Edenville Energy plc (AIM: EDL) announces that as the Company is now concentrating on advancing activities at its Rukwa coal deposit, the Company's exploration prospecting licence for uranium has been relinquished. This Matiri South licence (PL6147/2009) covers 28.5 sq km and was originally acquired for shares at the time of the Company's admission to AIM in 2010. After initial investigation the licence area appears to contain little indication of economic mineralisation and no further work has subsequently been undertaken in connection with this licence.
Relinquishment of this licence will reduce the Company's work and licence fee commitments over the next 12 months by approximately US$32,000 and allow technical and financial resources to be focused on the development of the Rukwa Coal to Power Project and the commencement of mining operations. As a result of the decision to relinquish this licence, an impairment charge, in accordance with the Company's accounting policies and IFRS, is expected to be made to the statement of comprehensive income in the Company's financial statements for the year ended 31 December 2016. The Company will announce its annual financial results for the year ended 31 December 2016 at the end of May 2017.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Edenville Energy Plc
Jeff Malaihollo - Chairman
Rufus Short - CEO
+44 (0) 20 7652 9788
Northland Capital Partners Limited
+44 (0) 20 3861 6625
Optiva Securities Limited
+44 (0) 20 3137 1902
(Financial PR and IR)
+44 (0) 20 3053 8671