Business
East Energy acquires Thermal Coal Project
TSX-V symbol: EEC /NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR FOR DISSEMINATION IN THE UNITED STATES/
About this update from Canada Rare Earth Corp.
[{"type":"text","content":"\n\n\n\nTSX-V symbol: EEC\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR FOR DISSEMINATION IN THE\n\n\nUNITED STATES/\n\n\nVANCOUVER, June 26 /CNW/ - East Energy Corp. (the "Company" or "East\nEnergy") (TSX-V: EEC) is pleased to announce the acquisition of 100% ownership\nof the Hinton Coal Property (the "Hinton Property") in the Foothills Region of\ncentral Alberta. The Hinton Property is a surface mineable deposit and is in a\nland use area classified as category four which is the most favourable for\nresource development in Alberta. The following in-place resource estimates\nwere reported in a NI43-101 Technical Report independently prepared for the\nprevious owner by Norwest Corporation, authored by Ted Hannah (P.Geol.) and\nCraig Acott (P.Eng.). An updated 43-101 report will be filed within 45 days.\n\n\nEast Energy acquired 100% mineral rights to the property for C$1,000,000,\nwhich will be paid in a lump sum, plus a 5% net profits royalty on any sales\nof coal from the property. A finder's fee consisting of 50,000 common shares\nof East Energy is payable.\n\n\nIn-Place Coal Resources Suitable for Surface Mining to 12:1 Strip Ratio\n-----------------------------------------------------------------------\n (tonnes)\n --------\n-------------------------------------------------------------------------\n Measured Indicated Inferred\n-------------------------------------------------------------------------\nHV C Bituminous 47,032,000 2,557,000 161,000\n(thermal)\n-------------------------------------------------------------------------\n\nIn-Place Coal Resources Suitable for Surface Mining from 12:1 to 20:1\n---------------------------------------------------------------------\n Strip Ratio\n -----------\n (tonnes)\n --------\n-------------------------------------------------------------------------\n Measured Indicated Inferred\n-------------------------------------------------------------------------\nHV C Bituminous 33,339,000 23,838,000 8,559,000\n(thermal)\n-------------------------------------------------------------------------\n\n-------------------------------------------------------------------------\n Measured and Indicated Inferred\n-------------------------------------------------------------------------\nTotal Resources 106,766,000 8,720,000\n-----------------------------------------...