Compliance Energy receives Camp Lake Property exploration permit
TSX-V TRADING SYMBOL: CEC
VANCOUVER, Sept. 7, 2011 /PRNewswire/ - Compliance Energy Corporation ("Compliance" or the "Company) is pleased to announce that it has now received an exploration permit from the Government of British Columbia's Ministry of Energy and Mines for the Company's Camp Lake Project. The Camp Lake Property covers 3,442 hectares, is located 25 kilometres west of Campbell River British Columbia, and is situated on the flank of an intense circular aeromagnetic high measuring 10 kilometres in diameter.
During 2010, the Company conducted ground based exploration consisting of prospecting geological mapping and soil and rock geochemistry. The 2010 exploration program confirmed the existence of elevated values of copper, silver, molybdenum and iron in both outcrop chip samples and select grab samples of mineralization. A new copper discovery in outcrop was made in 2010, and an iron skarn deposit was mapped, sampled and identified as the probable source of the Willis Magnetic Anomaly discovered in a 1951 aeromagnetic survey.
Earlier in 2011, the Company expanded the soil grid and continued prospecting and geological mapping surrounding the Willis Anomaly. An additional 467 soil samples were taken on 50 metre centres to expand the grid to 717 samples over a 1.5 by 2 km area. Co-incident trends of elevated copper and molybdenum values in soils are apparent across the grid. Three new copper discoveries were made in 2011, yielding values of 1.73%, 1.19% and 0.87% Cu from select outcrop grab samples.
The Company has engaged exploration consultants and field teams and has hired a drilling contractor. The fully-funded exploration budget for Camp Lake is estimated at $325,000 and over the next two months the Company plans approximately 1,000 metres of diamond drilling on the property.
Mr. Dan Berkshire, Director of Exploration and Project Development with the Company, will manage the 2011 Exploration Programs. Jacques Houle, P.Eng. is the Qualified Person for reporting purposes, and has reviewed the contents of this news release.
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 Project of which we 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 22,000 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
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.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, future mineral exploration activities, future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including the receipt of necessary regulatory approvals, that counterparties to material agreements will duly perform their obligations there under, the results of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Compliance Energy Corporation
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