25 May 2012

Edenville Energy

HOLD

07/01/2011 Robert Tyerman

Fans of Edenvile Energy expect encouraging imminent sampling and drilling results from the company's Rukwa coalfield in southern Tanzania. Chaired by sector entrepreneur Simon Rollason, the company secured a majority interest in Rukwa's Namwele, Nkomolo and Muze deposits in August and initiated a scout-drilling programme in late November.

The aim of the programme is to confirm the grade, dip, width and strike extent of the coal in these deposits. Rollason, also managing director of fellow AIM counter Obtala Resources, has indicated North London-based Edenville hopes to establish a maiden resource estimate for an open-pit mine at Namwele by the end of this year.

Edenville Energy, formerly ex-AIM shell Gemstones of Africa, came into existence in its present form last year when Rollason reversed coal and uranium hopeful Edenville International into it. The company launched on AIM in March with a £1m funding at 0.5p and Growth Company Investor suggested a 'bold punt' at 0.85p.

This has paid off so far, with the shares now 2.45p. If the sampling and drilling news is good, they should go further. 

 

Tags: AIM market, Commodities, Emerging markets

Sector: Mining

Companies: Edenville Energy

Market cap: £74.4m

PE Forecast: n/a

Share price: 2.45p

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