, Ormonde intends to
progress the properties in the southeast of the country covering the large lower
grade epithermal system through pursuing the participation of a major partner.

In Morocco the relationship established with the Government via the BRPM
continues to prosper and several good intersects of gold mineralization have
been returned from drilling at the Tamlalt prospect where Ormonde presently
holds a 40% interest. This drilling has defined a northerly-dipping mineralized
zone at Jebel Malek, with a true thickness of 15-20 metres averaging around
2.5-3.5 g/t gold, within which higher grade zones (5-20 g/t) over mineable
widths are developed. Other mineralized lenses occur beneath the main zone (e.g.
6.0m grading 4.9 g/t). Mineralization is open laterally to the east and west,
and down-dip to the north where it is currently known to extend to around 100
metres. Ongoing activities include interpretation of high-resolution satellite
imagery and detailed analysis of the gold-controlling structures, designed to
fully understand the gold zones identified to-date, their strike potential and
identify new prospect areas. Further drilling is scheduled to commence in the
first quarter of 2003.

I would like to assure shareholders that the Directors and staff of Ormonde
remain dedicated to achieving success and I believe that we have taken several
significant strides along this road over the first six months of 2002.



Colin J. Andrew

CHAIRMAN





Consolidated Profit & Loss Account

6 months ended 30 June 2002
                                                                            6 months ended               12 months ended
                                                                             30 June, 2002                 30 June, 2001
                                                                                         €                             €
                                                                                 Unaudited                     Unaudited
Administrative expenses                                                           (77,651)                      (20,315)
Exceptional Items (Cost of re-listing)                                                   -                      (66,930)
OPERATING LOSS                                                                    (77,651)                      (87,245)
Interest receivable and similar income                                                   -                         2,539
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                                   (77,651)                      (84,706)
Taxation                                                                                 -                             -
LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION                                                                    (77,651)                      (84,706)
Profit & Loss a/c brought forward - (deficit)                                  (8,589,712)                   (7,716,972)
Profit & Loss a/c carried forward - (deficit)                                  (8,667,363)                   (7,801,678)
Loss per Share                                                                   (€0.0011)                     (€0.0013)



Notes:


 1. This interim statement for the 6 months ended 30 June 2002 is unaudited and
    was approved by the Directors on 21 October 2002. At this stage last year
    the Ormonde Group was in the process of changing its year end from 30 June
    to 31 December and accordingly reported, on an interim basis, on the twelve
    months to 30 June 2001. The comparatives shown in these interim results in
    respect of the six months ended 30 June, 2002 are for the twelve months to
    30 June, 2001.

 2. 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.



Enquiries to:

Kerr Anderson - Managing Director

Ormonde Mining plc

Tel: [phone]

[e-mail]



Colin Andrew - Chairman

Ormonde Mining plc

Tel: [phone]

[e-mail]



John Carroll - Director

Ormonde Mining plc

Tel: [phone]

[e-mail]



Eugenee Mulhern

Davy Corporate Finance Limited

Tel: [phone]






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