February 22, 2006
Commerce Resources Corp. (CCE - TSX Venture) (“Commerce”) announces that it has formed an advisory board to assist Commerce management with the development of its Blue River Tantalum/Niobium Project. The initial members of the board are Mr. Charles Pitcher, P.Eng and Mr. Jeffrey Austin, P.Eng.
Charles Pitcher, P.Eng. brings to Commerce over 35 years of experience in senior executive and management positions in civil construction and mine development. He has worked throughout North America, Africa and the former Soviet Union on the underground and open-pit mining of base and precious metals and coal. In 2002, Mr. Pitcher joined Western Canadian Coal Corp. (TSX: WTN) as Chief Executive Officer to oversee the completion of feasibility studies and production. Mr. Pitcher currently heads up the management of their joint venture with NEMI (Northern Energy & Mining Inc.), formed to continue the exploration and development of the Saxon and Belcourt coal properties located in British Columbia.
With his significant experience in project development in British Columbia, Mr. Pitcher will be instrumental in bringing a practical approach to developing the Blue River project. His knowledge will help to maximize the existing opportunity to the benefit of shareholders.
As compensation for services to be rendered to the advisory board, Commerce has granted incentive stock purchase options to Mr. Pitcher under the company’s stock option plan for a total of 300,000 common shares at an exercise price of $0.18 for a period of 5 years. Mr. Pitcher will also receive consulting fees from Commerce for services rendered.
Jeff Austin, P.Eng. is a graduate of the University of British Columbia in mining and mineral process engineering, and has worked within the industry for over 25 years. He managed International Metallurgical and Environmental Inc., a company providing technical services to the mining industry. Significant metallurgical test work on the Blue River Carbonatites has been completed at the International Metallurgical and Environmental Inc.’s facilities under Mr. Austin’s supervision. He is currently the president of Western Canada Limestone Ltd.
As a member of the advisory board, Mr. Austin will actively participate in metallurgical investigations, lab work, analysis and reporting. In addition, he will play a key role in planning and supervising work on the Company’s pending commercial bulk sample program at the Blue River property.
As compensation for services to be rendered to the advisory board, Commerce has granted incentive stock purchase options to Mr. Austin under the company’s stock option plan for a total of 300,000 common shares at an exercise price of $0.18 for a period of 5 years.
These key appointments and the formation of the advisory board underline the Company’s successful execution of development plans to date and are in accordance with Commerce’s long term objectives. “I look forward to working closely with the Commerce advisory board. Their experience and industry background will help us more aggressively exploit the excellent opportunity for fast-track development at our Blue River property at this time,” said Company president David Hodge.
The Company plans to make further appointments to its advisory board as warranted by the ongoing development of its Blue River property and future projects.
About Commerce Resources Corp.
Commerce Resources Corp. continues to maintain its focus on the development and exploration of its Fir and Verity tantalum and niobium projects covering 49 square kilometers in British Columbia, Canada. The Company is one of the most active tantalum explorers in North America, conducting detailed exploration of its Fir and Verity deposits. Exploration to date at the Fir deposit has outlined an indicated resource of 5.65Mt with 203.1g/t Ta2O5 and 1,047g/t Nb2O5 (Verzosa, 2003). The Verity deposit, 10 km north of the Fir property, is host to an inferred resource of 3.06Mt with 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001). Detailed information on both resource estimates may be viewed in the company’s public disclosure on SEDAR. Commerce Resources Corp. trades on the TSX Venture Exchange under the symbol “CCE”.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.