Colonial Coal Received Additional Interest in JV to Acquire Watson Island Site

Colonial Coal International Corp. (TSXV:CAD) announced that they have received an additional interest in a joint venture with the end goal of acquiring the Watson Island site.

As quoted in the press release:

As a result of the acquisition, the Company is now solely responsible for the obligations of the Coast Tsimshian Nation to compensate the City of Price Rupert for land expenses from December, 2012 onwards in accordance with the terms of the Exclusivity Agreement. It is anticipated that such payments will be made for the term of the Watson Island Land feasibility investigation although, under the MOU, the Company retains the right, in its sole discretion, to terminate the payments at any time.

To view the whole press release, click here.