East Energy Updates Corporate Activities
10 Enero 2008 - 2:16PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: EEC) is pleased to
provide an update and overview of recent corporate activities.
Update on QSRD Acquisition
East Energy is continuing to work with China Minmetals Corp.
("China Minmetals") to obtain approval for the Company's agreement
to acquire a 49% interest in Qinghai Sinomine Resource Development
Co., Ltd. (QSRD) from China Minmetals. Discussions are still
ongoing between China Minmetals, the other shareholders in Zhong'ao
and the Quinghai Government. The agreement has been approved by the
TSX Venture Exchange, and requires the approval of the Chinese
regulatory authorities to proceed. Details of the agreement are
discussed in a press release dated March 15, 2007.
QSRD holds a 26% equity interest in the Zhong'ao Joint Venture.
Zhong'ao holds exploration licenses for four blocks of property,
including the QSRD exploration license block, in the Jiangcang
Basin. Chinese government officials estimate that the Jiangcang
Basin contains over 1.7 billion tonnes of metallurgical coal.
Zhong'ao also holds a mining license on one of the four blocks,
permitting the extraction of 900,000 tonnes per year.
A technical report prepared in compliance with National
Instrument 43-101 estimates an inferred resource of 311.5 million
tonnes of metallurgical coal in the four blocks that is potentially
surface-mineable. For any interested party, the technical report
can be viewed through the Company's website or accessing SEDAR.
East Energy's potential share of the 311.5 million tonnes of
inferred metallurgical coal resource is 39.6 million tonnes.
A 40-hole drilling program is being conducted on the QSRD
license area. Drilling is being carried out by QSRD and its parent
company, China Minmetals, and is designed to assist in upgrading
estimates of the extent and quality of metallurgical coal resources
on the property.
"This continuing progress in the development of the QSRD
property will augment East Energy's understanding of the geology of
the site, giving us a more detailed picture of the structure of the
metallurgical coal deposits in the license area," said Howard
Ratti, President and CEO of East Energy.
The drill program is being conducted according to Chinese
technical requirements, and would be subject to independent
verification to be 43-101 compliant.
Acquisition Strategy
East Energy continues to investigate coal projects, including
metallurgical coal properties in Qinghai province and in other
areas in China. Several of these opportunities exhibit particularly
strong potential and are being actively pursued. The Company
continues to evaluate both metallurgical and thermal coal property
acquisitions in North America.
Worldwide Coal Industry
Meanwhile, demand for coal remains strong both in China and
internationally. The annual contract price of metallurgical coal
may rise to a record US$140 per tonne by April 1, 2008, up from $98
this year, according to an October, 2007 report issued by Goldman
Sachs JBWere Pty Ltd, the Australian affiliate of the world's
largest securities firm. Thermal coal is also seeing strong demand.
According to the Goldman report, the price of thermal coal may rise
35% to $75 per tonne in 2008, from $56 a tonne this year.
US Registration
The Company is pleased to announce that in early December 2007
it became registered with the United States Securities and Exchange
Commission under the 12(g) exemption of the Securities Exchange Act
of 1934. This registration will help to broaden the Company's
investor base.
About East Energy
East Energy Corp. is a Canadian junior mining company engaged in
the acquisition and development of coal properties in China and
North America. Additional information is available on the East
Energy web site at www.eastenergy.com. East Energy trades on the
TSX Venture Exchange under the symbol EEC.
ON BEHALF OF THE BOARD:
Howard Ratti, President and CEO
This News Release contains forward-looking statements.
Forward-looking statements are statements which relate to future
events. In some cases, you can identify forward-looking statements
by terminology such as "may", "should", "expects", "plans",
"anticipates", "believes", "estimates", "predicts", "potential" or
"continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our or our industry's actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our
current judgment regarding the direction of our business, actual
results will almost always vary, sometimes materially, from any
estimates, predictions, projections, assumptions or other future
performance suggested herein. Except as required by applicable law,
including the securities laws of the United States, the Company
does not intend to update any of the forward-looking statements to
conform these statements to actual results. Readers are referred to
the sections entitled "Risk Factors" in the Company's periodic
filings with the British Columbia Securities Commission, which can
be viewed at www.SEDAR.com.
The TSX Venture Exchange has neither reviewed nor accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Primoris Group Investor Relations 1-866-437-9552
Email: info@eastenergy.com Website: www.eastenergy.com
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