Ormonde Mining has set up a joint venture with Tanganyika Gold in which $655,000 (£457,786) will be spent on exploration on Ormonde's Simba Sitori South licence in return for a 50 per cent stake in the licences being ceded to the Tanzanian company.

Tanganyika Gold also has the right to earn a further 10 per cent interest in the licence for a further $500,000 and earn a total stake of 70 per cent in return for completing a feasibility study on the property.