Colonial Coal Provides Update on Flatbed Exploration
VANCOUVER, British Columbia, Oct. 30, 2017 (GLOBE NEWSWIRE) -- Colonial Coal International Corp. (TSX-V:CAD) (the “Corporation” or “Colonial Coal”) is pleased to provide the following update on the Company’s recent exploration activities undertaken on its Flatbed Coal Property located in north-eastern British Columbia.
The primary objectives of the exploration work were to identify potentially underground mineable coal resources within the Gates Formation (which hosts established surface and underground mineable coking coal reserves and resources on a number of projects to the south, west and northwest of the Flatbed property) and to establish initial coal quality parameters. Activities focused on the north-western portion of the property, which hosts one of the main target areas identified by the Company’s independent consultant (previously announced in January 2013).
Exploration was carried out between late July and early October 2017. Work focussed upon the drilling of five, widely-spaced, HQ-size diamond drill holes on four separate drill sites for a total of approximately 2,830 m of drilling. Associated activities included: down-hole geophysical logging; geological core description; coal (plus seam roof and floor) core sampling; geotechnical logging, sampling, and on-site testing; plus limited geological mapping. Core samples have now been submitted to Birtley Coal and Minerals Testing (Calgary, Alberta) for coal quality analysis and to Golder Associates Ltd. (Burnaby, B.C.) for geotechnical testing.
Colonial has retained Norwest Corp. (of Salt Lake City, Utah) to undertake a report compliant with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Properties (“NI 43-101”), which will incorporate all the data acquired during the 2017 Flatbed exploration program plus additional data from certain historical oil/gas exploration wells. The Company expects the technical report to be completed during the winter of 2017.
David Austin, President and CEO of Colonial, commented on the Company’s recent exploration activities as follows: “I am very pleased with our recent exploration activities at Flatbed and we expect our results and related NI 43-101 report to be very positive going forward”.
This news release has been reviewed by John Perry, a director of the Company and a Qualified Person as defined in NI 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.
For further information please contact:
Colonial Coal International Corp.
David Austin, President and CEO
604.568.4962
daustin@ccoal.ca
www.ccoal.ca
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.
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