TSX-V TRADING SYMBOL: CEC
VANCOUVER, July 29, 2014 /CNW/ - Compliance Energy Corporation (the "Company) announces that the Company and LG International Investments (Canada) Ltd., a wholly owned subsidiary of LG International Corp. of South Korea (LGI) have reached an agreement with I-Comox Coal Inc., a wholly owned subsidiary of Itochu Corporation of Japan (Itochu) under which the Company and LGI will acquire Itochu's interest in the Comox Joint Venture. Under the terms of the agreement, Itochu will withdraw from the Comox Joint Venture (CJV) and the Company and LGI will increase their respective interests in the project. A condition of the Company and LGI acquiring Itochu's interest is finalization of certain conditions which include the transfer of land titles and payment of Itochu's proportional share of prior expenditures.
The Comox Joint Venture involves the development of private coal rights and crown coal licenses in a historical coal mining area of Vancouver Island. The surface facilities are proposed to be located on private land that was recently logged, thus allowing for minimal impact to the area while providing much needed jobs on Vancouver Island.
The Company and LGI have been continuing the environmental application process with the British Columbia Environmental Application Office (EAO) and Canadian Environmental Application Agency (CEAA). Currently, the Company is preparing a response to the screening comments provided by the EAO and CEAA and plans to continue to advance its environmental application throughout the year.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
Mr. Stephen Ellis
President and COO
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.
SOURCE: Compliance Energy Corporation
For further information:
Contact Stephen Ellis, President and COO. Compliance Coal Corporation at 250-871-7910 for further information.