January 18, 2010
As a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure.
January 18, 2010 - Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the “Company”) wishes to clarify its news release of November 24, 2009 regarding its updated independent resource estimate for its Upper Fir Deposit, Blue River Project, British Columbia, as well as its news release of December 21, 2009 regarding the Eldor Project in Northern Quebec.
Upper Fir Deposit, Blue River Project, BC:
The Company has been asked to clarify its news release of November 24, 2009 by including a base case mineral resource estimate, which is highlighted in the table below.
Caracle Creek International Consulting Inc. (“CCIC”) of Toronto, Ontario used all data available from exploration drilling programs carried out on the Upper Fir from 2005 through the end of 2008 to complete three dimensional (“3D”) geological modeling and provide a resource estimation. Data was drawn from a total of 153 drill holes totaling 30,648 metres (“m”), which cut the Upper Fir carbonatite.
The results of the resource estimate, reported with a 175 g/t Ta2O5 cut-off, show that the Upper Fir contains an Indicated resource of 7,384,000 tonnes with a grade of 217 g/t Ta2O5 and Nb2O5 grade of 1,202 g/t (3,533,000 and 19,568,000 lbs of contained Ta2O5 and Nb2O5, respectively). Inferred resources at the same cut-off include 16,494,000t of 213 g/t Ta2O5 and 1,222 g/t Nb2O5 (7,746,000 and 44,436,000 lbs of contained Ta2O5 and Nb2O5, respectively).
A summary of the Upper Fir resource estimate based on data to the end of 2008 follows:
|Tonnes > Cutoff (T)||Grade (gpt) Ta2O5||Contained lbs Ta2O5||Grade (gpt)|
|Contained lbs Nb2O5|
• The 175 g/t cut-off reporting base case is highlighted.
• Mineral resources which are not mineral reserves do not have demonstrated economic viability.
• Not all tonnage will be recovered in mining, nor will all tantalum and niobium values be recovered during milling and processing.
• 1 tonne = 2,204.6 pounds (lbs)
• Tonnes and pounds rounded to the nearest 1,000
The resource comprises a series of sill-like carbonatite bodies with up to 91.2m in estimated cumulative true thickness. This composite body extends more than 1,450m in a north-south direction and as much as 800m in an east-west direction. Tantalum and niobium are contained in the minerals pyrochlore and ferrocolumbite, which are present as microscopic grains as well as megascopic composite grains that exceed one centimetre in diameter.
In 2009, a further 5,587m of drilling (22 holes) were completed at the Upper Fir adding to the previous (2005 to 2008) total of 30,648m for a grand total of 36,235m in one hundred and seventy five holes. The 2009 drilling included both infill and step-out holes. The program was completed on September 10, 2009 and results are pending. When received in total, they will be used to update the resource model.
Resource Estimation Methodology
Geological and resource modeling was completed using Gemcom Surpac v6.1.3, 3D modeling software. Assay data were composited to 1m from a total of 153 holes (2005-2006: 21 holes; 2007: 18 holes; 2008: 114 holes) drilled in the area of the Upper Fir mineralization. The grade of blocks measuring 20m by 10m by 5m was estimated using the inverse distance squared method, with a flat-lying search ellipse oriented along 180°.
Specific gravity was modeled using an inverse distance method (average SG = 3.125) to estimate tonnage.
Indicated resources are those where the average distance between points used to estimate grade was less than or equal to 30m. Inferred resources are those where the average distance between points used to estimate grade was greater than 30m but less than 100m.
The mineral resource estimate above has been prepared by CCIC’s Michelle Stone, Ph.D., P. Geo., an independent Qualified Person as defined by NI 43-101. Michelle Stone has read and approved the contents of this release as they pertain to the independent resource estimate for the Upper Fir Deposit, Blue River Project, BC. John Gorham, P.Geo., an Qualified Person as defined by NI 43-101 has read and approved the contents of this release pertaining to the 2009 drill program on the Upper Fir Deposit, Blue River Project, BC.
The “Independent Technical Report, Upper Fir Property, Blue River, British Columbia, Canada” is currently under review by the BC Securities Commission and will be filed on SEDAR (www.sedar.com) once their review is completed.
Eldor Project, Quebec:
Further to the Company’s news release of December 21, 2009 on the Eldor Project, Quebec, the samples that were collected during the fall exploration program consisted of both grab and chip samples from outcrop and boulder. Sample size and amount varied, but generally ranged between 0.5 and 1 kg. True width and dimensions of the mineralized zones are not known due to extensive overburden cover and will require further sampling and trenching to delineate.
Rock samples were analyzed by ACME Analytical Laboratories Ltd. in Vancouver, British Columbia using their group 4A&4B whole rock (ICP-ES) and trace element (ICP-MS) analytical package. Under this package, rare earth and refractory elements are determined using ICP-MS on a 0.2 gram sample aliquot subjected to a Lithium metaborate / tetraborate fusion and nitric acid digestion. Soil samples were analyzed by ACME Analytical Laboratories Ltd. in Vancouver, British Columbia using their 4B and 1DX methods.
The technical information provided above for the Eldor Project was prepared by Alex Knox, P.Geol., a qualified person as defined by NI 43-101. Mr. Knox has read and approved the contents of this release as they pertain to the Eldor Project, Quebec.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
For more information, contact Investor Relations:
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 Technical Report will be filed on SEDAR once the BC Securities Commission review is completed and that the results of the 2009 exploration program are pending and will be added to the resource model and reported separately.
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 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.