The original Lost Planet on 360 came out a month or two in Japan before the U.S. and European releases, back in December 2006. It has full English. I don't see why Colonies won't.
The biggest "LOL" from all of this is how Capcom just shits all over the (awful) PS3 version of the game with this release. They should have delayed it and made Colonies for the PS3 instead.