Compliance finalizes agreements to advance Vancouver Island Joint Venture
TSX-V TRADING SYMBOL: CEC
The agreements provide for Compliance to be the manager and operator of the CJV, and ICC and LGI to have exclusive global marketing rights for all products produced by the CJV.
As a result of the completion of the definitive agreements,
Environmental baseline studies will commence in the first quarter of 2009 and it is expected that the Bankable Feasibility Study will be initiated in the fourth quarter of 2009 once the results of the 2009 exploration program are received. The CJV is targeting to complete the Bankable Feasibility Study and make a production decision, which will be subject to receipt of environmental and mining permits and approvals, by the end of the second quarter of 2010.
The Raven Coal Project, located in the Comox Coal Basin of Vancouver Island,
ITOCHU Corporation is a major Japanese trading house and, among other things, has extensive experience in the development of coal mines and the marketing and sale of coal globally and has investments in coal mines in
LG International Corp. is a leading general trader in Korea with a worldwide overseas branch network and has abundant experience in coal mining development and the marketing and sales of coal worldwide. LG International Corp. has annual revenues of
Compliance Energy Corporation’s shares trade on the TSX Venture Exchange under the symbol CEC and investor information is available on the Company’s web page at www.complianceenergy.com.
On behalf of the Board of COMPLIANCE ENERGY CORPORATION John Tapics Chief Executive Officer The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements.
SOURCE Compliance Energy Corporation