Ormonde down for H1

ISEQ-listed company Ormonde Mining plc has reported an operating loss of €108,863 for the six months to end June 2004.

This compares with a loss of €55,984 for the same period last year.

“The highlight of our activities during this period was the signing of a joint venture agreement on the La Zarza gold-copper deposit in southern Spain, a deal which projects Ormonde forward into the plus-one-million-ounce resource companies category, and opens up the prospect of Ormonde joining the ranks of the gold producers,” said chairman Mike Donoghue.

“We continued to make excellent progress on our three other Spanish gold projects – Salamón, Trives and Tracia – and our financial position remains secure having raised €940,000 in June.

“Our administration expenditure for the six months has remained low, the increase compared to last year’s costs mainly reflecting the increased activity of the company.”