VANCOUVER,
Oct. 10, 2012 /PRNewswire/ -
Compliance Energy Corporation ("Compliance" or the "Company) is
pleased to announce that Mr. Stephen
Ellis has been hired and appointed Vice President,
Operations, for Compliance Coal Corporation. Compliance Coal in a
wholly-owned subsidiary of the Company, and holds a 60% 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.
Mr. Ellis began his extensive coal mining
career, spanning more than 30 years, in the United Kingdom where he worked in both
operational and technical roles in several underground coal mines
before relocating to Australia in
2006 to Rio Tinto's Kestrel Mine. In late 2010, Stephen moved to
the Pike River Coal Mine in New
Zealand as Production Manager and then as Mine
Manager. Mr. Ellis holds a First Class Mine Manager's
Certificate of Competency in the United
Kingdom and New Zealand
with mutual recognition of these in Australia.
"We are delighted to have Stephen join our team"
stated John Tapics, President &
CEO. "His extensive experience in underground coal mining
operations in multiple jurisdictions is a rare commodity. We will
be able to draw on his experience and knowledge to begin to build
and train a team of other professionals as we advance the Raven
Project."
In conjunction with this appointment, the Board
of Directors has approved the grant of 150,000 stock options to Mr.
Ellis at an exercise price of $0.10
per share. The options have a five year term and are subject to
vesting over 36 months with one-third of the options vesting each
year.
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 24,000 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 the 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 "anticipates", "plans", "planning",
"planned", "expected" 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
