February 10, 2009
Commerce Resources Corp. (the “Company”) announces that it has entered into a Mineral Property Option Agreement with Canadian International Minerals Inc. (CNSX: CIN) (“CIN”). Under the terms of the agreement, CIN will acquire a 75% interest in and to the Carbo Claims, subject to regulatory approval.
The Carbo Claims consist of five mineral claims, located approximately 80 km northeast of Prince George, British Columbia. The Carbo Claims cover a series of niobium and rare earth element bearing, dike- or sill-like carbonatites and syenites. The carbonatite plugs, dykes and sills occupy a northwest striking zone at least 8 km in length. The carbonatites vary in composition from sovites, pyroxene rich carbonatites, and ferro-carbonatites.
Based upon historic exploration by Teck Corporation, in 2006, the Company conducted an exploration program including rock and soil samples, a geophysical survey and limited geologic mapping. A follow-up exploration program in 2007 included the collection of an additional 16 rock samples. Five samples of alkaline intrusives contained high REE and niobium concentrations.
The companies are both encouraged that the scale of the intrusive system coupled with the diverse styles of mineralization observed to date provide good potential for significant rare-metal and/or precious metal mineralization.
In 2009, CIN expects to complete an exploration program consisting of geological mapping, soil and rock geochemical sampling, and trenching.
In consideration for the interest in the Carbo Claims, CIN will pay to the Company a total of $30,000 cash: $10,000 on signing of the agreement (paid), $10,000 on the first year anniversary and $10,000 on the second year anniversary. CIN will also issue the Company a total of 1,500,000 common shares: 500,000 common shares with five days of the filing of the property acquisition with the CNSX, 500,000 common shares on the first year anniversary and 500,000 common shares on the second year anniversary. CIN is also required to incur a total of $198,000 in exploration expenditures on the Carbo Claims: $66,000 in the first year of the agreement, $66,000 in the second year and $66,000 in the third year. The Company will also retain a 2% NSR Royalty on the Carbo Claims.
Jody Dahrouge, 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
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 the planning of the 2009 summer exploration program and the completion of the option agreement with Commerce Resources Corp.
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.