June 30, 2010
• A Preliminary Economic Assessment (PEA) (“Scoping Study”) for the Upper Fir Tantalum-Niobium Deposit, under the supervision of AMEC, Vancouver is underway. The completed study is expected to be delivered to the Company in the fourth quarter of 2010;
• 2010 fieldwork has begun; a 10,000 meter (30-40 hole) definition drilling program is planned to determine geological relationships and upgrade the classification of resources; and
• Results from the 2009 drill program (22 holes; 5,587 meters) are anticipated to be received shortly and are expected to be included in the block model which forms the basis of the ongoing PEA.
Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the “Company”) is pleased to provide an update on the planned and ongoing exploration and development activities for the Company’s wholly owned Blue River Project, east-central British Columbia. The Blue River Property is host to the Upper Fir Tantalum and Niobium Deposit, which was discovered in 2002 and which has been the focus of the Company since 2005.
During 2010, the Company plans to complete approximately 10,000 meters (30 to 40 holes) of HQ diamond drilling, largely as infill within the Upper Fir Deposit. The purpose of the infill drilling is to determine geological relationships and upgrade the classification of resources previously announced on March 31, 2010 as recommended by Dr. Michelle Stone of Caracle Creek International Consulting (CCIC) and in anticipation of pre-feasibility requirements.
In parallel with the exploration work, a Preliminary Economic Assessment (PEA) of the Upper Fir Deposit, under the supervision of AMEC, Vancouver, is underway. The assessment will incorporate all data developed from the project to date, and include, detailed solids modeling and preliminary metallurgical and process flow sheet designs. It is expected that AMEC will deliver the completed study to the Company in the fourth quarter of 2010.
Klohn Crippen Berger Ltd., Vancouver, completed a review of potential waste rock and tailings sites in 2009, with additional assessment continuing by AMEC. Environmental data collection first initiated in 2006 is ongoing. This will ensure that the Company develops a solid baseline of environmental data in support of project development.
In 2009, Commerce completed 22 infill and step-out exploration holes (totaling 5,587 meters) at the Upper Fir Deposit, adding to the previous 153 holes completed between 2005 and 2008 (totaling 30,648 meters). The most recent resource estimate announced March 31, 2010, did not include results from the 2009 drill program. The 2009 drill results will be included in an updated geologic model as part of the ongoing PEA.
The Blue River Project is wholly owned by Commerce and encompasses approximately 1,000 km2 of mineral claims located 25 to 60 km north and northeast of Blue River, British Columbia. Infrastructure surrounding the project is excellent with BC Highway 5 crossing the claims along with rail, power, and a water supply.
The Upper Fir Deposit is one of several carbonatite occurrences on the Project and at a 175 grams per tonne (“g/t”) Ta2O5 cut-off contains an Indicated Resource of 7,384,000 tonnes with a grade of 217 g/t Ta2O5 and 1,202 g/t Nb2O5 (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 (Stone & Selway, 2010).
Sufficient working capital is available to complete all of the Company’s development and exploration plans. As at April 30th, 2010, the Company had $19.8 million in cash and investments.
NI 43-101 Disclosure
The technical information in this news release has been reviewed and approved by Jody Dahrouge, P.Geol, VP Exploration and Director of the Company, who is a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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 plans to complete approximately 10,000 meters of HQ diamond drilling, largely as infill within the Upper Fir Deposit during 2010, that a Preliminary Economic Assessment of the Upper Fir Deposit under the supervision of AMEC Vancouver is underway, that it is expected that AMEC will deliver the completed study to the Company in the fourth quarter of 2010, that AMEC is conducting additional assessment of potential waste rock and tailings sites and that environmental data collection is ongoing.
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.