June 05, 2008
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (“the Company”) is pleased to announce the initiation of its 2008 diamond drilling and field work program on its Eldor niobium and tantalum property in Quebec. The Eldor Property is situated about 115 km south of the community of Kuujjuaq, which is located 5 km from Ungava Bay.
The 2008 exploration program is designed to build upon the strong results obtained during the 2007 exploration program, which substantiated historic concentrations of niobium (Nb2O5) and tantalum (Ta2O5). In addition, significant concentrations of phosphate (P2O5) and uranium (U3O8) were identified. Pertinent highlights, as reported on December 19, 2007, include:
- The airborne geophysical survey outlined a magnetic anomaly about 9 km long by 3 km wide which is partly coincident with a radiometric anomaly that exceeds 13 km by 5 km.
- The soil geochemical survey outlined a niobium anomaly over an area measuring approximately 6 km long by 1.5 km wide. Of the 60 rock samples collected, 18 exceeded 0.1 percent Nb2O5. One rock sample exceeded the maximum detection limit for niobium oxide, which is 7.15 percent. The samples averaged 0.49 percent Nb2O5. (10.78 lb/ton)
- Twenty-eight rock samples collected from the area exceeded 5 percent P2O5 (phosphate occurring as apatite) to a maximum of 28.24 percent P2O5. The 60 rock samples averaged 5.42 percent P2O5.
The initial planned 7,500 m of BTW drilling began on June 2, 2008. Initial locations for drilling include areas within highly anomalous concentrations of niobium and tantalum in both soil and rock samples where they overlap with coincident anomalous magnetic and radiometric geophysical responses. It is anticipated that between 30 and 40 drill holes will be completed during this phase of the exploration.
Building on the work from the 2007 exploration program, continued soil and rock sampling, trenching and ground-based geophysics is planned to begin in mid-June, 2008. This will include infill of the widely spaced reconnaissance sampling program of 2007 to provide additional drilling targets. As well, reconnaissance soil and rock geochemistry is planned on claims to the south of the main Eldor block which the Company recently acquired.
Drilling operations will be performed by Superior Diamond Drilling Inc., under the supervision of consulting geologists Alex Knox, P.Geol. and Michael Guo, P.Geol. of Dahrouge Geological Consulting Ltd., both of whom are qualified persons.
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 release include statements regarding the completion of 30-40 new drill holes in the initial phase of exploration, soil and rock sampling, trenching and ground-based geophysics beginning in mid-June, 2008 as well as beginning reconnaissance soil and rock geochemistry on newly acquired claims to the south of the main Eldor block. 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, but are not limited to, 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 property; that we may not complete environmental programs in a timely manner or at all; 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 and Analysis of its audited financial statements filed with the British Columbia Securities Commission.