TSX-V TRADING SYMBOL: CEC
VANCOUVER, March 31 /CNW/ - Compliance Energy Corporation (the "Company" or "Compliance") is pleased to report that it has received notification from the Canadian Environmental Assessment Agency ("CEA Agency") that an environmental assessment will be required on the Raven Underground Coal Project, pursuant to the Canadian Environmental Assessment Act ("CEAA"). It is anticipated that an authorization under the federal Fisheries Act will likely also be required.
"I am pleased that we have received notification from the federal government of the requirement to submit an environmental assessment under the CEAA" said John Tapics President & CEO. "We have been waiting to receive an indication of federal requirements, since first submitting our Raven Underground Coal Project Description to the CEA Agency in July, 2009 and Project Description Addendum in January, 2010. This brings certainty to the process and allows for the BC provincial review and the federal review to be harmonized to the extent possible."
Compliance has been anticipating the federal requirement and as a result has been completing environmental baseline monitoring and conducting the studies necessary to prepare a comprehensive environmental assessment under the CEAA. The Company will work closely with both the provincial and federal authorities to minimize the amount of duplication required under their respective processes.
About Compliance Energy Corporation
Compliance Energy Corporation is a coal exploration and development company with an interest in over 75,000 acres of coal and mineral rights on Vancouver Island BC and that owns the Basin Coal Mine near Princeton BC. The company is focused on developing the Raven Coal Project for the Comox Joint Venture, of which it has a 60% interest. The remaining 40% is owned by I-Comox Coal Inc. a subsidiary of Itochu Corporation of Japan and by LG International Investments (Canada) Limited, a subsidiary of LG International Corp. of Korea. Company shares trade on the TSX Venture Exchange under the symbol CEC and investor information is available on the Company's web page at www.complianceenergy.com.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
Chief Executive Officer
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
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements.
SOURCE Compliance Energy Corporation
For further information: For further information: Greg Werbowski, Investor Relations at (604) 689-0489