Placing

Ormonde Mining PLC
24 March 2005


ORMONDE MINING PLC

Placing to Raise Stg£3.01 million (€4.33 million)
and
AIM Admission


DUBLIN & LONDON: 24 March 2005 - The Board of Ormonde Mining plc ("Ormonde" or
"the Company") is pleased to announce the conditional placing of 30,100,000 new
Ordinary Shares of nominal value €0.025 ("New Ordinary Shares") in the capital
of the Company at Stg10p (14.4c) per share, equating to 24.7% of the existing
issued share capital of the Company and raising in aggregate Stg£3.01 million
(€4.33 million) before expenses ("the Placing").  In capping the Placing at this
level, the Board was required to scale back applications as the result of excess
demand for the issue.  The New Ordinary Shares have been conditionally placed by
Davy and Seymour Pierce, primarily with institutional investors in London and
Dublin.

The Company intends to use the net proceeds of the Placing, amounting to
approximately Stg£2.8 million (€4.0 million), to accelerate its strategy of
building a gold mining business in Spain, where it is currently evaluating five
gold projects:  La Zarza (gold-copper), Salamon, Trives, Tracia and Salamanca. 
Remaining funds will be used for general working capital purposes.





JOINT BROKERS 

In conjunction with the Placing and its intention to apply for
admission to the Alternative Investment Market of the London Stock Exchange
("AIM"), Ormonde has appointed London-based Seymour Pierce Limited as joint
broker to the Company.  Davy, currently Sponsor for Ormonde's Irish Stock
Exchange quotation, will act as Nominated Adviser for Ormonde's intended AIM
quotation.  Davy and Seymour Pierce have jointly raised the funds for the
Placing.


AIM ADMISSION

Ormonde will be seeking admission to AIM in order to facilitate its intended
growth from an exploration and development company into a gold producer. The
Board believes that admission to AIM will increase visibility and awareness of
Ormonde in the investment community, and thereby anticipates that trading
liquidity in the Company's stock, having improved significantly during the last
twelve months, will increase further as a result.


Furthermore, the Board is of the view that an AIM quotation will enhance the
attractions of an investment in Ormonde to both investment funds and private
investors; admission to AIM will also better serve the Company's growing UK
shareholder base, which had increased to 49% by the year end 2004. Currently,
approximately 20% of the existing issued Ordinary Shares are held by
predominantly London-based institutional shareholders.

Admission to AIM is expected to be on 19 April, 2005 and further announcements
will be made in due course.  Ormonde will maintain its Irish quotation,
currently on the Exploration Securities Market of the Irish Stock Exchange but
to be transferred to its forthcoming replacement market, the Irish Enterprise
Exchange ("the IEX").


CONDITIONS OF THE PLACING

Completion of the Placing is conditional upon admission of the New Ordinary
Shares to trading on the IEX, admission of the existing issued share capital and
of the New Ordinary Shares to trading on AIM, and on shareholder approval to a
resolution required to facilitate allotment of the New Ordinary Shares which
will be sought at an extraordinary general meeting of the Company.




A circular convening an extraordinary general meeting of the Company for 11.00
a.m. on Monday, 18 April, 2005 ("the EGM") has been posted to shareholders. The
EGM will be held at the registered office of the Company, being at the offices
of LHM Casey McGrath, 6 Northbrook Road, Dublin 6, Ireland, for the purposes of
seeking the requisite shareholder approval. Copies of the circular are available
on request from the Company.


It is expected that, subject to prior satisfaction of its conditions, the
Placing will complete on or around 19 April, 2005.

Enquiries to:

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

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

Fraser Gardiner, Investor Relations
Ormonde Mining plc
Tel: [phone]

Eugenee Mulhern/Fergal Meegan
Davy Corporate Finance Limited
Tel: [phone]

Simon Rothschild

Bankside Consultants

Tel: [phone]/Mobile: [phone]


BACKGROUND INFORMATION

Ormonde Mining is an Irish company focused on acquiring and developing gold
projects in Spain. Ormonde's portfolio contains advanced projects with
substantial gold (and copper) resources, including La Zarza with one million
ounces of gold, and other properties where the Company anticipates that drilling
will identify significant new resources. The Company has a strong local Spanish
management team, supported by a Board with extensive exploration expertise in
the region and mine development experience.

For more information, please visit www.ormondemining.com or contact the Company
at [e-mail].






24 March, 2005




                      This information is provided by RNS
            The company news service from the London Stock Exchange