Ormonde Mining has acquired the right to earn a 50 per cent interest from Pangea Goldfields of Toronto in a Tanzanian gold project.

The right is dependent on Ormonde spending $2.5 million (£1.66 million) on exploration and evaluation and $100,000 on option fees over the next three years. Ormonde said it would act as manager for the joint venture and was committed to field exploration expenditures of $300,000 over the next 12 months.