Interim Results - 6 Months to 31 December 1999

About this update from Ormonde Mining Plc

Ormonde Mining PLC 1 March 2000 INTERIM REPORT FOR ORMONDE MINING PLC FOR THE SIX MONTHS ENDED 31 DECEMBER 1999 During the six month period covered by this report Ormonde continued to experience difficulties in equity raising and keeping exploration in Tanzania at a satisfactory level. The Company has dropped its option to earn a 50% interest in the Mgusu property in the Geita region of the Lake Victoria Goldfield. Almost all targets in the area had been tested without success. The company has joint ventured out its Siga Hills, Karumwa and Magamba licences to Axmin Ltd. The Company is actively seeking partners to progress exploration on its other licences in the Lake Victoria Goldfield. The objective is to reduce the expenditure by the Company on its licences in Tanzania, while retaining a significant interest in the licences. Over the next quarter it is expected that there will be results from the joint venture with Mincorp NL of Australia on the Mrangi property as well as results from the Axmin joint ventures. The company continues to seek financing and is also seeking new opportunities to progress the assets of the Company. CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 6 MONTHS ENDED 31 DECEMBER 1999 6 Mths Ended Year Ended 6 Mths Ended 31 Dec 1999 30 June 1999 31 Dec 1998 IR£ IR£ IR£ Unaudited Audited Unaudited Administrative expenses - (27,036) - ------------------------------------------ Write-down of exploration costs - (26,477) - ------------------------------------------ OPERATING LOSS - (53,513) - Other income - 2,410 2,155 ------------------------------------------ (LOSS)/GAIN ON ORDINARY ACTIVITIES BEFORE TAXATION - (51,103) 2,155 Taxation - - - ------------------------------------------ (LOSS)/GAIN ON ORDINARY ACTIVITIES AFTER TAXATION - (51,103) 2,155 ------------------------------------------ Profit & loss account brought forward - (deficit) (4,574,420) (4,523,317) (4,523,317) ------------------------------------------ Profit & loss account carried forward - (deficit) (4,574,420) (4,574,420) (4,521,162) ------------------------------------------ (Loss)/Gain per share - (0.0013p) 0.006p The Group has no recognised gains or losses other than those reflected in the profit and loss account above. CONSOLIDATED BALANCE SHEET AS AT 31 December 1999 6 Mths Ended Year Ended 6 Mths Ended 31 Dec 1999 30 June 1999 31 Dec 1998 IR£ IR£ IR£ Unaudit...

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