LONDON (Alliance News) - Edenville Energy PLC shares rose early Wednesday after the company said the most recent results for the Mkomolo and Muze prospects in Tanzania confirmed the presence of high quality, near-surface coal across the Rukwa Coal Project.
For Mkomolo, the sample results showed the potential to boost the project economics by adding tonnage without a significant reduction in grades to the near surface coal seams. The results for Muze also indicate the uppermost coal seam is of sufficient quality to supply coal to a coal-fire power plant, improving the project economics.
"These latest set of results concludes the current test work programme. We are very pleased with the results from the test pit samples at our Rukwa deposit and consider the values in all pits to both confirm commercial grade coal near to surface and to indicate significant upside potential for the deposit as a whole," said Edenville Chief Executive Officer Rufus Short.
Edenville shares were up 17% to 0.07 pence early Wednesday, making it one of the best performers in the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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