TSX-V TRADING SYMBOL: CEC
VANCOUVER , March 21, 2013 /CNW/ -Compliance Energy Corporation ("Compliance" or the "Company) is pleased to announce that its subsidiary, Compliance Coal Corporation, on behalf of itself and its joint venture partners, I-Comox Coal Inc. (a subsidiary of Itochu Corporation of Japan ) and LG International Investments ( Canada ) Limited (a subsidiary of LG International Corp. of Korea) has commenced electronic submission and physical delivery of its joint provincial application for an Environmental Assessment certificate ("Application") and its Federal Environmental Impact Statement ("EIS") for the proposed Raven Underground Coal Mining Project (the "Project") on Vancouver Island, British Columbia. The filing process will be completed when Compliance Coal delivers printed and electronic copies of the over 12,000 page document, which are now being collated and distributed.
"The submission of the Environmental Assessment Application and EIS for the proposed Raven Underground Coal Mining Project marks another substantial milestone for the Company," said Compliance Coal President and CEO John Tapics. "The Environmental Assessment certificate is a key approval required for the Raven Underground Coal Mining Project and we are now progressing towards that goal on a legislated timeframe. We are confident that the Raven Underground Coal Mining Project can make a significant contribution to the economy of Vancouver Island, through the creation of approximately 350 full-time jobs and a significant number of spin-off jobs in an area that has had limited new private industry initiatives in the past few years."
The Application/EIS includes detailed descriptions of the Project, summaries of the studies conducted to assess baseline conditions, and an extensive analysis of potential direct, indirect and cumulative effects including activities proposed to mitigate those potential effects. The Application addresses key information on wildlife, freshwater and marine ecosystems, hydrology, hydrogeology, First Nations consultation, and economic opportunities; and is the result of several years of environmental field work and consultation. For the past several years, the Project team has engaged First Nation communities and Aboriginal groups, the public and other stakeholders to provide factual information on the Project and to obtain and incorporate feedback on the proposed Project design.
Once filed, the Application/EIS will be reviewed for compliance with the Project's Application Information Requirements/EIS Guidelines by the B.C. Environmental Assessment Office, the Canadian Environmental Assessment Agency and members of the Project's working group during a 30-day screening period. After this initial screening review is completed and if the Application is accepted it will be posted on the Government of British Columbia's Environmental Assessment Office website at www.eao.gov.bc.ca and the formal 180-day review period, as outlined in Provincial Legislation, will commence. After the review period, it will be considered by the Ministers for an Environmental Assessment certificate (a statutory 45 day process). Please note that these dates may be extended at any time upon the request of the Ministries. The federal government will coordinate the review of the EIS over a six month period running in parallel with the province.
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 Mining Project of which we are operator and 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
John Tapics
Chief Executive Officer
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