Colonial Coal Announces Combined Results of Recent Preliminary Economic Assessments for Its Flatbed and Huguenot Projects
Press Release
Vancouver, B.C., Canada – January 8, 2019 – Colonial Coal International Corp. (TSX-V: CAD) (the “Company” or “Colonial Coal”). David Austin, Colonial Coal’s President and CEO, is pleased to announce that on December 21, 2018, the Company filed on SEDAR a Technical Report, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Properties (“NI 43-101”) requirements, detailing the results of the recently completed Preliminary Economic Assessment (“PEA”) for the Gordon Creek Project (“ Gordon Creek”) that forms part of the Company’s 100% owned Flatbed metallurgical coal property located approximately 27 kilometres south-southeast of Tumbler Ridge in northeast British Columbia. Highlights of the Gordon Creek PEA Technical Report were previously reported by Colonial Coal in a news release dated November 12, 2018.
The PEA for the Gordon Creek Project is the second such study to be completed for Colonial Coal’s coking and metallurgical coal projects during 2018; the first being that for the Huguenot coking coal Project (“Huguenot”), previously reported by Colonial Coal in a news release dated July 10, 2018. Selected highlights from the PEA’s of both Projects are re-presented below. For additional information, the reader is directed to the news releases stated above and the PEA Technical Reports filed on SEDAR on December 21, 2018 and August 2, 2018 for the Gordon Creek and Huguenot Projects, respectively.
Gordon Creek Project PEA
The Gordon Creek Project PEA Technical Report was prepared by Stantec Consulting Services Inc. (“Stantec”). In summary, Stantec used previously reported (November 27, 2017 and January 16, 2018 and by way of corresponding NI 43-101 Technical Report filings) metallurgical coal resources (reported by Norwest Corporation (“Norwest”)), developed a conceptual mine plan to exploit the coal resources using underground mining methods and prepared scoping-level cost estimates and economic analyses. In the highlights presented below, all costs are in US dollars; where Canadian dollar equivalents are provided, they have been converted using an exchange rate of US$1.00 equals CAD$1.30.
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