November 24, 2010
Commerce Resources Corp. (TSXv:CCE; FSE:D7H; OTCQX:CMRZF) (the “Company” or “Commerce”) is pleased to announce that the Company’s common shares commenced trading today on the OTCQX in the United States under the ticker symbol “CMRZF.”
“We are pleased to be able to provide our current and potential U.S. investors an improved platform to access our company’s securities,” stated Dave Hodge, President of Commerce Resources. “The American institutional and retail audiences are well aware of the importance of rare and strategic metals both to their national economy and as investment opportunities. We have been focusing on advancing our rare and strategic metals projects since 2001 and we feel that this is an important step in exposing and presenting our company to the U.S. market.”
The OTCQX is a highly visible trading platform that has attracted more than 150 companies since its inception in early 2007. Built on a robust electronic quotation and trading platform, OTCQX International has emerged as the world’s leading, premier cross-listing venture for international issuers that wish to benefit from U.S. trading and investor demand without diluting their current shareholder base. In just over three years, the OTCQX has grown to a total market capitalization of more than $800 billion.
R. Cromwell Coulson, President and CEO of Pink OTC Markets, stated, “We are pleased to welcome Commerce to the OTCQX. Companies like Commerce, that trade on OTCQX, demonstrate their commitment to providing superior information to U.S. investors and maintaining the highest quality standards.”
Investors can find current financial disclosure and real-time level two quotes for the company’s OTCQX listing on www.otcmarkets.com. Berenbaum Weinshienk PC will serve as Commerce’s Principal American Liaison (“PAL”) on OTCQX, responsible for providing guidance on OTCQX requirements.
Commerce has been dedicated to the exploration and development of strategic and rare metal projects since its initial listing in 2001. The Company’s flagship asset is the Blue River Tantalum and Niobium Project in British Columbia where the Company is advancing its Upper Fir deposit through development. A preliminary economic assessment is underway by AMEC.
The Company is also actively exploring the Eldor Rare Earth Project in northern Quebec and the Carbo Rare Earth Project in northeastern British Columbia. Drilling at the Eldor Project in 2010 has resulted in a significant new rare earth element discovery at the Ashram Zone. The Company completed 12 holes totaling approximately 3,300 metres during 2010 at the target; with assays for seven of the holes pending.
At the Carbo Project, Commerce’s joint venture partner Canadian International Minerals Inc. (TSXv:CIN) recently completed a 12 hole drill program targeting carbonatite-hosted rare earth element mineralization. Assay results from all 12 holes are pending.
Commerce is one of most experienced and active explorers for rare metals with exploration currently ongoing on all three of the Company’s projects. The Company has 130.8 million shares issued and outstanding, a market capitalization of $80 million, and as of the latest financials, July 31, 2010, had approximately $17 million in cash and investments.
About Commerce Resources Corp.
Commerce Resources Corp. is an exploration and development company with a particular focus on tantalum, niobium and rare earth element deposits with a potential for economic grades and large tonnages. The Company is specifically focused on the development of its Upper Fir Tantalum and Niobium Deposit in British Columbia and is also exploring its Eldor Project in northern Quebec and the Carbo Project in northern British Columbia.
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 news release include that the Company is advancing its Blue River Tantalum and Niobium Project through development and that a Preliminary Economic Assessment is being prepared by AMEC; and that assay results are pending on both the Eldor Rare Earth Project and the Carbo Project.
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.