Ormonde takes over gold project

EXPLORATION group Ormonde Mining has taken over 100% ownership of the Tracia Gold Project in Spain. A first-phase drilling programme is in progress and suggests there could be high-grade gold deposits in the area.

The company took full control of the project after previous joint venture partner International Gold Exploration, a Swedish company, offloaded its 50% stake to Minmet. Ormonde bought out Minmet’s interest in return for shares in the company.