Edenville Energy was trading lower Friday after the company released results from it drilling exploration in Tanzania.
The African energy exploration and development company announced positive initial coal results from Muze, northeast of Mkomolo on Thursday.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company said initial results were similar to the 39m tonnes sub-bituminous thermal coal found at its Mkomolo JORC project.
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."
RD
-
How to achieve a secure retirement, as more retirees admit to struggling with debtTwenty-six percent of retirees now have unsecured debt – a sharp rise compared to two years ago – with many underestimating how much a typical retirement costs
-
The key October self-assessment tax return deadlines to remember so you can avoid a shock billThere are two important dates for self-assessment taxpayers to remember in October
