VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2017) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Colonial Coal International Corp. (TSX VENTURE:CAD) (the "Corporation" or "Colonial Coal") is pleased to announce that it has recently and successfully concluded negotiations to acquire 3D seismic data covering approximately 32.51 sq. km. of the Company's Flatbed coking coal property.
The seismic data extends through the upper, coal-bearing sections of the stratigraphic succession that underlies the property and covers one of the main target areas. This target area was one of several identified by an independent consultant's review of the property (previously announced on January 28, 2013) and forms the prime focus for drilling this summer.
Initial evaluation and interpretation of the seismic data is now underway. The primary purpose of this work is to confirm drill targets and refine coal seam depth estimates for exploration budget purposes.
Company staff are moving ahead with exploration planning, particularly in regard to contractor selection, contract preparation and ensuring adherence to all government permit regulations and requirements. A site visit is planned shortly to assess field conditions and to lay-out an arterial exploration trail.
In addition, recent corporate activities, undertaken in conjunction with the company's investor relations consultant, O&M Partners, have included:
- A marketing trip along the eastern seaboard of the United States, during which multiple presentations were made to current and prospective shareholders, fund managers and brokers; and
- One "town-hall" style meeting, conducted by telephone, for similar participants; with further "town-hall" meetings being scheduled for the future.
This news release has been reviewed by John Perry, a director of the Company and a Qualified Person as defined in National Instrument 43-101.
About Colonial Coal International Corp.
Colonial Coal is a publicly traded coal corporation in British Columbia that focuses primarily on coking coal projects. The northeast Coal Block of British Columbia, within which our Corporation's projects are located, hosts a number of proven deposits and has been the subject of M&A activities by Xstrata, Walter Energy, Anglo-American and others.
Additional information can be found on the Corporation's website www.ccoal.ca or by viewing the Corporation's filings at www.sedar.com.
Forward-Looking Information
Information set forth in this news release involves forward-looking statements, including statements relating to the Corporation's potential sale of an interest in its Flatbed Property. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a Corporation's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and except as required by law, the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE CORPORATION MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
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 news release.
