March 31, 2010
Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the “Company”) is pleased to report that it has received the “Independent Technical Report, Blue River Property, Blue River, British Columbia, Canada” and dated March 30, 2010 prepared by Michelle Stone, Ph.D., P. Geo, and Julie Selway, Ph.D., P.Geo., independent Qualified Persons as defined by National Instrument 43-101 (“NI 43-101”), of Caracle Creek International Consulting Inc. (“CCIC”) (the “Technical Report”). To view the complete Technical Report, visit www.sedar.com or click here.
In preparing the Technical Report, 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.
Upper Fir Deposit
As previously disclosed, the results of the resource estimate, reported with a 175 grams per tonne (“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|
• “ppm” = parts per million
• The 175 g/t cut-off reporting base case is highlighted.Ppm and grams per tonne are equivalent units.
• 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.
Fir and Verity Deposits
As previously announced by the Company, the resource disclosure in the technical reports provided by the Company for the Fir and the Verity Deposits in the “Geological Summary and Resource Potential of the Fir Carbonatite Property, Blue River, British Columbia”, prepared by Ruben S. Verzosa, P.Eng. dated March 6, 2003 (amended November 30, 2004) and the “Technical Report on the Upper Fir Tantalum-Niobium-Bearing Carbonatite” prepared by John Gorham, P.Geo. dated June 20, 2007 are not NI 43-101 compliant and the previous resource estimates for Fir and Verity should not be relied upon.
In 2005, management of the Company made a strategic decision to focus its exploration activities on the Upper Fir and as such, limited exploration has been undertaken on the Fir and Verity Deposits. In preparing the Technical Report, CCIC reviewed and audited the Fir and Verity resource estimates and it was determined that insufficient exploration was completed on each of the Fir and Verity Deposits to define a current NI 43-101 compliant resource. As such, both the Fir and Verity mineral estimates have been downgraded to estimates of potential tonnage and grade and re-classified as exploration targets.
The potential tonnage for the Fir Deposit is estimated to be 8-12 M t @ 190-240 ppm Ta2O5 and 950-1,150 ppm Nb2O5. The potential quantity and grade for the Fir Deposit is conceptual in nature and are based on previous drill results that defined the approximate length, thickness, depth and grade of the Fir Deposit. The potential tonnage for the Verity Deposit is estimated to be 1-3 M t @ 190-240 ppm Ta2O5 and 550-650 ppm Nb2O5. The potential quantity and grade for the Verity Deposit is conceptual in nature and are based on previous drill results that defined the approximate length, thickness, depth and grade of the Verity Deposit. It is uncertain if further exploration will result in the Fir or Verity Deposits being delineated as a mineral resource.
The mineral resource estimate for the Upper Fir Deposit 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 is also responsible for the re-classification of the Verity and Fir resources as exploration targets and potential tonnages and grades. Michelle Stone has read and approved the contents of this news release.
At the London Rare Earths, Specialty and Minor Metals Investment Summit held on March 18, 2010, the Company was presented by Christopher Grove. In the presentation by Mr. Grove, he stated the inferred and indicated resources of the Upper Fir Deposit in a combined manner. The Company retracts this statement. The resource estimate for the Upper Fir Deposit disclosed in the January 18, 2010 news release should be reported as stated above.
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 specifically focused on the development of its Upper Fir tantalum and niobium deposit in British Columbia, Canada and is also exploring its Eldor Project in northern Quebec.
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.