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Edenville relinquishes uranium prospecting licence

By BFN News | 07:47 AM | Friday 24 February, 2017


Edenville Energy has relinquished its exploration prospecting licence for uranium as the company is now concentrating on advancing activities at its Rukwa coal deposit. The Matiri South licence covers 28.5 sq km and was originally acquired for shares at the time of the company's admission to AIM in 2010. Edenville said that after initial investigation the licence area appeared to contain little indication of economic mineralisation and no further work ha dsubsequently been undertaken. Edenville said relinquishment of this licence would 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. It said that as a result of the decision to relinquish this licence, an impairment charge, in accordance with the company's accounting policies and IFRS, was expected to be made 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 at the end of May. Story provided by StockMarketWire.com

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