August 15, 2007
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (“the Company”) is pleased to announce that it has, as part of its recently commenced 2007 exploration and development program on its 100%-owned Blue River Tantalum-Niobium Project, encountered significant intersections of carbonatite in the first eight drill holes completed at the Upper Fir Deposit. To date, carbonatite has been intersected over a north-south strike length exceeding 1,000 meters. Total thicknesses in the eight drill holes completed during 2007 vary from 36 to 99 meters. These step-out holes have the potential to add significant tonnage to the known resources at the Upper Fir Carbonatite.
Assays are pending for these holes and drilling continues to the south of the known tantalum and niobium bearing Upper Fir Carbonatite. Drill sites are also planned to the east of the Upper Fir and to infill those portions of the carbonatite which are deemed to have the best combination of grade, thickness and location.
The 2007 exploration and development program which commenced on June 3, 2007, includes a targeted drill program at the Upper Fir Carbonatite and a regional exploration program designed to locate and assess new carbonatite bodies within the area. The work will include an aerial radiometric and magnetic survey and a targeted drill program to the east of the Verity Deposit (Switch Creek) where high grades of tantalum and niobium have been identified in soil samples.
Commerce Resources President Dave Hodge says, “The successful intersection of carbonatite in these 8 holes is exciting for the Company as we increase the size of the Upper Fir Carbonatite. Every new intersection has the potential to add significantly to the project as it develops.”
The Company has also expanded its previously announced contract with Garter Lee Limited, with the goal of accelerating the environmental programs that are currently on-going for the development of the Upper Fir Project. Gartner Lee is carrying out a series of environmental programs within the area of the Upper Fir.
On July 21, 2007, the Company also began an exploration program at its Eldor Carbonatite. The Eldor Carbonatite Complex is located in the Labrabor Trough area of Quebec, Canada. The program will include soil sampling, magnetic and radiometric surveys, and geologic mapping and sampling. It is anticipated that the exploration program will generate a number of drill-ready targets for the 2008 exploration season.
About Tantalum and Niobium
Tantalum is the metal with the highest capacitance known, which is the ability to hold and release instantaneously more electrical charge per gram than any other metal. As such, tantalum is essential to most electronic devices.
Niobium is an additive to the production of steel. A 2% alloy of niobium has the ability to triple the tensile strength of the steel, from a PSI (pounds per square inch) of 40,000 to 120,000. Niobium-alloyed steel is found in construction steel, oil and gas pipelines, nuclear plant pipelines, the automotive industry and aerospace.
About Commerce Resources Corp.
Commerce Resources Corp.’s stated goal is to become the world’s next source of tantalum and niobium. Commerce is the most active tantalum and niobium explorer in North America, with a focus on developing its Upper Fir Deposit.
Exploration to date at the Upper Fir deposit has outlined an indicated resource of 8.6Mt with 208.2 g/t Ta2O5 and 1,372.6 g/t Nb2O5 and an inferred resource of 5.5Mt with 208.2 g/t Ta2O5 and 1,349.9 g/t Nb2O5 (Gorham, 2007). 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 Fir is also host to an inferred resource of 6.7Mt with 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001). The Verity deposit, 10 km north of the Fir property, is estimated to host 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 for the deposits may be viewed in the company’s public disclosure on SEDAR.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
Tel: 604 484 2700
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 release include statements regarding the new drill holes having the potential to add significant tonnage to the known resources at the Upper Fir Carbonatite, the environmental programs for the development of the Upper Fir Project, plans to become the world’s next source of tantalum and niobium, developing the Upper Fir deposit into production, as well as being the most active tantalum and niobium explorer in North America. 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, but are not limited to, 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 property; that we may not complete environmental programs in a timely manner or at all; market prices for tantalum & niobium 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 and Analysis of its audited financial statements filed with the Ontario Securities Commission.