TSX-V TRADING SYMBOL: CEC
VANCOUVER, Dec. 10 /CNW/ - Compliance Energy Corporation is pleased to report that it has acquired mineral tenures to five separate exploration properties on Vancouver Island, British Columbia as follows:
|Property||Approximate Location||Size (Hectares)||Exploration Objectives/Targets|
|Camp Lake||Campbell River||3,441||Magnetite skarn and porphyry copper deposits|
|Hisnit||Tahsis||1,294||Porphyry and skarn deposits containing Copper, Molybdenum, and Gold|
|Tower||Sayward||2,107||Porphyry deposits containing Copper, Molybdenum, and Gold|
|NIC||Port Alice||7,533||Porphyry deposits containing Copper, Molybdenum, and Gold|
|CJD||Gold River||1,042||Porphyry deposits containing Copper|
The Camp Lake, Hisnit, and Tower Properties were acquired for total cash consideration of $200,000 and future royalty payment. The Company has also acquired mineral tenures to the NIC and the CJD properties. No additional purchase consideration or royalty payments are required on the NIC or CJD properties.
The Company acquired these properties under option and in 2010 performed early stage exploration which included geological mapping, soil and rock geochemistry, and airborne geophysical surveys totalling 927 kilometres. Given the results of this exploration work, the Company elected to exercise its option to acquire these properties. The Company will continue exploration work next season, in a program that will include more grassroots exploration and approximately 3500 metres of drilling.
Mr. John Tapics said "we have gained significant expertise for socially and environmentally responsible mining exploration and development on Vancouver Island, which has provided us with the opportunity to expand into other areas of mineral exploration."
About Compliance Energy Corporation
Compliance Energy Corporation is a mining exploration and development company. Our primary holding is our interest in over 75,000 acres of coal and mineral rights on Vancouver Island, British Columbia, where we are focused on developing the Raven Underground Coal Project of which we hold 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.
Our shares trade on the TSX Venture Exchange under the symbol CEC and investor information is available on our web site 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.
For further information: For further information:
Contact Greg Werbowski, Investor Relations at 604-689-0489