HPC Market Watch
PRINCE RUPERT, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2012) - Colonial Coal International Corp. (TSX VENTURE:CAD) -
Watson Island Development Corporation (WatCo) confirmed today that it has presented an offer to purchase the former Skeena Cellulose pulp mill properties in Prince Rupert and Port Edward. The offer is subject to a number of conditions.
"We are offering $5 million to Prince Rupert and $500,000 to Port Edward for land and assets in those communities," says Perry Braun, CEO and President of WatCo. "Our plans are to develop a seaport terminal and industrial park on Watson Island near Prince Rupert."
Once operational, the new terminal will enhance Pacific Gateway trade activities in Prince Rupert.
"A new shipping terminal will contribute to Prince Rupert's reputation as a trade gateway to Asia," says Mayor Jack Mussallem. "It will create permanent direct and indirect jobs and significantly expand the city's industrial tax base."
Sale conditions include the development, approval and funding of a remediation plan for the land, which is contaminated as a result of decades of pulp mill operation. WatCo has offered to fund the planning process and make a significant contribution to the cleanup, pending provincial government approval.
Other conditions include the notice requirements of the local governments, resolution of current court actions against the local governments by the former owner, and historic licensing and regulatory issues.
Watson Island Development Corporation is a limited company incorporated in British Columbia in 2012 for the purposes of this project. It represents a unique collaboration of First Nations, Lax Kw'alaams and Metlakatla, with Colonial Coal International and Hillsborough Resources.
Additional information can be found on the Company's website www.ccoal.ca or by viewing the Company's filings at www.sedar.com.
Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and except as required by law, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.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.
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