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