Commerce Resources Corp. Updates Rare Earth Exploration at Eldor Project
A total of 70 rock samples (53 boulder, 17 outcrop) and 2 soil samples were collected during early to mid September. The samples have been sent to ACME Analytical Laboratories Ltd. in
Exploration focused on further defining the Ashram Rare Earth Zone as well as testing peripheral rare earth targets. The majority of the samples (68) were collected on or adjacent to the Ashram Zone. Additionally, a secondary area of carbonatite outcrop, distinct from the main complex, was identified approximately three kilometers ("km") to the east of the Ashram Zone. The area was targeted for prospecting due to highly anomalous rare earth soil samples collected previously. Cursory prospecting was completed and two samples were collected from the area.
A map showing sampling locations is available for download at: http://www.commerceresources.com/s/Eldor.asp
The Eldor Property is situated in northern
Carbonatites are very rare and unique rock types, with approximately 500 complexes known worldwide. Often containing a variety of exotic minerals, carbonatites have been known to produce economic concentrations of rare earth elements, niobium, copper, iron, apatite, vermiculite and fluorite; with significant associated commodities which may include barite, zircon, tantalum, gold, silver, uranium, nickel and platinum group elements. Several of the world's largest rare earth deposits and mines, including Bayan Obo in
Closing of Private Placement
The Company is also pleased to announce that it has raised gross proceeds of
The first private placement consisted of the issuance of a total of 16,676,750 units at a price of
Of the units sold, 9,655,250 units were sold on a non-brokered basis. Pope & Company, an independent brokerage firm ("Pope"), brokered the remaining portion of the private placement and sold 7,021,500 units. For their assistance in the placement, Pope received
The second private placement consisted of the issuance of a total of 1,337,500 units at a price of
The Company paid finder's fees totaling
On Behalf of the Board of Directors COMMERCE RESOURCES CORP. "David Hodge" --------------- David Hodge President and Director Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 results from sampling will be released when received.
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 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.
For further information: For further information: David Hodge, President and Director, Tel: (604) 484-2700; For more information, contact Investor Relations: Tel: (604) 484-2700, TF: (866) 484-2700, Email: [email protected], Web: http://www.commerceresources.com
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