LG International, Itochu Corp and Compliance Energy Finalize Terms of Comox Joint Venture

Vancouver-based Compliance Energy Corporation announced that it has executed through its wholly-owned subsidiary, Compliance Coal Corporation, agreements for joint venture, management and operations services and marketing services with I-Comox Coal Inc. and LG International Investments (Canada) Ltd. to form the Comox Joint Venture (CJV). I-Comox and LG are the respective wholly-owned subsidiaries of Itochu Corporation of Japan and LG International Corp. of South Korea. Compliance will own 60% of the CJV while Itochu and LG will each own 20%. The formation of the CJV follows the C$11.3 million joint-acquisition of 29,000 ha. of freehold coal, mineral, and gas interests on Vancouver Island from West Fraser Mills Ltd.