Preliminary Results

Ormonde Mining PLC
16 May 2007

16 May 2007


                               Ormonde Mining plc

               Final Results for the year ended 31 December 2006

DUBLIN & LONDON:  16 May 2007 - Ormonde Mining plc ("Ormonde" or "the Company")
announces its final results for the year ended 31 December 2006.


                                  MAIN POINTS

•        La Zarza advanced to Feasibility Study with the engagement of
well-established engineering firms on the evaluation and design of an
underground mining operation which would produce copper, gold, zinc and silver
in concentrates.

•        Significant progress made on Salamanca gold and tungsten properties, in
particular where high-grade tungsten has been intersected in drilling of the
northern extension to the previously-mined Barruecopardo vein system, with an
aggressive follow-up drilling programme in progress.

•        Reported loss of €597,267 - an increase on last year principally
through the write-off of exploration expenditure.



Mike Donoghue, Chairman of Ormonde commented:

"The year 2006 was one of consolidation for Ormonde as the Company focussed on
advancing the La Zarza Project.  The Feasibility Study currently in progress is
building upon the Scoping Study completed last September which demonstrated
positive economics for La Zarza.  We have also taken significant steps forward
with our tungsten and gold projects in Salamanca, where, whilst still in early
days, recent drilling results should be seen as extremely encouraging".

In addition to today's results, Ormonde announces the appointment of Bell Lawrie
(part of Brewin Dolphin Securities) as its UK broker and financial advisor.
Brewin Dolphin advises 154 corporate clients and manages £19 billion of funds on
behalf of over 100,000 private clients.  They have extensive experience in
providing corporate advisory and broking services to smaller companies,
operating from offices throughout the UK.


Enquiries to:

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

Fraser Gardiner, Director
Ormonde Mining plc     Mobile: [phone]

Simon Rothschild,
Bankside Consultants    Tel: [phone]



                              CHAIRMAN'S STATEMENT

OVERVIEW

The year 2006 was a period of consolidation for Ormonde as the Company focussed
on advancing its La Zarza Copper-Gold Deposit in Spain through Scoping Study and
onwards into Feasibility Study and commenced the detailed evaluation of the gold
and tungsten occurrences in the extensive ground holdings the Company has put
together in the Salamanca Province of Spain.

OPERATIONAL HIGHLIGHTS

La Zarza

The Scoping Study completed in September demonstrated positive economics for a
proposed underground mining operation at La Zarza, producing copper, gold, zinc
and silver in concentrates.  This exercise led on into the Feasibility Study
stage, a period when progress takes the form of detailed internal work and
market newsflow is invariably slow. Four well-established engineering firms are
presently progressing with the Feasibility Study, which encompasses the
evaluation of the La Zarza resource, detailed underground mine design, follow-up
definitive metallurgical testwork, processing plant design and infrastructure
and tailings management design.

The Silicatado resource infill drilling programme was completed towards the end
of the year and a further drilling programme on the Zinc Massive Sulphide
(Zn-MS) is presently underway. This latter resource has emerged as a result of
new drillhole intersections in the massive sulphide and a reinterpretation of
the zinc-dominant mineralisation within this very extensive unit. Metallurgical
testwork on this Zn-MS unit is also in progress. While we must await the results
of the evaluation of this zinc resource, the potential when combined with the
adjacent Silicatado unit has favourable implications for the project.

Work on La Zarza during the remainder of 2007 will focus on enhancing the global
resource, finalising designs and capital and operating costs, and completing the
Feasibility Study for a mining operation at La Zarza. Preliminary permitting
submissions and discussions with the regional and provincial authorities
continue in tandem with the evaluation work.

Salamanca

The Salamanca Project, where the Company is exploring a considerable area of
licences, has over the last year become the second focus of Ormonde's work in
Spain. While first stage exploration of both gold and tungsten targets and old
workings is likely to continue for quite some time, two prospects of particular
interest, Barruecopardo and Pino de Oro, have already emerged.

The northern extension to the previously-mined Barruecopardo tungsten vein
system was investigated by widely spaced drilling in 2006. The results of this
drilling were most encouraging, with high-grade tungsten intersected within a
main vein structure. Initial assay results from an ongoing follow-up drilling
programme suggest that there is continuity in the high-grade tungsten within
this main vein structure.

The controlling structure appears to have a strike length of approximately 1400m
within competent granite rocks. To date, drilling has indicated a steeply
dipping mineralised zone of veining some 1 to 5 metres wide, over at least a
500m strike length, yielding intersection grades which include 2.1% and 1.5%
tungsten (WO3) over 2m widths.  In assessing these grades it should be noted
that the Panasqueira Tungsten Mine in Portugal operates profitably at a grade of
0.23% tungsten.

These new drilling results are deemed most encouraging, although it should be
stressed that much further drilling needs to be completed to establish the
average grade of the deposit, the continuity and extent of the mineralisation,
investigate other adjacent vein structures in the area, and determine if an
economic sized resource exists at Barruecopardo.  However, it is encouraging to
note that the tungsten price continues to remain strong having increased almost
four-fold in the past two years.

Looking at the larger picture within the overall Salamanca licence area, it
should be noted that there are a significant number of gold and tungsten
occurrences and old workings in the area and the potential exists to build up an
economic resource from these smaller lode-vein deposits.  As such, the Company's
strategy is to continue exploration on a wide front with the objective of
defining a number of these types of deposit which might be managed and processed
through a central plant.

In pursuing this latter strategy it is also encouraging to note that on-going
exploration work has already resulted in initial positive results from the Pino
de Oro gold prospect, some 80km north of Barruecopardo.  Previous drilling by
the Government at Pino intersected narrow but high-grade gold vein structures
(e.g. 1.0m grading 65.8 g/t and 2.0m grading 11.1 g/t gold).  Initial results
from holes drilled by Ormonde have confirmed the presence of these high-grade
structures (1.0m grading 16.6 g/t gold), with results pending from several
holes.

CORPORATE DEVELOPMENTS

In order to strengthen our presence on the AIM Market, broaden our shareholder
base and improve trading liquidity, we are very pleased that Bell Lawrie, a
division of Brewin Dolphin Securities, has agreed to become the Company's UK
broker and financial advisor.  The Board is most appreciative of Seymour Pierce
for its endeavours since assisting with our listing on AIM in 2005, and we hope
that they will continue to follow our progress.  Davy will continue to be our
Irish broker, IEX advisor and Nomad.

Mr. Andrew Bell, as a consequence of his increasing commitments towards a number
of exploration companies he is now involved with, resigned from the Board of
Ormonde in January. I would like to take the opportunity to thank Andrew for his
contribution towards the growth of the Company over the past 3 years.

FINANCIAL REVIEW

During 2006 the Company expended a total of €3.0 million, of which €1.4 million
was on the La Zarza project and €1.0 million on exploration activities elsewhere
in Spain. We reported a loss of €597,267 for the year (2005: a loss of
€420,850), €82,100 being a write-down of work where exploration efforts have
been unsuccessful and no further work is warranted.

In closing, I would like to thank the shareholders, staff and advisors for their
continued support in pursuing our Company objectives.

Michael J. Donoghue
Chairman
16 May 2007



Consolidated Profit & Loss Account
Year ended 31 December 2006




                                                                         2006                         2005
                                                                       €000's                       €000's

Administrative expenses                                                 (601)                        (451)
Exploration costs written off                                            (82)                            -
OPERATING (LOSS)                                                        (683)                        (451)
Interest receivable                                                        83                           30
(LOSS) ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                         (600)                        (421)
Tax on (loss) on ordinary activities                                        -                            -
(LOSS) ON ORDINARY ACTIVITIES
AFTER TAXATION                                                          (600)                        (421)
Minority Interest                                                           3                            -
Retained (loss) for year                                                (597)                        (421)
(Loss) per Share                                                    (€0.0037)                    (€0.0029)


Consolidated Statement of Total Recognised Gains and Losses
Year ended 31 December 2006


                                                                         2006                         2005
                                                                       €000's                       €000's

(Loss) for the financial year                                           (597)                        (421)
Currency translation differences on
foreign currency net investments                                          (1)                            3
Total recognised gains and losses                                       (598)                        (418)



Consolidated Balance Sheet
As at 31 December 2006
                                                                         2006                          2005
                                                                       €000's                        €000's

FIXED ASSETS
Tangible assets                                                            10                            19
Goodwill                                                                  231                           112
Intangible assets                                                       5,783                         3,555
                                                                        6,024                         3,686

CURRENT ASSETS
Debtors                                                                   593                           571
Cash at bank and on hand                                                3,391                         1,891
                                                                        3,984                         2,462
CREDITORS: (amounts falling due
within one year)                                                        (310)                         (236)
NET CURRENT ASSETS                                                      3,674                         2,226

TOTAL ASSETS LESS CURRENT LIABILITIES                                   9,698                         5,912

CREDITORS: (amounts falling due
after more than one year)                                                   -                             -
NET ASSETS                                                              9,698                         5,912

CAPITAL AND RESERVES
Called-up share capital                                                 5,885                         5,483
Share premium account                                                  14,347                        10,360
Capital conversion reserve fund                                            29                            29
Capital reserve                                                             7                             7
Foreign currency reserve                                                    3                             3
Profit and loss account                                              (10,570)                       (9,972)
SHAREHOLDERS' FUNDS                                                     9,701                         5,910

Minority interest                                                         (3)                             2
                                                                        9,698                         5,912


Consolidated Cash Flow Statement
Year ended 31 December 2006
                                                                          2006                         2005
                                                                        €000's                       €000's

NET CASH (OUTFLOW) FROM
OPERATING ACTIVITIES                                                     (537)                        (821)

RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE

Interest received                                                           83                           30

NET CASH INFLOW FROM RETURNS ON
INVESTMENTS AND SERVICING OF FINANCE                                        83                           30

CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
Sale of tangible asset                                                       -                           18
Expenditure on intangible assets                                       (2,431)                      (1,759)
Payments to acquire tangible assets                                        (3)                         (25)

NET CASH (OUTFLOW) FROM CAPITAL
EXPENDITURE AND FINANCIAL INVESTMENT                                   (2,434)                      (1,766)

NET CASH (OUTFLOW) BEFORE FINANCING                                    (2,888)                      (2,557)

FINANCING

Issue of shares net of expenses                                          4,388                        4,004
NET CASH INFLOW FROM FINANCING                                           4,388                        4,004
INCREASE IN CASH                                                         1,500                        1,447



1.          The loss per share was calculated from the loss for the period
attributable to ordinary shareholders of €597,267 (December 2005 = €420,850)
divided by the time-weighted average number of shares in issue during the period
of 162,488,775 (December 2005 = 143,204,927).  There is no dilutive effect of
share options on the basic loss per share.


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