August 11, 2008
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (“the Company”) is pleased to provide the following progress report from the Company’s Blue River tantalum and niobium project in east-central British Columbia.
The initial target of the 2008 program is the Upper Fir deposit where 36 holes totaling 8,053 metres have been drilled to date this year. Beaupre Diamond Drilling Inc. of Princeton, British Columbia is currently operating two diamond drills achieving +95% recoveries, with the possibility of a third machine being added later this month.
In response to higher than anticipated progress in drilling, onsite crews have been augmented to avoid delays in sawing, and preparing the core for shipment. To further reduce lead times, on a regular basis samples are driven directly to Acme Analytical Laboratories Ltd. in Vancouver, BC, for sample preparation and analysis. All technical work is being conducted under the supervision of geologist John Gorham, P.Geol. of Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101.
The Company has in hand the necessary permit to collect a bulk sample of up to 10,000 tonnes of mineralized material. Based on its ongoing metallurgical test work, the Company has located up to eight potential sites for the extraction of representative samples. A contract has been signed with Process Research Associates Ltd. (“PRA”) of Richmond, BC, to process these samples. This work will extend the characterization program previously completed as well as provide information which will support the development of a preliminary flow sheet for a pilot plant program to be conducted at PRA’s facility in Osoyoos, BC.
The Company’s regional exploration program has led to the discovery of a several new carbonatites, as well as the extension of two carbonatites previously discovered within the existing property boundaries. Thirteen new claims have been staked along the south-east margin of the existing claim block to ensure full coverage of the newly discovered Felix carbonatite. Sampling and mapping have been completed to allow further evaluation of all the carbonatite bodies.
Environmental and Regulatory
In addition, the Company is advancing environmental and regulatory programs designed to ensure the Blue River project is well positioned to enter the environmental assessment process once feasibility is established. The field programs, which include surface and ground water sampling, hydrology, wildlife and fisheries work, are all currently on time and within budget.
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 locating of potential sites for the extraction of representative samples for the bulk sample of mineralized material; that the processing of the bulk sample will extend the characterization program previously completed and provide information to support the development of a preliminary flow sheet for a pilot plant program; and that the continued progression of environmental and regulatory programs being designed to ensure the Blue River project is well positioned to enter the environmental assessment process once feasibility is established.
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.