Tracia Project Results

Ormonde Mining PLC
02 March 2004


                               Ormonde Mining plc

            Tracia Project, NW Spain: Extensive Gold Targets Defined


  • Initial soil sampling results from the Tracia Project show two large gold
    anomalies with strike lengths of 1.2 kilometres and 750 metres,
    respectively.

  • The results suggest that the system of gold mineralization in bedrock is
    extensive.

  • Drilling targets being defined.


The Board of Ormonde Mining plc ("Ormonde" or "the Company") is pleased to
announce that results have now been received for a detailed soil sampling
programme completed during the last quarter of 2003 on the Tracia permit
("Tracia Project") in NW Spain. These results have defined two large, coherent
gold - arsenic (an important gold indicator element in this area) anomalies that
will form the basis of a drilling programme. The activities in Tracia are being
carried out in Joint Venture with International Gold Exploration IGE AB ("IGE"),
a Swedish mining company listed on the Oslo Stock Exchange. IGE can earn a 50%
interest in the Tracia Project by spending €260,000 over a two-year period, and
is funding all ongoing exploration activities. Ormonde is the Operator,
responsible for field and administrative activities.


Soil sampling has been carried out over two areas (North Area and South Area) to
test previously reported rock samples with gold values up to 10.3 g/t, and
surface features interpreted to be old workings. The sample spacing used was 100
x 100 metres.


North Area Results

The results show two large anomalies in the North Area, one with a north-south
trending strike length of 1.2 kilometres (Anomaly T1), and the other with an
east-west orientation and strike length of 750 metres (Anomaly T2). The maximum
gold-in-soil values in the two anomalies are 639 ppb and 379 ppb respectively.


South Area Results

In the South Area several other anomalies have been identified. One in
particular is aligned with Anomaly T1 in the North Area, giving this zone a
potential strike length of 3 kilometres.


Images of the soil sampling results are available on the Company website
www.ormondemining.com.


These results suggest that gold mineralization in bedrock at Tracia may be
extensive. Together with the rock samples previously collected by Ormonde, this
confirms the presence of a new gold system in a part of Spain overlooked by
previous exploration campaigns. The nature of the gold mineralization at Tracia
is similar to that of the Salave deposit some 180 kilometres to the northeast,
where a resource of 15 Mt grading 3.2 g/t Au for 1.5 million ounces of contained
gold has been established. Europe's current largest gold operation, El Valle,
operated by Rio Narcea Gold Mines Ltd is located around 200 kilometres
east-northeast of the Tracia Project, and last year produced some175,000 ounces
of gold.


The soil sampling has been carried out in conjunction with a detailed structural
interpretation of the licence area using high quality satellite (ASTER) imagery,
which has also identified several structural targets. Ongoing and future work at
Tracia will include:


  • Detailed follow-up soil sampling over the anomalous areas to define the
    best drilling targets,


  • Further sampling to confirm the continuity of Anomaly T1 between the North
    Area and South Area, and to extend other anomalies identified at the margins
    of the existing sampled areas,


  • Diamond drilling to test both geochemical and structural targets.


The Board is extremely encouraged by the results at Tracia to-date and by the
ongoing work programme, as this project is rapidly advancing through the Joint
Venture with IGE, at no cost to the Company.



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]


2 March, 2004




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