Business
Coalfield Acquisition, Tanzan
Coalfield Acquisition, Tanzan.
About this update from Shuka Minerals Plc
[{"type":"text","content":"\n RNS Number : 3564R Edenville Energy PLC 20 August 2010 \n \n\n20 August 2010\nEDENVILLE ENERGY PLC (\"Edenville\" or the \"Company\")\n \nCoalfield Acquisition, Tanzania\n \nEdenville Energy plc (AIM:EDL), the resource exploration and development company, today announces the successful completion of an agreement to acquire the majority interest in multiple licences covering the Namwele, Nkomolo and Muze coal deposits of the Rukwa Coalfield in southern Tanzania. \n \nHighlights \n· Initial 70% ownership in 2 prospecting licences and 66 primary mining licences covering the Namwele, Mkomolo and Muze deposits of the Rukwa Coalfield.\n· Option to increase holding to 90%\n· 100% interest in a reconnaissance prospecting licence surrounding the Namwele and Mkomolo deposits\n· Total land area under consideration 338.47km2\n· Edenville continues active exploring of the Matiri licences in southern Tanzania. \n \nEdenville has entered into an Acquisition and Option Agreement with Upendo Group Ltd, a Tanzanian registered company, whereby Edenville has acquired an initial 70% interest in 2 Prospecting Licences (PL), covering a total of 232.94km2, and 66 Primary Mining Licences (PML). Edenville has additionally acquired an undivided 100% interest in a Prospecting Licence - Reconnaissance (PLR) covering an area of 98.95km2, which surrounds the Namwele and Mkomolo PML's. The consideration cost for these properties is US$75,000.\n \nThe 66 Primary Mining Licences cover a combined total area of 6.58km2, and are located in three clusters covering the known occurrences of outcropping coal at Namwele, Nkomolo and Muze. Through the agreement Edenville has the option to increase the initial interest in these licence properties to 90% over a two year period by making payments totalling US$150,000. The local partner will hold the remaining 10%.\n \nOperational Strategy\nEdenville is finalising a work programme for the new Rukwa project and expects field operations to commence within a month. Work will consist of data collection and da...