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19 Nov | Purchase – Edenville Energy

The remodelling of our portfolio took another small step last Thursday with the purchase of 137,204 shares of Edenville Energy at .88 pence a share.

Edenville you say, who are they and what do they do? This from the Edenville Energy website:

Edenville Energy PLC is the holding company of a mineral exploration and development group focusing on energy commodity opportunities in Africa. The Group is led by a management team who have international experience of energy minerals and mining in emerging markets worldwide. The Group’s objective is to undertake mineral exploration of its portfolio of assets and ultimately to increase the value of its assets through the development of these resources and where appropriate, commence production of these economically feasible assets.

Edenville’s key project (there are further prospective coal and uranium projects in the pipeline) is the Rukwa Coalfields project in Southern Tanzania.

Now without going into details that get geologists all giggly – ash content, volatile matter and sulphur percentages – grab samples from surface coal seam exposures at the Rukwa Coalfield project results indicate the coal quality would be suitable for use in power generation and also industrial uses in cement, paper and fertilizer manufacture. (More info in the RNS from September 30, 2010)

Not bad for 75K!

Then these words from Simon Rollason, Chairman of Edenville:

“These initial results from our field investigations are highly encouraging and confirm the occurrence of thermal quality coal. It is our intention to work towards establishing a maiden resource estimate at Namwele for an open pit coal mine by the end of 2011. We have acquired a number of highly prospective, shallow, coal assets to which Edenville will look to rapidly add value to through exploration and development. I look forward to announcing further results, as work continues on the Edenville coal portfolio.”

So with a little good news regarding drill targets due in Q4 2010, we could see a nice return on investment for a share currently trading at under a pence. As always, do a ton of your own research and never invest coin you can’t afford to lose. Thanks for dropping by.