January 24, 2007
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (“Commerce”) announces that it has entered in to an agreement to acquire a 100% interest in two mineral claims adjacent to Commerce’s Fir claims in eastern British Columbia. The claims were purchased for their potential to host additional mineralization, as well as ensuring mineral tenure under area of potential importance for future infrastructure related to mine development.
The acquisition reaffirms Commerce’s commitment to the Blue River Project which is host to several known carbonatites, each with anomalous concentrations of tantalum(Ta) and niobium(Nb). Commerce now owns over 15,000 hectares under claim in the Blue River Area.
In addition, Commerce has closed a private placement of a total of 1,585,625 flow-through units at a price of $0.32. Each unit consists of one common share and one share purchase warrant which will entitle the holder to purchase one common share of Commerce at a price of $0.42 per share until January 9, 2009. The common shares comprising the units bear a four month hold period, expiring on May 10, 2007. There were no finder’s fees paid in relation to the private placement. The proceeds of the private placement will be to fund the ongoing exploration and development of the Fir, Upper Fir and Verity tantalum and niobium projects and for general working capital.
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 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 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. Commerce Resources Corp. trades on the TSX Venture Exchange under the symbol “CCE”.
For further details on Commerce Resources Corp. and the Blue River Tantalum Property, visit the corporate website at www.commerceresources.com, or contact Investor Relations at (604) 484 2700 or toll free at (866) 484 2700.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.