October 10, 2006
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (“Commerce”) is pleased to announce that it has oversubscribed its previously announced private placement of units. Commerce has placed a total of 12,944,477 units, at a price of $0.30 per unit, for total proceeds of $3,883,343. Each unit consists of one common share and one share purchase warrant which will entitle the holder to purchase one common share of the Company at a price of $0.45 per share for a period of one year.
Commerce recently received TSX approval on the first tranche of 9,517,478 units, which were issued on September 25, 2006. The second and final tranche of 3,426,999 units is subject to the approval of the TSX Venture Exchange. A finder’s fee may be payable in accordance with the policies of the TSX-V.
The proceeds will fund Commerce’s ongoing exploration and development on the 100% owned Blue River Tantalum/Niobium Project and for general working capital. Commerce anticipates closing the final tranche of the private placement shortly.
About Commerce Resources Corp. (http://www.commerceresources.com)
Commerce Resources Corp. is focused on the development and exploration of its Fir and Verity tantalum and niobium projects covering 49 square kilometers in British Columbia, Canada. Commerce 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 Fir is also host to an inferred resource of 6.7Mt 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 estimated 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.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.