Colonial Coal Substantially Increases Resources at Huguenot
July 18 2012 - 1:07PM
Marketwired Canada
Colonial Coal International Corp. (TSX VENTURE:CAD) (the "Company" or
"Colonial") has received the results of an independent resource estimate for its
100% owned Huguenot coking coal project located in northeast British Columbia.
These estimates have been determined using a 0.60 meter true thickness cut-off.
Measured plus Indicated resources of 92.2 metric tonnes (Mt) represent an
increase of 104% over previously reported resources (45.2 Mt) in these
categories as set forth in a National Instrument 43-101 Standards of Disclosure
for Mineral Properties ("NI 43-101") technical report filed on SEDAR on August
18, 2010. Additional Inferred resources total 38.2 Mt, representing an increase
of 271% over the previous reported Inferred resource estimate of 10.3 Mt. The
current resource estimate cover the entire main target of the Huguenot deposit
(North, Middle, and South Blocks) while the previous tonnage was for the North
Block only.
The current resource estimations have been conducted by Norwest Corp. in
conjunction with the preparation of a NI 43-101 technical report for the
property's main coking coal targets contained within the Gates Formation coal
measures. The technical report will be completed within 45 days and filed on
SEDAR.
The resource estimate is presented below:
Resource Estimates
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Block Measured (Mt) Indicated (Mt) Demonstrated (Mt) Inferred (Mt)
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North 43.6 7.3 50.9 -
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Middle 36.6 4.7 41.3 5.3
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South - - - 32.9
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Total 80.2 12.0 92.2 38.2
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Norwest has also identified potential underground mineable coal tonnes in the
range of 60 Mt to 80 Mt and are currently investigating the possibility that
some of these tonnes may be suitable for classification in accordance with NI
43-101 guidelines.
David Austin, President and CEO of Colonial, commented on the results. "This a
major step forward for the company and its shareholders. The results are in line
with our expectations and significantly increase the asset value of the
property. We have commenced this year's exploration program and environmental
baseline studies and data collections are ongoing. I would like to thank our
technical staff and independent consultants for another job well done."
This press release has been reviewed by Warren Evenson of Norwest Corporation, a
Professional Geologist and a Qualified Person, as defined in NI 43-101.
About Colonial Coal International Corp.
Colonial is a publicly traded pure-play coking coal company in British Columbia.
The northeast Coal Block of British Columbia, within which our Company's
projects are located, hosts a number of proven deposits and has been the subject
of M&A activities by Xstrata, Walter Energy, Anglo and others.
Additional information can be found on the Company's website www.ccoal.ca or by
viewing the Company's filings at www.sedar.com.
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