LONDON (ShareCast) - Edenville Energy has confirmed that it will soon begin the next stage of its exploration programme, in hoped of developing extensions to its Tanzanian Rukwa coal project.
The site already boats 171m tonnes of measured and indicated coal, able to fuel a 120 megawatt power station for the entire span of the project. However, a recent feasibility report illustrated potential to produce additional low-cost coal, prompting further exploration.

"We are pleased to be embarking on the next stage of our exploration programme which is expected to better delineate our already substantial coal resource," said chief executive officer Rufus Short in a statement. "The Mining Licence application process is on schedule, and we look forward to submitting the application before the end of June," he added.

Edenville's equity financing facility with Darwin Strategic expired early, as agreed with Darwin on Monday. No penalty fees are due for not using the remainder of the facility or its early expiration. Darwin will continue to hold 47.5m warrants for Edenville shares at a subscription price of 0.4p.

Shares in Edenville are trading down 8.33% at 0.06p early Tuesday evening.

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