VANCOUVER, Oct. 10, 2012 /CNW/ - Compliance Energy Corporation ("Compliance" or the "Company) is pleased to announce that Mr. Stephen Ellis has been hired and appointed Vice President, Operations, for Compliance Coal Corporation. Compliance Coal in a wholly-owned subsidiary of the Company, and holds a 60% interest in over 31,000 hectares of coal rights on Vancouver Island, British Columbia, where we are focused on developing the Raven Underground Coal Project.
Mr. Ellis began his extensive coal mining career, spanning more than 30 years, in the United Kingdom where he worked in both operational and technical roles in several underground coal mines before relocating to Australia in 2006 to Rio Tinto's Kestrel Mine. In late 2010, Stephen moved to the Pike River Coal Mine in New Zealand as Production Manager and then as Mine Manager. Mr. Ellis holds a First Class Mine Manager's Certificate of Competency in the United Kingdom and New Zealand with mutual recognition of these in Australia.
"We are delighted to have Stephen join our team" stated John Tapics, President & CEO. "His extensive experience in underground coal mining operations in multiple jurisdictions is a rare commodity. We will be able to draw on his experience and knowledge to begin to build and train a team of other professionals as we advance the Raven Project."
In conjunction with this appointment, the Board of Directors has approved the grant of 150,000 stock options to Mr. Ellis at an exercise price of $0.10 per share. The options have a five year term and are subject to vesting over 36 months with one-third of the options vesting each year.
About Compliance Energy Corporation
Compliance Energy Corporation is a mining exploration and development company. Our primary holding is our interest in over 31,000 hectares of coal 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).
The Company also holds a number of mineral exploration properties totaling over 24,000 hectares on Vancouver Island, BC which are 100% owned by the Company, some subject to certain royalty requirements. 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.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, future mineral exploration activities, future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies. Often, but not always, forward-looking statements can be identified by the use of words such as "anticipates", "plans", "planning", "planned", "expected" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including the receipt of necessary regulatory approvals, that counterparties to material agreements will duly perform their obligations there under, the results of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE: Compliance Energy Corporation
For further information:
Greg Werbowski, Investor Relations at 604-689-0489