Edenville Energy, the coal focused African energy exploration and development company, on Thursday released results from five Muze drill holes on the Rukwa Coalfield project in south western Tanzania.
The results confirm both thermal coal grades and the continuity of coal measures within the area.
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Simon Rollason, Chairman of Edenville, said: "I am pleased to announce these very encouraging initial results from Muze. The results will have a positive impact on the resource statement when it is updated and emphasise the highly prospective nature of the project. Our intention in 2013, alongside the continued drilling at Muze, is to evaluate the feasibility of initiating small scale mining of the Namwele deposit; this has the potential of generating near-term revenues.
"Additionally, discussions continue with a number of parties who have shown interest in partnering with Edenville to build a mine-mouth power station on the project, utilising the Mkomolo and Muze coal via an off-take agreement. Our previously stated objective of increasing the confidence in the quantity and quality of Edenville's existing resource at the Rukwa coal project remains firmly in place."
The share price rose 6.35% to 0.34p by 13:30.
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