ORM.L Regulatory News (ORM)

27 Nov 2007 07:00

Ormonde Mining PLC27 November 2007 27 November 2007 Ormonde Mining plc Placing by Davy and Brewin Dolphin of 16 Million New Ordinary Shares of €0.025 each at 10p (€0.14) per Ordinary Share DUBLIN & LONDON: 27 November 2007 - Ormonde Mining plc ("Ormonde" or "theCompany") announces that it has placed 16 million new ordinary shares of €0.025each in the Company with institutional and other investors at a price of 10p(€0.14) per share (the "Placing") to raise £1.6 million (before expenses). The proceeds of the Placing will be utilised by the Company for the following: • Barruecopardo Tungsten Project - continue drilling to delineateadditional mineralized zones as identified in recent drilling and prepare aninitial resource estimate, commence definitive metallurgical testwork programmesto define the optimum processing flowsheet, and carry out initial evaluationstudies; • Pino de Oro Gold Prospect - commence second stage drilling programmefollowing up on initial high-grade drilling results, to enable initial resourceestimation; and • Sierro Gold Prospect - initiate follow-up drilling on the first hole,which has returned gold over an extensive interval in a new sheeted vein system,which may indicate a bulk tonnage gold target; further geochemical sampling willalso be carried out in the Sierro area as this has been highly successful inidentifying new gold targets in the Salamanca area. The new ordinary shares will rank pari passu in all respects with the existingordinary shares in the Company. Application will be made for the new ordinaryshares to be admitted to trading on the AIM market of the London Stock Exchangeand the IEX market of the Irish Stock Exchange and it is expected that tradingwill commence on 30 November 2007. For further information: Kerr Anderson, Managing DirectorOrmonde Mining plc Tel: +353 (0)46 9073623 Simon RothschildBankside Consultants Tel: +44 (0)20 7367 8871 Fergal MeeganDavy Tel: +353 1 679 6363 Ken FlemingBrewin Dolphin Investment Banking Tel: +44 141 314 8115 Additional Information Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin. Ormondeis a mineral development and exploration company focused on Spain, with theobjective of developing mining projects and taking them into production. Ormonde's main projects are the La Zarza Copper-Gold-Zinc Project in southernSpain where a Bankable Feasibility Study is being carried out by leadinginternational engineering firms and the Barruecopardo high-grade tungstendeposit in the Salamanca area where a continuous programme of in-fill andstep-out drilling is now underway with a view to fast-tracking the evaluation ofthis project. The Company's other current activities include successful gold exploration atthe Pino de Oro Prospect (Zamora) and Sierro Prospect (Salamanca). For more information please visit www.ormondemining.com. This information is provided by RNS The company news service from the London Stock Exchange