VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2012) - Colonial Coal International Corp. (TSX VENTURE:CAD) (the "Company" or "Colonial") provides the following update on the Company's exploration activities during the last few months.
Colonial's exploration activities completed during the summer and autumn of 2012 included diamond drilling (6 HQ-size holes for 964 metres) and rotary drilling (11 holes for 602 metres). An additional 19 large diameter (combined rotary-core) holes were also drilled for a total of 898 metres; all of which produced approximately 154 metres of 152.4 mm (6") diameter core.
Most of the Company's recent HQ-core drilling was carried out within the southern half of the South Block with a view to raising the resource classification for that portion of the Block (currently classified as Inferred) to Indicated or better. Two holes drilled within the central-western parts of the Middle Block were located to better define fault repeated coal measures below the Pika Fault.
Large diameter drilling was carried out in the central portions of the North Block. Multiple cores were taken, mostly from the five main coal seams, in order to obtain a larger quantity of coal for detailed attrition and washability analysis and for subsequent carbonization testing.
Colonial has retained Norwest Corp. (of Salt Lake City, Utah) to undertake a Preliminary Economic Assessment which will incorporate data acquired in 2012. Norwest expects the report to be completed in Spring, 2013.
David Austin, President and CEO of Colonial, commented on the Company's recent activities as follows. "I am very pleased with our recent exploration activities and the results anticipated to come. With our company's already established Measured and Indicated resources in excess of 189 Mt, together with our Inferred resource in excess of 194 Mt, of high value coking coal, we expect our updated results and related Preliminary Economic Assessment to be very positive going forward."
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 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.
Colonial Coal International Corp.
Colonial Coal International Corp.