Ormonde reports increased losses

Ormonde Mining said today its after-tax loss for the six months to June 30 was €236,000, up from €201,000 in the same period last year.

In its interim results statement, Ormonde focuses on progress in current projects.

Operational activity during the first six months of the year focused on a pre-feasibility scoping study on the La Zarza copper-gold deposit in Huelva province in south west Spain.

The study, completed in early September, demonstrated positive economics for the proposed underground mining operation at metal prices substantially lower than those presently prevailing, Ormonde said today.

The company said it will now immediately advance to the definitive bankable study stage to be completed by mid-2007.

Ormonde chairman Mike Donoghue said: "This has been a period in which our lead project has passed a critical milestone and is now advancing into its final evaluation.

"Our other projects have been advanced to facilitate the more rigorous investigation which has now commenced and which will be the subject of further news flow in the coming months."