VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2012) - This document corrects and replaces the News release sent on July 18, 2012 at 1:07 PM ET for Colonial Coal International Corp. (TSX VENTURE:CAD). There is a change in the presentation of the table, the data is the same.
Colonial Coal International Corp. (TSX VENTURE:CAD) (the "Company" or "Colonial") has received the results of an independent resource estimate for its 100% owned Huguenot coking coal project located in northeast British Columbia. These estimates have been determined using a 0.60 meter true thickness cut-off.
Measured plus Indicated resources of 92.2 metric tonnes (Mt) represent an increase of 104% over previously reported resources (45.2 Mt) in the same categories as set forth in a National Instrument 43-101 Standards of Disclosure for Mineral Properties ("NI 43-101") technical report filed on SEDAR on August 18, 2010. Additional Inferred resources total 38.2 Mt, representing an increase of 271% over the previous reported Inferred resource estimate of 10.3 Mt. The current resource estimate cover the entire main target of the Huguenot deposit (North, Middle, and South Blocks) while the previous tonnage was for the North Block only.
The current resource estimations have been conducted by Norwest Corp. in conjunction with the preparation of a NI 43-101 technical report for the property's main coking coal targets contained within the Gates Formation coal measures. The technical report will be completed within 45 days and filed on SEDAR.
The resource estimate is presented below:
Norwest has also identified potential underground minable coal tonnes in the range of 60 Mt to 80 Mt and are currently investigating the possibility that some of these tonnes may be suitable for classification in accordance with NI 43-101 guidelines.
David Austin, President and CEO of Colonial, commented on the results. "This a major step forward for the company and its shareholders. The results are in line with our expectations and significantly increase the asset value of the property. We have commenced this year's exploration program and environmental baseline studies and data collections are ongoing. I would like to thank our technical staff and independent consultants for another job well done."
This press release has been reviewed by Warren Evenson of Norwest Corporation, a Professional Geologist and a Qualified Person, as defined in NI 43-101.
About Colonial Coal International Corp.
Colonial is a publicly traded pure-play coking coal company in British Columbia. The northeast Coal Block of British Columbia, within which our Company's projects are located, hosts a number of proven deposits and has been the subject of M&A activities by Xstrata, Walter Energy, Anglo and others.
Additional information can be found on the Company's website www.ccoal.ca or by viewing the Company's filings at www.sedar.com.
Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company'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 Company 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 COMPANY 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 COMPANY 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 release.