ORM Ormonde Mining Plc

RNS No 8916d
ORMONDE MINING PLC
19th November 1998

                                           Shares on Issue:  36,327,841
                                           Fully Diluted:    36,327,841
Irish Stock Exchange                       Share Price:            7.5p
Vancouver Stock Exchange (OMP)             Market Cap:  IR#2.7M, C$6.37


      PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR ENDED 30 JUNE, 1998       
                                                                   

Ormonde Mining Plc (OMP) has today released its financial results and Annual
Report for the year ended 30th June 1998. The Company continues to develop its
position in Tanzania and plans immediate drilling on the Mgusu and Bukoli gold
projects. 

Mgusu 
Ormonde recently announced a joint venture agreement with Pangea whereby
Ormonde can earn a 50% interest in the Mgusu licences for exploration and
evaluation expenditure of US$2.6 million over a three year period.  Ormonde
will act as manager of exploration and operations during this period. Pangea
has carried out a preliminary mapping, geophysical and geochemical exploration
programme on the Mgusu licences and identified six target areas for follow-up.
 Following a preliminary wide-spaced reverse circulation (RC) and diamond
drilling programme on one of these targets in 1997, Mgusu I, Pangea published
an inferred resource estimate of 1.83 million tonnes at 4.6 grams per tonne
gold or 271,000 ounces in 1998.

Ormonde's objective at Mgusu is to first establish, by drilling, a resource of
at least 500,000 ounces of gold and then to proceed into feasibility study. 
The approach will be to immediately carry out rotary-air-blast (RAB) drilling
traverses over three of the untested target areas at Mgusu to look for repeats
of Mgusu I.  Follow-up RC and diamond drilling on these target areas is
planned, in conjunction with infill drilling at Mgusu I, in 1999.

Exploration Projects
Ormonde's work on its Bukoli, Ikoka and Karumwa licences yielded very
encouraging results.  Bukoli, the most prospective of these three licences and
the most advanced in terms of exploration activity, is of particular interest.
 Three extensive, semi-continuous, and high-tenor soil anomalies have been
defined over a 3.3 kilometre long zone on this licence.  Shallow surface
workings exist over one of these soil anomalies and chip sampling of these
workings has yielded results of up to 3.5grams per tonne gold over a vertical
interval of 8m.  It is clear from our exploration work that there is a
relatively extensive area of gold mineralisation in the Bukoli area and
Ormonde sees these three zones as most prospective, high-priority targets.  It
is proposed to carry out first-pass RAB or RC drilling over these three zones
in 1998 in conjunction with the Mgusu drilling programme.

Work continues on the Mrangi and Chunya licences and is financed by Joint
Venture partners.

Financial Results
The company has posted a loss of #172,370 (Canadian $398,174.7) before tax.
Profit and Loss Statement for the year ended 30th June 1998 is appended.


Desmond J. Burke
Managing Director

 ORMONDE MINING PLC

CONSOLIDATED  PROFIT  AND  LOSS  ACCOUNT
FOR  THE  YEARS  ENDED  30  JUNE  1998  AND  1997


                                                            1998         1997
                                                             IR#          IR#

Administrative expenses                                  (33,427)    (30,016)

Write-down of exploration costs                         (147,885)   (450,864)

Exceptional item                                               -    (103,587)
                                                      -----------------------
OPERATING LOSS                                          (181,312)   (584,467)

Other income                                               8,942      17,818
                                                      -----------------------
LOSS ON ORDINARY ACTIVITIES  BEFORE TAXATION            (172,370)   (566,649)

Taxation                                                       -           -
                                                      -----------------------
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION              (172,370)   (566,649)

Profit and loss account brought forward - (deficit)   (4,350,947) (3,784,298) 
                                                      -----------------------
Profit and loss account carried forward - (deficit)   (4,523,317) (4,350,947) 
                                                      =======================
Loss per share                                            (0.53p)     (2.18p) 
                                                      =======================


The group has no recognised gains or losses other than those reflected in the
profit and loss accounts above.

The financial statements were approved by the Board of Directors on 21 October
1998 and signed on its behalf by:


For further information contact:

Desmond J. Burke Esq
2 St. Canice's Court
Dean Street
Kilkenny City
Kilkenny
Ireland
Tel:  353-56-52411
Fax: 353-56-52433




END

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