Commerce Resources Corp. Receives Updated Resource Estimate for Upper Fir Tantalum and Niobium Project

August 08, 2008

Commerce Resources Corp. (“the Company”) is in receipt of an updated resource estimate for the Upper Fir Carbonatite, located in east-central, British Columbia.

The updated resource estimate is based upon 20 HQ diameter diamond drill holes completed during 2005-2006, and an additional 18 HQ diameter diamond drill holes completed during 2007. The holes outlined a series of sill-like bodies with up to 100 m total thickness, that extends for more than 1,100 m in a north-south direction and up to 600 m in an east-west direction. The carbonatite remains open both to the east and to the south.

Based on the exploration from 2005-2007, the Upper Fir Carbonatite is estimated to contain an indicated resource of 14.68 Mt with average grades of 190 g/t Ta2O5 (Tantalum) and 1,300 g/t Nb2O5 (Niobium), within a 38 m confidence limit. In addition, the mineralized body is estimated to contain an inferred resource of 19.8 Mt with average grades of 188 g/t Ta2O5 and 1,612 g/t Nb2O5, within a 100 m confidence limit. When using higher grade cut-offs of 200 g/t Ta2O5, the average tantalum grades increase to 231 g/t for the indicated portion and 225 g/t for the inferred portion. Other details are as follow:

Updated Resource Estimate for the Upper Fir Carbonatite

Indicated Resources

Cut OffTonnes > CutoffGrade
g/t Ta(M tonnes)Ta2O5 g/tNb2O5 g/t

Inferred Resources

Cut OffTonnes > CutoffGrade
g/t Ta(M tonnes)Ta2O5 g/tNb2O5 g/t

  • Mineral resources which are not mineral reserves do not have demonstrated economic viability.
  • Not all tonnage will be recovered in mining, nor will all metal be recovered during milling and processing.
The mineral resource estimations have been prepared by John Gorham, P.Geol., an independent Qualified Person as defined by National Instrument 43-101 based on the following:
  • mineral resources were estimated from a solid model using ordinary kriging and a block model with 5 m x 10 m x 10 m blocks;
  • a specific gravity of 3.00 was utilized in converting volumes to tonnes; and
  • indicated resources are those resources within 37.5 m of an existing data point, while inferred resources are those resources that are between 37.5 m and 100 m of an existing data point.
The outlook for prices of tantalum and niobium are positive as inventories continue to deplete due to the increase in consumer spending on electronics as well as in the steel making industry. In addition, there has been increased attention paid to alternate sources of tantalum due to market instabilities driven by the world’s largest producer, Talison Minerals Pty Ltd. The majority of tantalum is sold under long-term contract. A premium is put on material derived from ‘conflict-free’ sources. Though marketing investigations particular to potential products from the Upper Fir carbonatite have not yet been completed, based on producer reports, tantalum concentrate reportedly sells for between $35 to $70+ USD/lb, while ferro-niobium sells for between $7.50 and $13.50USD/lb.

John Gorham, P. Geol., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

On Behalf of the Board of Directors
David Hodge
President and Director
Tel: 604 484 2700

The TSX Venture Exchange has neither approved nor disapproved the information contained herein