August 30, 2006
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (“the Company”) announces that due to an overwhelming response, the Company has increased the previously announced private placement of up to a total of 6,700,000 units to up to a total of 10,000,000 units. The units will be issued at a price of $0.30 per unit, for gross proceeds of $3,000,000. Each unit will consist of one common share and one non-transferable share purchase warrant entitling the holder to purchase one common share of the Company at a price of $0.45 per share for a period of one year from the date of issuance.
The proceeds of the private placement will fund the Company’s 2006 exploration and development program on its Blue River Tantalum-Niobium Project in British Columbia, and for general working capital. The summer exploration program will include:
- two drill programs, the first at the Upper Fir Carbonatite and the other on the newly re-discovered Switch Creek Carbonatite;
- the completion of the commercial bulk sample, and subsequent shipping to Fogang Jiata and NAC Kazatomprom for processing; and
- permitting and environmental assessment.
The offering 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 Venture Exchange.
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. 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 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.