Compliance Energy announces updated resource on Raven Coal deposit
TSX-V TRADING SYMBOL: CEC
VANCOUVER, April 22 /PRNewswire-FirstCall/ - Compliance Energy Corporation (the "Company") (TSXV-CEC) is pleased to announce that it has received a new National Instrument 43-101 compliant coal resource estimate for the Raven Coal deposit located in the Comox Coal Basin on Vancouver Island, British Columbia. Measured and Indicated resources are 71,998,201 tonnes and Inferred resources are 59,430,517 tonnes. (see Table 1).
The new resource estimate, prepared by Pincock Allen and Holt ("PAH"), replaces the previously reported 39 million tonnes of Measured and Indicated and 59 million tonnes of Inferred resources, as contained in the technical report on Raven Coal Property filed by the Company in June 2007. The coal in the deposit area is classified as high volatile Bituminous A and can be characterized as a semi soft coking coal.
"Our objective with the 2009 drilling program was to increase the size of resource and we have accomplished that by increasing the measured and indicated resource by 85% while maintaining the amount of inferred resources. We will now be able to complete our feasibility study on a much larger resource than previously reported", said John Tapics, President and CEO.
Table 1: In Situ Coal Resources for Raven Project
-------------------------------------------------------------------------
Coal In Situ Coal Resources
Deposit ASTM Rank Zone/ (kilotonnes)
Area Type Classification Seam -------------------------------
Measured Indicated Inferred
-------------------------------------------------------------------------
Raven
Coal
Project High Seam 1 20,540 32,319 50,125
T'Sable Under- Volatile A --------------------------------------
River ground Bituminous Seam 3
Coal Upper 7,415 11,724 9,306
Field --------------------------------------------------------
Comox Measured and Inferred
Basin Totals Indicated
71,998 59,431
-------------------------------------------------------------------------
While the Company's 2006 and 2009 exploration programs consisted of 51 rotary and diamond drill core holes measuring approximately 12,500 meters, and 21 kilometers of high resolution reflective seismic, approximately 180 drill holes measuring over 33,000 meters have been drilled on the property and 34.6 kilometers of high resolution reflective seismic have been conducted.
The key assumptions in determining the resource estimates are outlined in Table 2.
Table 2: Key Assumptions for Determining Resources
-------------------------------------------------------------------------
Key Assumptions
-------------------------------------------------------------------------
Maximum rock partings included in thickness 0.3 meters
-------------------------------------------------------------------------
Minimum coal bed thickness to be included 0.6 meters
-------------------------------------------------------------------------
Minimum aggregate seam zone thickness 1.5 meters
-------------------------------------------------------------------------
Coal to rock thickness ratio 2:1 or greater
-------------------------------------------------------------------------
Maximum depth from surface 600 meters
-------------------------------------------------------------------------
Maximum Distance from Data Point Measured Resources 150 meters
Indicated Resources 300 meters
Inferred Resources 1800 meters
-------------------------------------------------------------------------
Bulk Density 1.5 tonnes/ cubic meter
-------------------------------------------------------------------------
The resource estimates were prepared by Lorraine Livingston, P. Geo., of PAH who is the Independent Qualified Person (the "Qualified Person") for reporting purposes as defined in NI 43 - 101 Standards of Disclosure for Mineral Projects. The drilling and seismic programs, and bulk sampling and core analyses were under the supervision of O. R. Cullingham, P. Geo. an Independent Qualified Person. Compliance expects to file a technical report prepared by PAH on SEDAR by the beginning of June 2010.
The Raven Property is located approximately 20 kilometers to the south east of Courtenay on Vancouver Island, BC with the island four lane expressway, rail and power within 2 kilometers from the site. The Company is in the process of preparing a feasibility study to determine the viability and general economics of producing coking coal from this property.
About Compliance Energy Corporation
Compliance Energy Corporation is a coal exploration and development company with an interest in over 75,000 acres of coal and mineral rights on Vancouver Island BC and that owns the Basin Coal Mine near Princeton BC. The company is focused on developing the Raven Coal Project for the Comox Joint Venture, of which it has 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. Company 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
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
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
Share this article