Ormonde Mining PLC
3 February 2000
ORMONDE MINING PLC ('Ormonde')
Ormonde is continuing to make progress on its exploration licences in
Tanzania, many of which are held in joint venture with other companies. In
October 1998, Ormonde entered into a joint venture, which gave Ormonde the
right to earn a 50% interest in the Mgusu licences. The results of
exploration to date, while encouraging, and which established an inferred
resource estimate of 271,000 ounces of gold, have not lived up to
expectations. In the Annual Report published in December 1999, it was
indicated that further drilling was planned but the Directors have now decided
not to spend any further monies on the Mgusu licences and, accordingly, these
interests have lapsed.
The Annual Report also indicated that the Directors expect to be in a position
to raise new funds and enter into transactions, which should lead to step up
in the Company's activities. The Directors are continuing with these efforts
to raise funds and remain optimistic of a successful outcome.