Resource Update

Ormonde Mining PLC
24 April 2006

24 April 2006


                               Ormonde Mining plc

               La Zarza JORC-Compliant Mineral Resource Estimate

DUBLIN & LONDON: 24 April 2006 - Ormonde Mining plc ("Ormonde" or "the Company")
reports its first JORC-compliant Mineral Resource estimate for the La Zarza
Project in the Pyrite Belt mining district of southern Spain, where it is
earning a minimum 70 per cent interest.  This is the first estimate which
complies with an internationally recognised reporting standard to be published
on the Project.

HIGHLIGHTS

  • Total Indicated and Inferred resources estimated to be 6.8 million tonnes
    containing 85,000 tonnes of copper, 486,000 ounces of gold and 6.9 million
    ounces of silver, for an in-situ resource equivalent to 163,000 tonnes of
    copper, or 1.3 million ounces of gold

  • Sixty-five per cent of the total resource tonnage in the Indicated
    category

  • Immediate potential to increase resources through current infill drilling
    and planned deeper drilling; the deposit is open at depth with the present
    resource estimated down to a depth of 500 metres, with the deepest hole
    containing intervals of 8 metres at 2.6 per cent copper overlying 12 metres
    at 8.3 g/t gold

The copper resource is comparable to the previously quoted figures (SEIEMSA,
1997).  The gold resource is lower due to less continuity of the zone when
compared with the previous operator's interpretation, combined with Ormonde's
use of a conservative estimation method.  The Company anticipates that current
drilling will significantly increase the gold resource.

Kerr Anderson, Managing Director, said today,

"Our resource estimation shows that at La Zarza we have a large
copper-gold-silver resource with the potential to become a successful mining
operation, which could produce circa 65,000 ounces gold equivalent per year."

"The resource estimate will now be used in conjunction with the metallurgical
testwork in our Preliminary Assessment Study ("PAS").  Testwork results to-date
indicate that copper, gold and silver can all be recovered to copper
concentrates by standard flotation methods, which has a very positive impact on
the project economics by significantly reducing both capital and operating costs
from those initially envisaged."

"La Zarza is therefore proving to be a robust project.  We are in the process of
appointing various firms to assist us with the engineering design now underway,
and we look forward to completing the PAS during this quarter and thereafter
going into the Bankable Feasibility Study."

LA ZARZA MINERAL RESOURCES

Copper and gold resources have been estimated within La Zarza's Silicatado unit
based on data from Ormonde's drilling programmes, the results of which have been
reported in the Company's drilling updates, and a database of previous operator
drilling.  The resources currently extend from near-surface to 500 metres depth,
and are stated as follows (see Note 1):


 Resource zone &     Tonnes          Copper              Gold               Silver          Cu Equiv    Au Equiv
     category      (millions)
                                Grade  Contained   Grade  Contained  Grade (g  Contained   Contained   Contained
                                 (%)   metal (t)   (g/t)  metal (oz)   /t)    metal (Moz)  metal (t)   metal (oz)
Copper Silicatado
at 1.5% cut-off
Indicated              2.7       2.1     57,100     0.6     52,500     25.0       2.2        69,000     544,700
Inferred               0.3       2.1     5,800      0.6     5,500      20.4       0.2        6,900       54,700
         Sub-total     3.0       2.1    62,900 t    0.6   58,000 oz    24.6     2.4 Moz     75,900 t   599,400 oz

Gold Silicatado
at 2.0 g/t cut-off
Indicated              1.8       0.5     9,700      3.4    197,500     39.2       2.3        40,200     317,100
Inferred               2.0       0.6     12,300     3.5    230,700     34.0       2.2        46,900     370,200
         Sub-total     3.9       0.6    22,000 t    3.5   428,100 oz   36.4     4.5 Moz     87,100 t   687,300 oz

             TOTAL     6.8              84,900 t          486,100 oz            6.9 Moz    163,000 t   1,286,700 
                                                                                                           oz           
                                                                                                                 

In-situ metal equivalents are shown for comparative purposes, based on
longer-term metal prices of US$3,750/tonne Cu, US$475/oz Au and US$9.00/oz Ag.


The following table illustrates the increased tonnages in the Copper Silicatado
resource figures (Indicated + Inferred) if a lower cut-off grade is used to
reflect current copper prices:


  Cu Cut-off      Tonnes            Copper               Gold              Silver           Cu Equiv     Au Equiv
     Grade      (millions)
                             Grade (%)  Contained   Grade  Contained  Grade   Contained    Contained     Contained
                                          metal     (g/t)    metal    (g/t)     metal        metal         metal
     1.0%           6.3         1.6     101,600 t    0.7    139,400   23.7     4.8 Moz     130,700 t     1,031,700
                                                              oz                                            oz

ONGOING DRILLING

Ormonde's current Phase 3 drilling programme is infilling key areas of the
resource and will test extensions of the deposit.  The infill drilling is
expected to increase the grades in certain areas of the resource zones.  We also
expect this drilling to allow a large amount of the Inferred resources to be
upgraded to the Indicated resource category.

Step-out drilling will test extensions of the mineralization, in particular at
depth where the deposit remains open and where some of the highest grades have
been intersected.  The deepest hole drilled on the deposit, ZA1, intersected 8
metres grading 2.6 per cent copper overlying 12 metres grading 8.3 g/t gold at a
vertical depth of 450 metres.

Other additional potential to be evaluated in the ongoing programme includes an
assessment of the zinc content, which to-date has not been systematically
evaluated or included in any resource estimation.  Significant intersections
include 21 metres at 5.0 per cent zinc and 12 metres at 4.4 per cent zinc.
Metallurgical testwork has shown that it may be possible to produce a saleable
zinc concentrate as an extension to the flotation process, and this would
clearly add value to the Project.

NOTE 1

Mineral Resources are reported in compliance with the standards set out in the
JORC Code (2004).  Resources have been modelled and estimated using the Datamine
software package by Prehenita, S.L., a consultant to Ormonde, and have been
approved by Kerr Anderson PhD EurGeol PGeo, Managing Director of Ormonde.  Dr.
Anderson is a member of the Institute of Geologists of Ireland.  He has
sufficient experience which is relevant to the style of mineralization and type
of deposit under consideration to qualify as a Competent Person as defined in
the 2004 Edition of the JORC Code and a qualified person as defined in the
Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock
Exchange.

Further details on the Mineral Resources can be found in the Technical Notes
section at the end of this announcement.  A glossary of terms is also appended.

ABOUT ORMONDE

Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin.  The
Company's strategy is to enhance shareholder value by developing gold-focused
projects in Spain and taking them into production.  Ormonde has a strong local
Spanish management team, supported by a Board with extensive mine development
and exploration experience.

For more information and contact details including email, please visit
www.ormondemining.com.

Enquiries to:

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

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

Simon Rothschild, PR and IR adviser,
Bankside Consultants   Tel: [phone]


GLOSSARY

TERM                           DEFINITION

Competent Person               A person who is a Member or Fellow of The Australasian Institute of Mining
                               and Metallurgy, or of the Australian Institute of Geoscientists, or of a '
                               Recognised Overseas Professional Organisation' ('ROPO') included in a list
                               promulgated from time to time.  A 'Competent Person' must have a minimum of
                               five years experience which is relevant to the style of mineralization and
                               type of deposit under consideration and to the activity which that person
                               is undertaking.

g/t                            Grams per tonne

Indicated Mineral Resource     That part of a Mineral Resource for which tonnage, densities, shape,
                               physical characteristics, grade and mineral content can be estimated with a
                               reasonable level of confidence.  It is based on exploration, sampling and
                               testing information gathered through appropriate techniques from locations
                               such as outcrops, trenches, pits, workings and drill holes.  The locations
                               are too widely or inappropriately spaced to confirm geological and/or grade
                               continuity but are spaced closely enough for continuity to be assumed.

Inferred Mineral Resource      That part of a Mineral Resource for which tonnage, grade and mineral
                               content can be estimated with a low level of confidence.  It is inferred
                               from geological evidence and assumed but not verified geological and/or
                               grade continuity.  It is based on information gathered through appropriate
                               techniques from locations such as outcrops, trenches, pits, workings and
                               drill holes which may be limited or of uncertain quality and reliability.

JORC Code (2004)               Australasian Code for Reporting of Exploration Results, Mineral Resources
                               and Ore Reserves "The JORC Code" 2004 Edition.

Mineral Resource               A concentration or occurrence of intrinsic economic interest in or on the
                               Earth's crust in such form, quality and quantity that there are reasonable
                               prospects for eventual economic extraction.  The location, quantity, grade,
                               geological characteristics and continuity of a Mineral Resource are known,
                               estimated, or interpreted from specific geological evidence and knowledge.
                               Mineral Resources are sub-divided, in order of increasing geological
                               confidence, into Inferred, Indicated and Measured categories.

oz / Moz                       Ounce / million ounces

t                              Tonne


TECHNICAL NOTES
DATA USED

The Mineral Resource estimation is based wholly on drilling data from Ormonde's
Phase One and Phase Two drilling programmes and the database of historical
drilling by SEIEMSA and other previous operators.  Historical drill holes which
were not considered to be reliable were removed from the Mineral Resource
dataset.  Underground channel samples reported by SEIEMSA and used for their
1997 resource estimation could not be verified and are therefore not included in
Ormonde's Mineral Resource dataset.

SAMPLING, LABORATORIES AND QUALITY CONTROL MEASURES

All drilling on the project has been core drilling.  All Ormonde's drilling has
been with either HQ or NQ core diameter.  All Ormonde's holes have had
appropriate collar surveys by an independent licensed Spanish surveyor, and down
hole surveys.  All core has been routinely logged, including records of core
recovery, by an experienced geologist.  Relevant core intervals were split in
half by diamond saw, with half being sent for assay and the other half being
retained in the core boxes for reference.

Samples are analysed at ALS Chemex, Vancouver and ASA-OMAC Laboratories,
Ireland.  Initial sample preparation involving crushing of the half core to 85%
passing 2mm is carried out at a local sample preparation facility.  A one
kilogram split of the -2mm material is then sent directly to the laboratory for
pulverising and assay by appropriate methods.  Reference samples which include
blanks, internationally accredited standards and duplicates are routinely
included in each sample batch as quality control measures.

ESTIMATION METHODOLOGY

The Mineral Resource estimate has been carried out using the Datamine software
package by Spanish consultancy company, Prehenita, S.L..  Prehenita geologist
Jose Manuel Prada is a mine geologist with 20 years of experience including 12
years in the field of resource estimation.  He is an expert in the use of
Datamine having carried out several resource and reserve estimation projects.
He is highly experienced in the geology of the Iberian Pyrite Belt and as
Project Geologist for La Zarza since June 2004 he is appropriately qualified to
conduct the Mineral Resource estimate.

Geological & Block Model Development

Ormonde logging data, historical drill logs and historical cross sections and
underground level plans have been used to develop a 3-dimensional wireframe
model for the main mineralized units which comprise the La Zarza deposit.  The
resource estimate was carried out entirely within the Silicatado unit.

A block model was created constrained by the boundaries of the Silicatado unit.
The blocks have dimensions of 10 x 10 x 10 metres.

Determination of Block Density

A total of 595 Specific Gravity measurements have been taken from Ormonde core
samples on-site.  Check measurements on selected samples carried out by GEOPRIN
have confirmed the quality of Ormonde's measurements.  Correlation between
Specific Gravity values and Sulphur content determined by assay is sufficiently
strong that Sulphur content has been used to determine the average density of
resource blocks based on a  regression equation .

Estimation Methods

The resource estimation process used can be summarized as follows:

•  Compositing of individual assay intervals to 2 metre composites,
   followed by statistical analysis of the composite dataset

•  Construction of multi-directional variograms and determination of
   appropriate search ellipses

•  Estimation of metal grades in the block model using Ordinary Kriging,
   with cross-validation by Indicator and Point Kriging

Resource Categorization

"Gold Silicatado" has been defined for the purpose of resource classification as
any blocks containing over 2 g/t gold.  Separate resource classification has
been undertaken for Copper Silicatado and Gold Silicatado, based on the
properties of copper and gold variograms, respectively, and in accordance with
the guidelines set out in the JORC Code (2004).  See the Glossary for
definitions of the JORC resource categories.


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