ORM.L Regulatory News (ORM)

8 Dec 2005 07:00

Ormonde Mining PLC08 December 2005 Ormonde Mining plc Ormonde Awarded Grants By Spanish Authorities DUBLIN & LONDON: 08 December 2005 - Ormonde Mining plc ("Ormonde" or "theCompany") reports that its wholly-owned Spanish subsidiary has been awardedgrants totalling €320,000 from the Ministry of Industry, Tourism and Trade inSpain, in respect of investigation activities carried out in 2005. Grants have been awarded as follows: La Zarza Gold-Copper Project - €145,000 Tracia Gold Project - €175,000 Kerr Anderson, Managing Director, said today, "As well as the obvious financial benefits of receiving these grants, we arehighly encouraged by this level of support for Ormonde's activities given by theSpanish authorities." Grants are awarded on the basis of forecasted expenditure on a project for thecurrent year, and are subject to the satisfactory completion of a technicalaudit and review of actual project expenditures by the granting authority. Thegrant awarded to La Zarza is non-refundable and represents 20 per cent of thebudgeted expenditure for 2005. The grant for Tracia, which represents a higherpercentage (56 per cent) of forecasted expenditure, is repayable on favourableterms should activities over a period of investigation be positive. ShouldOrmonde cease activities at Tracia, title to the permit would be transferred tothe authorities in lieu of repayment of any grants. Enquiries to: Kerr Anderson, Managing Director, Ormonde Mining plc Tel: +353 (0)46 9073623 Fraser Gardiner, Director, Ormonde Mining plc Tel: +353 (0)86 3931178 Simon Rothschild, Bankside Consultants Tel: +44 (0)20 7367 8871 or Mobile: +44 (0)7703 167065 BACKGROUND INFORMATION Ormonde Mining is quoted on the AIM and IEX markets in London and Dublin,respectively. The Company is focused on acquiring and developing gold projectsin Spain where it has a strong local Spanish management team, supported by aBoard with extensive exploration expertise in the region and mine developmentexperience. For more information and contact details including email, please visitwww.ormondemining.com. 8 December, 2005 This information is provided by RNS The company news service from the London Stock Exchange