Simpcw First Nation and Commerce Resources Corp. Sign Innovative Mineral Exploration Agreement

Oct 25, 2010, 14:37 ET from Commerce Resources Corp.

VANCOUVER, Oct. 25 /PRNewswire/ - The Simpcw First Nation and Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company" or "Commerce") today announced the signing of an innovative Exploration Agreement for the Blue River Tantalum/Niobium Project located in the Kamloops Mining Division of British Columbia, approximately 10 km north of the town of Blue River in the heart of the Simpcw First Nation's traditional territory. 

The Agreement formalizes a process for ongoing dialogue between the Simpcw First Nation and the Company regarding all exploration activities planned for the Blue River property, recognizing the cultural, traditional heritage and environmental interests of the Band, while ensuring that benefits from the project are realized by Band members.

Traditionally, First Nations become involved in exploration projects during advanced stages of mineral exploration, usually during the feasibility stage once the deposit has been defined.  This agreement provides both the Simpcw First Nation and Commerce Resources Corp. with an opportunity to work closely together during the grassroots exploration phase to ensure their mutual interests are respected and met.  In particular, the Agreement calls for the Simpcw First Nation Band Council and Commerce Resources Corp. representatives to conduct a joint review every spring prior to commencing exploration and in the fall to review the field program in order to address and mitigate any concerns or impacts.  Commerce has also agreed to work closely with the Band to maximize training and employment opportunities for Simpcw members.

"It is extremely important for members of the Simpcw First Nation that our land and our rights are respected." said Chief Keith Matthew. "We appreciate that Commerce has made the effort to meet with us early in their exploration program, have listened to us, and recognize and respect our concerns. This Agreement provides a solid foundation for a positive and mutually beneficial working relationship between the Simpcw and Commerce Resources through constructive dialog and meaningful input into industrial activities in our traditional territory."

The Simpcw First Nation and Commerce have worked closely over the past year to finalize this Exploration Agreement.  The Agreement ensures that the Simpcw First Nation's concern about the environmental health of their traditional territory is honoured during all phases of mineral exploration and that there will be a focus to train and hire people from the community. The Agreement also provides Commerce with the confidence that its investors seek that there is support from the Simpcw First Nation as the company advances the Blue River project.

"We are honoured to enter into this Agreement with the Simpcw First Nation." said David Hodge, President & Director, Commerce Resources Corp. "Our joint commitment to work cooperatively provides an added degree of certainty to our business plan as we continue to move this project forward in an environmentally responsible manner."

About Simpcw First Nation

The Simpcw are a culturally proud community that values healthy, holistic lifestyles based upon respect, responsibility and participation in growth and education. They are taking steps to have their aboriginal right to their traditional territory recognized by provincial and federal governments. The administration is governed by the Band Council which oversees the social, educational and economic development of the membership. 

Today about half of the over 600 Simpcw people live on the Simpcw First Nation Indian Reserve at Chu Chua just north of Barriere and on the Louis Creek Reserve.  Many Band members are employed in the forest industry as mill workers and loggers.

Simpcw people value their positive relationships with non-Native people in the North Thompson and Robson Valleys.  They also recognize that their key strength lies in maintaining links to their traditional heritage and look forward to securing a place for their children in contemporary society that they can embrace with pride.

About Commerce Resources Corp.  

Commerce Resources Corp. is a mineral exploration and development company with a particular focus on tantalum, niobium and rare metal deposits that have the opportunity for environmentally-sound and economically-viable development.   The Company is specifically focused on the development of its Upper Fir deposit on its Blue River Tantalum/Niobium Project in British Columbia, Canada. Commerce has sufficient capital to continue to evaluate the economic potential of this deposit.

About Tantalum and Niobium

Tantalum is essential for the design and manufacture of most electronic items such as mobile phones, laptop computers, and iPods, as the material is used to make the electronic capacitors that regulate the flow of electricity in these products. Tantalum has the highest capacitance (defined as the ability to hold electricity per gram) of any other material, and tantalum capacitors allow for product miniaturization. Importantly, tantalum products from Blue River would qualify as ''ethically-produced products'' from a certifiably conflict-free area. 

Niobium is used in specialty steel products such as pipelines, bridges, buildings and in automotive and aeronautics components.

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 Exploration Agreement provides the Simpcw First Nation and Commerce Resources Corp. with an opportunity to work closely together during the grassroots exploration phase to ensure their mutual interests are respected and met; that the Simpcw First Nation Band Council and Commerce Resources Corp. representatives will conduct a joint review every spring prior to commencing exploration and in the fall to review the field program in order to address and mitigate any concerns or impacts; that Commerce has agreed to work closely with the Band to maximize training and employment opportunities for Simpcw; that the Agreement ensures that the Simpcw First Nation's concern about the environmental health of their traditional territory is honoured during all phases of mineral exploration; that there will be a focus to train and hire people from the community; and that the Company will have the confidence that its investors seek that there is support from the Simpcw First Nation as the Company advances the Blue River Project.

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./

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SOURCE Commerce Resources Corp.