VANCOUVER, Oct. 20 /PRNewswire/ - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company" or "Commerce") is pleased to report that its joint venture partner Canadian International Minerals Inc. (TSXv: CIN) ("Canadian International") has commenced a minimum 1,000 metre diamond drill program on the Carbo Rare Earth Project in northeastern British Columbia.
The program is designed to drill at least 12 diamond drill holes from up to 6 drill sites. Drilling targets have been selected based on the results from a recently completed high resolution Aeroquest Radiometric-Mag survey (50 metre line spacing) and closely spaced auger soil geochemical sampling (25 metre grid).
Expansion of the 1,000 metre drilling program will be dependent on results and weather conditions. Core logging and storage facilities have been arranged in Prince George, B.C. to facilitate secure and timely data acquisition and sampling. Samples will be sent to ALS Chemex labs in North Vancouver, B.C.
The Carbo Property comprises seven claims totaling 2,778 hectares and is accessible by all-weather gravel roads. The project is located 80 kilometres northeast of Prince George, B.C. within the Wicheeda carbonatite camp and is directly adjacent to and contiguous with Spectrum Mining Corporation's Wicheeda rare earth element discovery. A map with the location of the Carbo claims and Spectrum's rare earth element discovery is posted at: http://www.commerceresources.com/s/Carbo.asp
The goal of the drilling program is to identify carbonatite hosted rare earth element and rare metal mineralization. Carbonatites and carbonatite related deposits are a major host for known and producing rare earth element deposits. Several of the world's largest rare earth element deposits and mines, including Lynas Corporation's (ASX: LYC) Mt. Weld deposit in Australia, and Molycorp Inc's (NYSE :MCP ) Mountain Pass deposit in the United States, are hosted by carbonatites.
Canadian International has the option to earn up to a 75% interest in the Carbo Project by paying Commerce $30,000 cash, issuing 1,500,000 common shares and incurring a total of $198,000 in exploration expenditures over a three year period. Commerce also retains a 2% NSR Royalty on the claims.
Appointment of Chief Financial Officer
Commerce is also pleased to announce the appointment of Jody Bellefleur as the Chief Financial Officer of the Company. Ms. Bellefleur is a CGA with over 14 years experience as a corporate accountant. Ms. Bellefleur was an accountant with a private manufacturing company for 12 years and more recently, has worked independently as an accountant for various publicly listed mineral exploration companies. Ms. Bellefleur is a graduate of the University of British Columbia with a Bachelor of Commerce degree, specializing in Accounting and has been a member of the Certified General Accountants Association of British Columbia since 1998.
NI 43-101 Disclosure
Jody Dahrouge, P.Geol, VP of Exploration and Director of the Company, a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Commerce Resources Corp.
Commerce Resources Corp. is an exploration and development company with a particular focus on tantalum, niobium and rare metal deposits with potential for economic grades and large tonnages. The Company is specifically focused on the development of its Upper Fir Tantalum and Niobium Deposit in British Columbia, its Eldor Rare Metal Project in northern Quebec and the Carbo Rare Metal Project in northern British Columbia.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
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.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future.
Forward looking statements in this news release include that the diamond drill program is designed to drill at least 12 diamond drill holes from up to 6 drill sites, that expansion of the 1,000 metre drilling program will be dependent on results and weather conditions, that core logging and storage facilities have been arranged in Prince George, B.C. to facilitate secure and timely data acquisition and sampling, that samples will be sent to ALS Chemex labs in North Vancouver, B.C. and that the goal of the diamond drill program is to identify carbonatite hosted rare earth element and rare metal mineralization.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices for tantalum & niobium and other rare metals may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties.
Readers should refer to the risk disclosures outlined in the Company's Management Discussion & Analysis of its audited financial statements filed with the British Columbia Securities Commission.
SOURCE Commerce Resources Corp.