Ormonde Mining has agreed a joint venture with the South African mining giant Iscor Mining, which will see $5.3 million (£3.6 million) spent on exploration on Ormonde's Mrangi property in Tanzania. Iscor can earn a 70 per cent interest in the property over a seven-year period if the funds agreed are spent. Ormonde has outlined a number of gold geo-chemical anomalies on the Mrangi property and results from an airborne geophysical survey have indicated potential mineralised structures over a number of areas.