Colonial Coal International Corp. (TSXV:CAD) announced that the British Columbia Ministry of Energy and Mines has issued 26 new coal licenses for its Huguenot and Flatbed and properties. The ministry is currently conducting a review of Colonial Coal’s application for a work permit which would allow the company to conduct exploration activities on its Flatbed property.
As quoted in the press release:
- seven such licenses now form the Company’s Flatbed property and 19 licenses have been added to the original 13 licenses that previously formed the Company’s Huguenot property;
- the Flatbed licenses cover 9,077 hectares and include the main targets reported in the Company’s January 29, 2013 news release;
- the 19 coal licenses issued for the Huguenot property principally cover potential down-dip extensions to previously defined and reported resources plus additional resource potential east of the currently defined deposit; most of these new licences are located along trend from other coal projects located to the northwest; and
- MEM’s review of the Company’s Notice of Work application for a Work Permit to undertake exploration of the Flatbed property is in process.
Colonial CEO, David Austin, said:
We are very pleased that our hard work, dedication and outreach to local First Nations, all levels of Government and stakeholders over the past five years has resulted in the confidence required for Government to issue these new and highly prospective coal licenses. These new coal licenses are among the largest blocks to be issued in the last five years in northeast B.C. and are a good news coal story in this current short-term down cycle. Colonial’s staff will now focus on the review and development of potential exploration plans related to these new licenses while we await a decision from MEM on the pending Work Permit for Flatbed. Colonial continues to be committed to work with local First Nations, communities and stakeholders to seek their input and guidance with respect to our exploration and development of these properties.
Get The Latest "Coal Price Forecast And
INN is the only resource online to offer an exclusive investor's report on coal investing and the global coal market (value: $49) – For FREE.
Coal Stocks To Buy" Report -
Yes, I want my free report.
Click here to download for free.