Columbus Energy Limited: Progress Towards Joint Venture on Jan Kanty Coal Mine in Poland
VANCOUVER, BRITISH COLUMBIA, Sep 06, 2011 (MARKETWIRE via COMTEX News Network) -- Columbus Energy Limited (TSX VENTURE: CEL) (the "Company") is pleased to announce positive progress regarding the right of first refusal it has with Vesado Limited, a Cyprus based company, which is currently making an application to reopen the Jan Kanty coal mine in the Upper Silesian region of Poland through its wholly owned local subsidiary S.W.J. of Jaworzno and Warsaw. The Company involvement was first disclosed in the Company news release of August 23, 2010 and in subsequent Management Discussions. Last year S.W.J. bought from the Ministry of the Environment the mine's geological and technical data following which S.W.J. contracted Mr. Markowski of KPG in Katowice and Professor Barbara Tora of AGH in Krakow to carry out a feasibility study to support the submission of an application to re-open Jan Kanty. This analysis, carried out over the last 10 months, has provided the basis for an environmental impact study, which has now been submitted to the City of Jaworzno, where the mine is located. On the 29th of August a call for objections on environmental grounds was posted in the City Hall of Jaworzno. This remains in place until September 28th. S.W.J. remains confident that its professional approach which incorporates a strong emphasis on protection of the environment will meet with success and be beneficial to all parties concerned. The Jan Kanty mine is situated in the Jaworzno District, South East of the town of Sosnowiec in Upper Silesia Poland. The mine license area covers 30 square kilometers and is bounded by surrounding mine license areas. Jan Kanty ceased production in August 2000 as mining coal was then uneconomic. The men and materials shaft (Witold I) is still operative with all winding equipment still working. The shaft depth is 270 meters and all equipment and cables are reportedly in reasonable condition. The office block and workshops are all still serviceable and the majority of the mine buildings are still standing and functional. The skip winding shaft (Witold II) which would carry coal and rock waste is also still open, but all winding equipment has been removed. The power/switchgear house for the mine has 12Mw capacity and is in operating condition. To prevent flooding underground, water from the mine is still being pumped to the surface. All ventilation fans are said to be operative. The logical customer for the coal from Jan Kanty is the local Jaworzno III power plant which is located two kilometers away. The neighbouring mine at Sobieski transports its coal to this plant by rail. The Company is in advanced negotiations with S.W.J. to form a joint venture for the development of the Jan Kanty coal mine. This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements. Neither 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. Contacts: Columbus Energy Limited Douglas W. Scheving Director and Corporate Secretary 1 604 684 7619 1 604 684 7346 (FAX) SOURCE: Columbus Energy Limited Copyright 2011 Marketwire, Inc., All rights reserved. |