VANCOUVER, Nov. 27 /CNW/ - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company" or "Commerce") and Canadian International Minerals Inc. (CNSX: CIN) ("Canadian International") are pleased to announce results from summer exploration at the Carbo Property located 80 kilometers northeast of Prince George, British Columbia and contiguous with Spectrum Mining Corporation's recently reported Wicheeda rare earth element discovery.
The 2009 exploration program included rock, silt, and soil sampling as well as geological mapping and prospecting. It was designed to follow-up on previous exploration by Commerce as well as historic work by Teck Corporation. The Carbo Property contains rare earth element and niobium-bearing carbonatite and alkaline intrusions.
In late October, Spectrum Mining Corporation, a private company reported significant rare earth element mineralization on claims contiguous to the Carbo Property. Highlights included a 48.64 metre ("m") interval which averaged 3.55% REE, a 72 m interval that averaged 2.92% REE, and a 144 m interval that averaged 2.20% REE in three separate drill holes. To view a map of the location of Spectrum's discovery and the Carbo claims, visit: http://www.commerceresources.com/s/Carbo.asp
The 2009 exploration program at the Carbo Property resulted in the identification of a new soil anomaly greater than 1 kilometre by 500 m in the southwest portion of the claim blocks. The highlight of the program was a soil sample (09mgb0002) within the new anomaly that exceeded the detection limit of 10,000 ppm (greater than 1%) cerium (Ce), indicative of light rare earth content, and 309 ppm gadolinium (Gd), indicating the presence of heavy rare earths.
Commerce and Canadian International are encouraged by the results being released from the area and are planning an expanded program that will include trenching and drilling in 2010. Future exploration will aim to identify extensions of the Wicheeda discovery on the Carbo claims, follow-up on the new soil anomaly and further test some of the historic trenches on the property.
The 2009 exploration program at the Carbo Property was funded by Canadian International. Canadian International has the option to earn a 75% joint venture interest in the Carbo claims by paying the Company, over a three year period, $30,000 cash, a total of 1,500,000 common shares, and incurring a total of $198,000 in exploration expenditures. Canadian International has completed its required first year payments. Commerce will retain a 25% interest and 2% NSR Royalty on the Carbo claims.
Jody Dahrouge, P.Geo. and Vice-President of Exploration, a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
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 and is also exploring its Eldor Project in northern Quebec and its Carbo Project in northern British Columbia with its joint-venture partner Canadian International Minerals Inc.
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 the planning an expanded exploration program in 2010; aiming to identify extensions of the Wicheeda discovery on the Carbo claims; following up on the new soil anomaly; further testing of some of the historic trenches on the Carbo Property; that Canadian International has an option to earn a 75% interest in the Carbo claims by paying the Company $30,000, issuing the Company a total of 1,500,000 common shares, and incurring a total of $198,000 in exploration expenditures, all over a three year period.
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: contact Investor Relations: Tel: (604) 484-2700, TF: (866) 484-2700, Email: email@example.com, Web: http://www.commerceresources.com