Retransmission: Colonial Coal International Corp.: Update on Huguenot Coal Project
24 Maggio 2013 - 3:43PM
Marketwired Canada
Colonial Coal International Corp. (TSX VENTURE:CAD) (the "Company" or "Colonial
Coal").
David Austin, Colonial Coal's President and CEO, is pleased to report that, with
a view to characterizing the nature of a potential coal product from the
Company's Huguenot Coal Project (located in northeastern British Columbia),
Colonial Coal has recently commissioned Kobie Koornhof Associates Inc. ("KKAI")
to undertake a review of coal quality and carbonization data derived from core
samples.
This review was carried out by KKAI's principal, Kobie Koornhof, who is an
authority on Canadian metallurgical coal, particularly with respect to coal
quality, marketability and pricing.
Mr. Koornhof's comments are based upon a preliminary review of coal quality data
from drilling programs, washability results and coke tests undertaken in 2008
and from 2011 to date. A synopsis of Mr. Koornhof's findings is reproduced
immediately hereinbelow:
"Huguenot coal quality has been assessed on the basis of the full set of quality
parameters used for the classification of metallurgical coals for use by the
steel industry, in particular:
-- coking and caking properties;
-- rheological properties;
-- chemical characteristics; and
-- petrography of the coal.
"The Huguenot coals are in the same geological formation (Gates Formation) as
hard coking coals from NEBC which are currently being exported to steel mills on
a worldwide basis. These hard coking coals fall within the suite of high quality
Canadian coking coals which have gained market acceptance and have come to play
an important part in coke oven blends over the last 40 years.
"Huguenot coal quality is similar to that of the hard coking coals currently
exported from NEBC and, based on the information available, meets the
requirements for classification as a hard coking coal.
"Steel mills worldwide have a long history of importing Canadian coking coals,
and today Canadian coals play an important role in the production of coke with
favourable ash, sulphur and strength characteristics.
"Based on the quality data reviewed to date, coals from Huguenot will find a
place among the hard coking coals delivered to those steel mills."
Mr. Austin adds: "We are very pleased that Mr. Koornhof and his team haves been
able to confirm our Company's opinion that Huguenot coal would meet current and
globally accepted hard coking coal standards."
As at January 31, 2013, the Company reported working capital of $6.2 million,
including cash of $5.8 million. With these funds in place, the Company intends
to advance the exploration and development of the Huguenot Coal Project and,
subject to receipt of coal licenses and permit approval, the Flatbed Coal
Project, and to fund the current ongoing feasibility investigation of the
development of the proposed Watson Island bulk shipping terminal.
This press 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 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-American 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.
Forward-Looking Information
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Colonial Coal International Corp.
Perry Braun
604.568.4962
pbraun@ccoal.ca
Colonial Coal International Corp.
Shane Austin
604.568.4962
saustin@ccoal.ca
www.ccoal.ca
Grafico Azioni Colonial Coal (TSXV:CAD)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Colonial Coal (TSXV:CAD)
Storico
Da Dic 2023 a Dic 2024