Gold Results from Spain

Ormonde Mining PLC
07 January 2003


                               Ormonde Mining plc

                    Encouraging gold results from NW Spain.


Ormonde Mining plc ("Ormonde"; ORM) is pleased to announce that ongoing rock
sampling on two permit areas in Galicia, NW Spain, has returned very encouraging
gold assay results.

TRIVES

Over the past few months Ormonde has been investigating a high-grade gold
occurrence exposed in Roman workings (pits) at Portas on its Trives property in
NW Spain. This work has revealed that gold mineralization is contained in a 20m
wide NW-trending structural zone. Within this zone the gold occurs both as
sub-vertical lenses parallel to the structural trend, and also in stacked narrow
veins, which run perpendicular to the structural zone, cutting across the
structure-parallel gold-bearing lenses.

In sampling of surface workings to-date the two styles of mineralization have
been sampled and assayed separately, the relevant results being:

Sub-vertical lenses:     2.0m @ 7.3 g/t gold (within 8.0m @ 2.6 g/t)

                         4.0m @ 4.9 g/t gold

                         2.5m @ 5.0 g/t gold

Cross-cutting veins:     7.1, 17.2, 19.6 and 28.6 g/t gold


Previous sampling of the veins has returned grades of 14.5, 30.6 and 106.8 g/t
gold.

The inclusion of the cross-cutting veins with the intersections through the
sub-vertical lenses increases the overall grade of the intersection. However, it
will not be possible to determine overall true widths and average gold grades
until representative intersections are obtained from suitably orientated core
drilling.

Historical soil sampling in the area of the pits shows anomalous gold values in
soils of greater than 500 ppb over a strike length extending some 800 metres
southeast from the main pit sampled, with soil samples yielding maximum values
of 3.5, 4.8 and 7.0 g/t gold.

Ormonde is very encouraged by these results and consequently is planning a
diamond drilling programme on the property for late spring, 2003 when the
necessary permitting required to enable drilling should be issued.

TRACIA

On the Tracia permit, gold mineralization has been identified in altered
granite, associated with veining, silicificaton and sulphides. To-date, gold has
been found in four principal locations in both outcrop and float. Recent
sampling of quartz float with arsenopyrite returned a value of 58.0 g/t gold,
with previous samples of similar veins in outcrop and float returning best
values of 10.3, 11.1 and 22.7 g/t gold. In addition, Roman diggings and workings
have been identified.

Further work in NW Spain will focus on the principal prospects outlined to-date.
It is worth commenting that gold mineralization exposed in Roman pits has played
a significant role in the discovery of important gold deposits in NW Spain,
including El Valle operated by Rio Narcea Gold Mines ( 160,000 oz production
forecast for 2002 at a head grade of 7-8 g/t gold).


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]


7 January 2003


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