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Edenville Energy PLC (EDL)

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Monday 29 March, 2010

Edenville Energy PLC

Admission to AIM

RNS Number : 2893J
Edenville Energy PLC
29 March 2010
 



29th March 2010                

Edenville Energy Plc (AIM:EDE.L)

("Edenville" or the "Company")

ADMISSION TO AIM AND £1 MILLION PLACING

 

·      Six key projects- prospective uranium and uranium/coal, Tanzania

·      Exploration and development of coal for domestic sale and uranium for export

·      Matiri North and Matiri South licenses initial exploration focus

§ Situated within Mtwara Development Corridor- Tanzania economic growth zone

§ Exploration to begin Q2 2010

·     Uranium exploration and production fully endorsed by Tanzania mining code

 

Edenville Energy Plc (formerly Gemstones of Africa Group Plc) the uranium and coal explorer operating in Tanzania, today announces its admission to AIM following the acquisition of Edenville International Limited (the "Acquisition"), which constituted a reverse takeover for the purposes of the AIM Rules for Companies and which was approved by the Company's shareholders at a general meeting held on 26 March 2010.  At the same meeting, the Company's shareholders approved the change of the Company's name from Gemstones of Africa Group Plc to Edenville Energy Plc. The Company has further announced today that it has raised £1,000,000 (before expenses) by way of a placing of its ordinary shares (the "Placing"). ZAI Corporate Finance Limited is acting as broker to the Company and ZAI Corporate Finance Limited is acting as nominated adviser to the Company.

Edenville, through its subsidiary Edenville International (Tanzania) Limited, has interests in six prospecting licences in Tanzania. The geological settings of these licences are considered to have the potential to host uranium mineralisation, three of which also have potential to host coal deposits. Funds from the Placing will be used to meet the costs of the corporate transaction and to provide additional working capital for the Company and its subsidiaries. The initial exploration focus will be the uranium and coal targets at the southern licences of Matiri North and Matiri South. Site investigations will be undertaken on the remaining licences. The Company will actively manage geological exploration on the licences with planning and preparation for field-based activities being conducted in April and May, the rainy season in Tanzania.  Geological prospecting is expected to commence in late Q2 of 2010.  Initial work will consist of a desk-top review involving the collection, collation and re-interpretation of all available historical data, supplemented by regional-scale geological reconnaissance mapping and sampling. This will define the host geological units for mineralisation and allow for progressively more focused and detailed exploration that will lead into a drilling campaign and ultimately ore body delineation and subsequent mineral resource estimations. In the southwest and within Dodoma regions where Edenville's licence areas are located two nearby uranium projects are currently undergoing pre-feasibility and feasibility level studies. To the north of the Matiri licences, the Ngaka coalfield is currently being developed and undergoing a feasibility study.

The Matiri South Licence, Matiri North Licence and the Kyela-Rungwe Licence all lie within the Mtwara Development Corridor, which is a Spatial Development Initiative with the aim of creating an economic growth zone of trans-border trade and investment, linking Malawi, Mozambique, Tanzania and Zambia. The main objective of the Mtwara Development Corridor is to utilise the inherent economic and growth potential of the area largely through mining and the exploitation of natural resources. As a result, there are a considerable number of joint initiatives with the Tanzanian government, particularly in the development of coal resources.

 

Commenting today Simon Rollason, Executive Chairman, said; "I am delighted that this transaction has been concluded to the satisfaction of our shareholders and allows us to move the company forward. We have a highly prospective portfolio of projects in a very exciting part of Africa. Our priority targets in Tanzania are the Matiri North and South licenses where we hope to quickly identify and delineate economic coal and uranium resources. Our strategy going forward is to bring coal into production for a domestic Southern African market and we believe our location in the Government supported Mtwara Development Corridor places us in an ideal position to sell product within the region. Edenville shall also look to develop uranium exports to international nuclear utilities companies. Edenville will also continue evaluating other energy mineral properties. Our exploration season is scheduled to begin by the end of H1 2010 and we intend to efficiently recover data and return results to shareholders."

 

For more information, please contact:


Edenville

sSs


Simon Rollason/Rakesh Patel

 +44 (0) 20 7099 1940

ZAI Corporate Finance Ltd


Ray Zimmerman/ John Depasquale

+44 (0) 20 7060 2220

Threadneedle Communication (UK)


Laurence Read/ Peter McCready

 +44 (0) 20 76539850

 

 

FURTHER INFORMATION

 

REVERSE TAKEOVER DETAILS

 

Gemstones of Africa Group acquired Edenville International Ltd, which, through its 99.5 per cent. owned subsidiary, Edenville International (Tanzania) Limited ("Edenville Tanzania"), is the owner of six prospecting licences in Tanzania with a particular focus on uranium and coal. The aggregate consideration for the Acquisition is approximately £6.9 million satisfied by the issue and allotment of an aggregate of 1,393,941,536 Ordinary Shares to the shareholders of Edenville International Limited. The Acquisition is classified as a reverse take-over pursuant to Rule 14 of the AIM Rules for Companies and has been approved by the Company's shareholders at a general meeting held on 26 March 2010.

 

LICENSES

 

Matiri South Licence

Edenville Tanzania acquired the uranium and coal targeted Matiri South Licence in November 2009. This prospecting licence covers an area of 76.65km2 which is located in the Mbinga District of Tanzania, approximately 80km west of Songea in the southwest of Tanzania, which itself is approximately 1200km from Dar es Salaam and 600km from the Zambian border. Links to both Songea and Dar es Salaam are provided by major tarmac roads. The Matiri South licence area is situated southwest of the Matiri North licence area (described below). The Matiri South Licence has been granted for all minerals other than building materials or gemstones and is effective until 12 November 2012.

 

Matiri North Licence

Edenville Tanzania acquired the uranium and coal targeted Matiri North Licence in November 2009. This prospecting licence covers an area of 28.50km2 which is located in the Mbinga District of Tanzania, approximately 80km west of Songea in the southwest of Tanzania. Matiri North is easily accessible from the village of Kitai, located on the main Songea to Mbamba Bay gravel road. The road from Kitai leads directly to the licence area and runs all the way through it. The Matiri North licence area and is situated northwest of the Matiri South Licence. The Matiri North Licence has been granted for all minerals other than building materials or gemstones and is effective until 11 November 2012. The Matiri North licence area is also prospective for so-called sandstone hosted uranium deposits, which typically occur in medium to coarse-grained sandstones deposited in a continental fluvial or marginal marine sedimentary environment, such as the Karoo deposits that occur in the Matiri North licence area and represent a type of deposit that is currently the focus of much interest in Tanzania.

 

Both the Matiri South  and the Matiri North licence areas are currently considered the most prospective areas with potential for the occurrence of economic uranium mineralization as well as hosting coal. As mentioned above the Matiri North licence area is within the favorable Karoo host rocks which are present on both the Matiri South and Matiri North properties. In addition the presence of the Ngaka Coalfield to the north west of the properties indicates that there is further potential for coal mineralisation.

 

Kyela-Rungwe Licence

Edenville Tanzania acquired the uranium targeted Kyela-Rungwe Licence in September 2009. Located in both the Kyela and Rungwe Districts of Tanzania, which are approximately 90km south of Mbeya in the southwest of Tanzania, access to the Kyela-Rungwe licence area is good, with a tarmac road from the large town of Mbeya, located approximately 64km to the north, to Tukuyu from where a gravel road leads south to the Kyela-Rungwe Licence. The Kyela-Rungwe licence area covers approximately 102.70km2. The Kyela-Rungwe Licence has been granted for all minerals other than building materials or gemstones and is effective until 5 May 2011. A review of the 1980's regional airborne geophysical survey shows a radiometric anomaly covering most of the Kyela-Rungwe licence area. This radiometric anomaly or feature may be the result of underlying Karoo-aged sedimentary units that are observed outcropping at surface to the southwest of the Kyela-Rungwe licence area host the Songwe and Kiwira Coalfield. This suggests the potential for coal mineralisation within the Karoo-aged rocks, in addition to the primary uranium exploration targets.

 

Ikungu Licence

Edenville Tanzania acquired the uranium targeted Ikungu Licence in September 2009. Located in the Singida District of Tanzania, approximately 240km northwest of Dodoma, the capital city of Tanzania. Access to the Ikungu licence area is accessed via a tarmac road that is currently being resurfaced leading from Dodoma. The Ikungu licence area covers approximately 81.73km2.The Ikungu Licence has been granted for all minerals other than building materials or gemstones and is effective until 18 March 2012. There are calcrete-hosted deposits identified to the south of the Ikunga licence area, namely Uranex NL's Manyoni Project, which are comparable to those of Australia. The Manyoni Project comprises uranium mineralisation as near surface secondary enrichment within a sequence of unconsolidated sediments that are associated with several playa lakes. The mineralisation is characterised by an upper schrockingerite zone approximately one metre thick overlying a lower carnotite zone.

 

Mwitikila West Licence and Mwitikila East Licence

Edenville Tanzania acquired a 75 per cent. interest with an option to acquire the remaining 25 per cent. in the uranium targeted Mwitikila West Licence and the Mwitikila East Licence. These prospecting licences have been granted for all minerals other than building materials or gemstones and are effective until 18 March 2012; they cover a continuous area of 308.49km2. Access to the Mwitikila West and Mwitikila East Licence Areas is excellent; from Dodoma, to the west, the Mwitikila West and Mwitikila East licence areas can be accessed via the main Dodoma to Morogoro road from which there is a graded gravel road leading towards Handali. The edge of the Mwitikila West licence area is reached after 10km and the road runs directly though both the Mwitikila West and Mwitikila East licence areas. Notably the railway line between Dodoma and Msagali also runs through both these licence areas from the northwest to the southeast. Strong airborne radiometric anomalies were identified by the 1980s regional airborne survey, conducted by Geosurvey, which associated with favourable lithologies, indicates the potential for both the Mwitikila East and West licence areas to host uranium mineralisation.

 

Directors and Senior Management

Simon Rollason, BSc (Hons) Geology, MIMMM, FGS, Executive Chairman, Aged 43

Simon graduated from the University of the Witwatersrand, South Africa in 1990 with a B.Sc (Hons) degree in Geology. He has gained 20 years international experience working in both mining and geological exploration. During this time, Simon has worked in Africa, the Middle East, Central Asia and the Far East with both multi-nationals and junior resources companies. Simon has worked on gold, nickel, copper, base metals, uranium and gemstone projects, ranging from grassroots to producing assets. He has been involved with and managed operations that have varied from exploration and evaluation projects to successful feasibility studies. Simon moved back to the UK in 2008 to take up the role of Managing Director of Obtala Resources Plc, and was appointed to the Board of the Company in June 2009. Simon is a Fellow of the Geological Society and a member of the Institute of Materials, Minerals and Mining, the Society of Economic Geologists and the Society of Mining, Metallurgy and Exploration.

 

Mark Pryor, BSc (Hons) Geology & Mineralogy, FGS, FSEG, Pr.Sci.Nat, Chief Executive

Officer, Aged 50

Mark Pryor is an Independent Geological Consultant working with private mining and exploration groups, based out of the United Kingdom and holds a B.Sc (Hons) degree from the University of Aberdeen. He has 25 years of management experience in advanced stage exploration and mine development projects worldwide. He is a 'Qualified Person' as defined by the Securities Commission and regularly submits Independent Technical Reports for companies wishing to list on the Stock Exchange as well as Independent Technical Reports and press releases for quoted companies. Mark has worked for major and mid-tier mining companies and has many contacts within the venture capital sector of the mining industry. Mark has extensive global experience having worked in Mexico, EurAsia, China, Southern Africa and South America, holding management positions in recognised companies in the industry including Placer Dome, Minefinders, Monarch Resources and Anglo American. Mark is an associate of SRK (UK) Ltd and is a Fellow of the Geological Society, Society of Economic Geologists and is a registered Natural Scientist (Pr. Sci. Nat).

 

Rakesh Patel, BA Economics, FCCA, CF, Finance Director, Aged 46

Rakesh Patel qualified as a chartered certified accountant in 1991. From 1992, he led the corporate finance division of Gerald Edelman, chartered accountants, dealing with acquisitions, disposals, mergers, private placings and stock market flotations. Rakesh was involved in advising on the acquisition of Ryman the Stationer and left the firm in 1996 to become group financial controller of Chancerealm Limited, a group including Ryman Limited where he was involved in the acquisition and integration of Contessa Ladieswear Limited. Rakesh returned to Gerald Edelman in 1997 until leaving in March 2003 to join Adler Shine LLP, chartered accountants, where he heads the firm's corporate finance division. Rakesh has acted in over 30 transactions including companies quoted on AIM as Reporting Accountant and has also acted as interim or part-time director to a number of private and

public companies. He is currently chief executive officer of The Niche Group plc and non-executive director of Deo Petroleum plc and Mountfield Group plc, which are quoted on AIM. Rakesh will have responsibilities for the finance function of the Company and its subsidiaries.

 

Sally Schofield, BEng (Hons) Industrial Geology, ACSM, FGS, MIMMM, Non-Executive Director, Aged 38

Sally's career has seen her work in commercial, technical and operational capacities in geographically and politically diverse regions including Kazakhstan, Albania, Central America, Brazil and Chile. She gained early exposure to the technical, corporate and investor relations functions of the mining business before crossing sectors to work with RMC, now part of CEMEX, the global building materials giant. Sally returned to mining in 2003 and became a Director of AIM - listed Latitude Resources plc, a company with copper and gold assets in Chile. As Chief Operating Officer of that company she relocated to Santiago, Chile, in 2006 with direct responsibility for an exploration program that developed a portfolio of exploration projects into a saleable asset. Sally then worked for a natural resource focused fund identifying potential assets. Sally currently holds the position of VP Investor Relations, European Goldfields. Her business skills have been recognised by several external parties, including Management Today, Courvoisier Future 500 and HM The Queen. Sally graduated from the Camborne School of Mines with a First Class B. Eng (Hons) Industrial Geology in 1995, is a Fellow of the Geological Society (FGS) and a professional member of IOM3 (MIMMM).

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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