Compliance Energy Corporation to aquire Canadian power plant site
Compliance Energy Corporation (Compliance) announced that Copper Mountain Mining Corporation (CMMC) has closed on the purchase of 100% of Similco Mines Ltd, which includes the site of Compliance's proposed 56 MW coal and wood waste power plant.
Compliance owns 4 million shares or approximately 30% of CMMC, which recently completed a $4.4 million financing at $1 per share. CMMC is a private BC exploration Company planning to go public in the first half of 2007.
CMMC is now staffing an exploration crew and has mobilized exploration equipment to the site and will commence with an initial 21,000 meter drilling program. The exploration program is designed to confirm and expand the reported copper resource at the Similco Mine Site. Exploration drilling is expected to commence in the first half of January once the exploration permit is received.
Compliance is a Canadian mining company that has significant coal interests on Vancouver Island.