VANCOUVER, July 5, 2012 /PRNewswire/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the "Company") announces that, further to its news release of May 24, 2012, it has filed its National Instrument 43-101 Technical Report entitled, "Preliminary Economic Assessment, Ashram Deposit for Commerce Resources Corp." ("PEA") dated July 5, 2012, on SEDAR at http://www.sedar.com. The report has also been posted to the Company's website here.
The following Qualified Persons for the PEA, as defined by National Instrument 43-101, are SGS Geostat employees, based out of Montreal (Blainville): Gaston Gagnon, Principal Mining Engineer, Ing. and Gilbert Rousseau, Principal Metallurgical Engineer, Ing. The findings of the PEA indicate that the deposit can be developed economically as an open-pit mine and recommends future work applicable to the pre-feasibility and feasibility phases of economic evaluation. The Eldor Property is located within the Labrador Trough, northeastern Quebec, approximately 130 kilometers south of the community of Kuujjuaq.
About Commerce Resources Corp.
Commerce Resources Corp. is focused on building shareholder value through the discovery and development of Canadian rare metal and rare earth element deposits. Commerce's principal assets are its Blue River Tantalum-Niobium Project in British Columbia and its Eldor Rare Earth Project in Quebec. Commerce Resources Corp. trades on the TSX Venture Exchange under the symbol "CCE", the Frankfurt Stock Exchange under the symbol "D7H" and the U.S. OTCQX under the symbol "CMRZF."
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information which are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include that that the Ashram deposit can be developed economically as an open-pit mine and recommends future work applicable to the pre-feasibility and feasibility phases of economic evaluation; and that we can build shareholder value through the discovery and development of Canadian rare metal and rare earth element deposits. These forward-looking statements are based on the opinions and estimates of management and its consultants at the date the information is disseminated. They are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include changing costs for mining and processing; changing forecasts of mine production rates; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work; the availability of labour, equipment and markets for the products produced; market pricing for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
SOURCE Commerce Resources Corp.