Edenville Energy has exercised an option to take its stake in two prospecting licences and 66 primary mining licences at the Rukwa Coalfield in Tanzania to 90%.
The option payment was $100,000. A local partner owns the other 10%. An inferred resource of 39m tonnes of coal has been identified.
Drilling continues at Mkomolo in the Rukwa Coalfield and an upgraded resource statement for this area is due in the first quarter of 2013.
At 0.21p a share, Edenville is valued at £9.35m.
Edenville changed its name from Gemstones of Africa in March 2010, when it acquired a company owning six prospecting licences in Tanzania. Prior to 2009, the company was TV channels operator TV Commerce Holdings.
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