Commerce Resources Corp. (TSXv: CCE) announced that drilling is underway on the company's Eldor Tantalum-Niobium and Rare Earth Element Project located in northern Quebec. Up to 15 holes totaling 3,000 meters will be completed. The exploration program will also include prospecting, mapping, soil sampling, a ground magnetic survey and trenching.
1. August 10, 2010
Commerce Resources Corp. Commences Drilling at Eldor Rare Metal Project,
Quebec
Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the "Company" or “Commerce”) is pleased to
announce that drilling is underway on the Company’s Eldor Tantalum-Niobium and Rare Earth Element
Project located in northern Quebec. Up to 15 holes totaling 3,000 metres will be completed. The
exploration program will also include prospecting, mapping, soil sampling, a ground magnetic survey,
and trenching.
The focus of the program will be to test the newly discovered and previously untested Ashram Rare Earth
Element (“REE”) Zone. The Ashram Zone was discovered in July of 2009 by tracing a glacially
dispersed REE mineralized boulder train, and has the potential to host a REE deposit of considerable size.
The zone is located near the centre of the Eldor Property, and is coincident with a magnetic low
approximately 1 kilometre by 0.8 kilometres in size. The goal for drilling is to identify a carbonatite-
hosted REE deposit.
Geologically similar projects include: Hudson Resources Inc.’s Sarfartoq Carbonatite Project in
Greenland and Rare Element Resources Ltd.’s Bear Lodge Carbonatite Project in Wyoming.
Drilling will also be completed at the Star Trench and Southeast Areas as a follow-up to significant
tantalum and niobium intersections from the 2008 drill program.
The Eldor Property covers a carbonatite complex located within the central Labrador Trough, located in
northern Quebec; approximately 130 km south of the town of Kuujjuaq. The property is 100% owned by
Commerce and encompasses 404 claims totaling approximately 19,006 hectares.
The Eldor Property hosts several mineralized zones including the Ashram Rare Earth Zone and the
Northwest, Southeast and Star Trench zones, where previous drilling identified significant concentrations
of tantalum, niobium, uranium, phosphate and fluorine. Geologically, the Eldor Project is a large
carbonatite complex. Carbonatites and carbonatite related deposits are a major host for rare metals, such
as niobium and tantalum, and rare earth elements. The world's largest niobium mine, Araxá in Brazil, and
several of the world's largest rare earth element deposits, including Lynas Corporation’s Mt. Weld deposit
in Australia, and Molycorp’s Mountain Pass deposit in the United States, are all hosted by carbonatites.
Sufficient working capital is available to complete all of the Company’s development and exploration
plans. As at April 30th, 2010, the Company had $19.8 million in cash and investments.
NI 43-101 Disclosure
Darren Smith, P.Geol., a qualified person as defined by National Instrument 43-101, supervised the
preparation of the technical information in this news release.
2. 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 the Carbo Project in
northern British Columbia.
For more information please visit the corporate website at http://www.commerceresources.com or contact
Investor Relations at 1.866.484.2700 or info@commerceresources.com.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
David Hodge
President and Director
Tel: 604 484 2700
TF: 866.484.2700
Email: info@commerceresources.com
Web: http://www.commerceresources.com
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 up to 15 holes totaling 3,000 metres will be drilled on the Eldor Property; that the
exploration program will also include prospecting, mapping, soil sampling, a ground magnetic survey, and
trenching; that the focus of the exploration program will be to test the newly discovered and previously untested
Ashram REE Zone which has the potential to host a REE deposit of considerable size; that the goal for drilling is to
identify a carbonatite-hosted REE deposit; and that drilling will also be completed at the Star Trench and Southeast
Areas.
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
3. 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.