As a result of a review by the British Columbia Securities Commission, we are issuing the following news release to update and clarify our disclosure.
VANCOUVER, Feb. 26 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the "Company") wishes to provide an update to its news releases of November 24, 2009 and January 18, 2010 regarding the updated independent resource estimate for the Company's Upper Fir Deposit, Blue River Project, British Columbia.
The filing of the "Independent Technical Report, Upper Fir Property, Blue River, British Columbia, Canada" by Michelle Stone, Ph.D., P. Geo, and Julie Selway, PhD., P.Geo., independent Qualified Persons as defined by NI 43-101, of Caracle Creek International Consulting Inc. ("CCIC") has been delayed as it is being updated to include a resource estimate for each of the Fir and Verity deposits.
The Company's Blue River Tantalum/Niobium Project hosts three mineral deposits known as the Upper Fir, the Fir and the Verity. The Upper Fir is located approximately 30 km north of Blue River, British Columbia, the Fir is located 1,200 m west of the Upper Fir deposit and the Verity is located approximately 10 km north of the Upper Fir. The total size of the Blue River Project is in excess of 1,000 square km. The Company's primary focus is on the Upper Fir Deposit.
The resource disclosure in the technical reports previously provided by the Company for the Fir and the Verity Deposits in the "Geological Summary and Resource Potential of the Fir Carbonatite Property, Blue River, British Columbia", prepared by Ruben S. Verzosa, P.Eng. dated March 6, 2003 (amended November 30, 2004) and the "Technical Report on the Upper Fir Tantalum-Niobium-Bearing Carbonatite" prepared by John Gorham, P.Geol. dated June 20, 2007 are not compliant with National Instrument 43-101 and the previous resource estimates for Fir and Verity should not be relied upon.
The Company expects to announce independent resource estimates for the Upper Fir, Fir and Verity deposits as soon as CCIC completes its update of the Fir and Verity resource estimates.
About Commerce Resources Corp.
Commerce Resources Corp. is an exploration and development company with a particular focus on tantalum, niobium and rare metal deposits with a potential for economic grades and large tonnages. The Company is specifically focused on the development of its Upper Fir tantalum and niobium deposit in British Columbia, Canada and is also exploring its Eldor Project in northern Quebec.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
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 Technical Report will be filed once the resource estimates on the Upper Fir, the Fir and the Verity deposits have been prepared and once the BC Securities Commission review is completed.
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 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 properties; that we may not complete environmental programs in a timely manner or at all; that 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 & Analysis of its audited financial statements filed with the British Columbia Securities Commission.
For further information: For further information: Investor Relations: Tel: (604) 484-2700, TF: (866) 484-2700, Email: email@example.com, Web: http://www.commerceresources.com