TSX-V TRADING SYMBOL: CEC
VANCOUVER, March 21, 2013 /PRNewswire/ - Compliance Energy Corporation ("Compliance" or the "Company) is pleased to announce that its subsidiary, Compliance Coal Corporation, on behalf of itself and its joint venture partners, I-Comox Coal Inc. (a subsidiary of Itochu Corporation of Japan) and LG International Investments (Canada) Limited (a subsidiary of LG International Corp. of Korea) has commenced electronic submission and physical delivery of its joint provincial application for an Environmental Assessment certificate ("Application") and its Federal Environmental Impact Statement ("EIS") for the proposed Raven Underground Coal Mining Project (the "Project") on Vancouver Island, British Columbia. The filing process will be completed when Compliance Coal delivers printed and electronic copies of the over 12,000 page document, which are now being collated and distributed.
"The submission of the Environmental Assessment Application and EIS for the proposed Raven Underground Coal Mining Project marks another substantial milestone for the Company," said Compliance Coal President and CEO John Tapics. "The Environmental Assessment certificate is a key approval required for the Raven Underground Coal Mining Project and we are now progressing towards that goal on a legislated timeframe. We are confident that the Raven Underground Coal Mining Project can make a significant contribution to the economy of Vancouver Island, through the creation of approximately 350 full-time jobs and a significant number of spin-off jobs in an area that has had limited new private industry initiatives in the past few years."
The Application/EIS includes detailed descriptions of the Project, summaries of the studies conducted to assess baseline conditions, and an extensive analysis of potential direct, indirect and cumulative effects including activities proposed to mitigate those potential effects. The Application addresses key information on wildlife, freshwater and marine ecosystems, hydrology, hydrogeology, First Nations consultation, and economic opportunities; and is the result of several years of environmental field work and consultation. For the past several years, the Project team has engaged First Nation communities and Aboriginal groups, the public and other stakeholders to provide factual information on the Project and to obtain and incorporate feedback on the proposed Project design.
Once filed, the Application/EIS will be reviewed for compliance with the Project's Application Information Requirements/EIS Guidelines by the B.C. Environmental Assessment Office, the Canadian Environmental Assessment Agency and members of the Project's working group during a 30-day screening period. After this initial screening review is completed and if the Application is accepted it will be posted on the Government of British Columbia's Environmental Assessment Office website at www.eao.gov.bc.ca and the formal 180-day review period, as outlined in Provincial Legislation, will commence. After the review period, it will be considered by the Ministers for an Environmental Assessment certificate (a statutory 45 day process). Please note that these dates may be extended at any time upon the request of the Ministries. The federal government will coordinate the review of the EIS over a six month period running in parallel with the province.
About Compliance Energy Corporation
Compliance Energy Corporation is a mining exploration and development company. Our primary holding is our interest in over 31,000 hectares of coal rights on Vancouver Island, British Columbia, where we are focused on developing the Raven Underground Coal Mining Project of which we are operator and hold a 60% interest. The remaining 40% is owned by I-Comox Coal Inc. (a subsidiary of Itochu Corporation of Japan) and by LG International Investments (Canada) Limited (a subsidiary of LG International Corp. of Korea).
The Company also holds a number of mineral exploration properties totaling over 24,000 hectares on Vancouver Island, BC which are 100% owned by the Company, some subject to certain royalty requirements. Our shares trade on the TSX Venture Exchange under the symbol CEC and investor information is available on our web site at www.complianceenergy.com.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, future mineral exploration activities, future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies. Often, but not always, forward-looking statements can be identified by the use of words such as "anticipates", "plans", "planning", "planned", "expected" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including the receipt of necessary regulatory approvals, that counterparties to material agreements will duly perform their obligations there under, the results of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Compliance Energy Corporation