VANCOUVER, Oct. 8, 2015 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the "Company" or "Commerce") is pleased to announce that it has received the 2015 e3 Plus Award, presented annually by the Association de l'exploration minière du Québec (AEMQ), for its work in advancement of the Ashram Rare Earth Project in Northern Quebec.
The e3 Plus Award recognizes the exploration company that best personifies responsible exploration as envisioned by the e3 Plus framework, developed by the Prospectors & Developers Association of Canada (PDAC), and is highlighted by a high-level of environmental and social responsibility, as well as adherance to industry best practices.
Company President Chris Grove states, "We are honored to be presented with the e3 Plus Award in recognition of the Company's corporate responsibility approach and track record. The Company would like to specifically thank Dahrouge Geological Consulting Ltd. as well as Roche Ltd. for their leading role in advancing the e3 Plus initiative throughout the ongoing Pre-feasibility Study for the Ashram Project.
The Ashram Rare Earth Project is a unique and valuable asset, as much to the local communities as it is to the Company. We remain committed to developing the Ashram Project through to production in a socially and environmentally responsible manner following the principles and guidelines as provided for in the e3 Plus framework."
The award was accepted, on behalf of the Company at the AEMQ Gala Event on October 7th, by Mireille Smith, Ashram Social and Environmental Sustainability Manager, and Darren L. Smith, Ashram Project Manager.
The Company would also like to take the opportunity to thank the AEMQ and the PDAC for providing the mineral exploration industry with the e3 Plus initiative and its guiding principles, and for ensuring that an umbrella of continued attention to social and environmental stewardship is present.
About the Ashram Rare Earth Element Deposit
The Ashram Rare Earth Element (REE) Deposit is located in north-eastern Quebec. The Deposit has a measured resource of 1.6 million tonnes (Mt) at 1.77% TREO, an indicated resource of 27.7 Mt at 1.90% TREO, and an inferred resource of 219.8 Mt at 1.88% TREO.
The REEs at Ashram occur primarily in the mineral monazite and to a lesser extent in bastnaesite and xenotime. These minerals dominate the currently known commercial extraction processes for rare earths. The Ashram Deposit mineralization has an REE distribution with enrichment in the critical and magnet feed REEs (Nd, Pr, Eu, Tb, Dy, and Y).
A Preliminary Economic Assessment (PEA) was completed in May of 2012 by SGS-Geostat of Montreal (Blainville) (see news release May 24, 2012). The PEA is based on a 4,000 tonne per day open-pit operation with an initial 25-year mine life, a pre-tax Net Present Value (NPV) of $2.32 billion at a 10% discount rate, a pre-tax/pre-finance Internal Rate of Return (IRR) of 44%, and a pre-tax/pre-finance payback period of 2.25 years.
The PEA (revised date January 7, 2015) is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The current Ashram Technical Report dated January 7, 2015 explains why no after-tax case is included, and that a combined tax rate of around 32.5% may apply to production.
About Commerce Resources Corp.
Commerce Resources Corp. is an exploration and development company with a particular focus on deposits of rare metals and rare earth elements. The Company is focused on the development of its Ashram Rare Earth Element Deposit in Quebec and the Upper Fir Tantalum and Niobium Deposit in British Columbia.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
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.
SOURCE Commerce Resources Corp.
For further information: please visit the corporate website at http://www.commerceresources.com or contact Investor Relations at 604.484.2700 or [email protected]