ORMONDE Mining, the ESM quoted exploration group, has formed a joint venture with the Vancouver listed Serengeti Diamonds which will see $1 million spent on Ormonde's Chunya licence in Tanzania. Serengeti can earn a 50 per cent interest in the licence in annual stages in exchange for the $1 million exploration spend. During the earning period, Serengeti will act as exploration manager and will fund 100 per cent of the exploration cost. Both parties have retained the option to farm out the project to a major mining group if required.