Ormonde Mining, the Dublin and Vancouver listed exploration company with interests in Tanzania in Africa, announced near-surface gold mineralisation results at its Lake Victoria projects yesterday.

Results at its Bukoli project show 8m of 8.75g/5 from 3m depth and 21m of 2.04g/t from 4m. Drilling at Mgusu returned a value of 1.08g/t from one target area. At yesterday's a.g.m., Mr Des Burke, managing director, said the company had a market capitalisation of under £4 million (#5 million) and no debt with about $600,000 (#520,000) for exploration in the field.

(# signifies the euro)