VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/31/11 -- Colonial Coal International Corp. (TSX VENTURE: CAD) (the "Company" or "Colonial") is pleased to announce that it has filed applications for additional coal licenses adjoining the Company's Huguenot coal project.
These coal license applications target potentially coal-bearing strata at depth, and extend across areas that may be required for future mine and transportation-related infrastructure. These coal license applications total approximately 16,425 hectares(ha). Prior to this the Company's Huguenot coal project consisted of 13 coal licenses covering 6,467 ha plus two (earlier) coal license applications covering approximately 1,125 ha, totalling approximately 7,592 ha.
The Huguenot coal project is located approximately 70 km south-southeast of the town of Tumbler Ridge and 115 km southwest of the City of Grande Prairie, Alberta. Current access into the project area is provided by a network of Provincial paved highways and un-paved, all-weather roads built for forestry and oil and gas exploration and development. Apart from these access routes, there is no major infrastructure in the vicinity of the project area. The project is located approximately 65 km southeast of a rail line (operated by CN Rail) that terminates at the Quintette Coal Mine load-out facility approximately 17 km south of Tumbler Ridge.
The Company has presently allocated approximately $3.35 million to cover its Hugeunot coal project 2011 exploration budget, and a further $550,000 has been allocated for baseline environmental studies which are expected to be initiated in Spring 2011.
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 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.
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Colonial Coal International Corp.
President and Chief Executive Officer