Commerce Resources Corp. Announces 2013 Summer Drill Program at the
Ashram Rare Earth Element Deposit, Northern Quebec
VANCOUVER, June 19, 2013 /PRNewswire/ - Commerce
Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the
"Company" or "Commerce") is
pleased to provide an overview of the pending 2013 field program at
its
100% owned Ashram Rare Earth Element (REE) Deposit located in
Northern
Quebec.
A six to eight week field program is anticipated to commence
July 15,
2013, which will include 1,000 to 1,500 m of drilling
targeted at the
Ashram Rare Earth Deposit. Drilling will focus on infill
holes in
order to increase the resource confidence from the current
inferred
category to the indicated and/or measured categories. The Deposit
has
currently a measured and indicated resource of 29.3 million tonnes
at
1.90% TREO and an inferred resource of 219.8 million tonnes at
1.88%
TREO. (see news release dated May 24,
2012) An indicated or measured
resource category is required for all in-pit mineralized material
in
order to convert mineral resources to ore reserves as required for
the
ongoing Pre-feasibility Study (PFS).
Company President David Hodge states
"We are fortunate to be in a
position to move the project forward at this stage with cash on
hand
given the current markets. There is solid room for
optimization in all
facets of this project and we are very excited about the de-risking
we
have completed and continue to achieve during our
Pre-feasibility
work."
In Q3 2012 Roche Ltd. (Roche) was retained to complete the PFS for
the
Ashram Rare Earth Deposit. Since this time, Roche has made
significant
progress including the evaluation of potential docking facility
locations, mine-site airstrip and facility locations, and road
route
optimization (mine-site to docking facility).
Programmed work will include required environmental and
geotechnical
programs as well as reclamation of several historic trench
sites. This
work will complement the field program completed during
February-March
2013 that included a small mammal survey as well as
installation of a
weather monitoring station.
As part of the PFS, a total of nine potential airstrip sites are
being
evaluated, including five located directly on the Eldor
Property. The
weather station installed in Q1 2013 will monitor seasonal
local
climate fluctuations and, together with other local and regional
data,
will support the selection of a preferred airstrip location.
All
prospective locations have been selected based on an ability to
incorporate changes to the principal orientation as the weather
and
other data will be required for final site confirmation. The
site
selected will also be amenable to future expansion if
required.
The road route from the mine-site to a northern docking facility
has
been significantly optimized and improved from the initial
route
evaluated in the PEA. Although the length cannot be finalized
until an
exact docking facility location is confirmed, the length has
been
reduced considerably by 25 km (from 185 km to 160 km) when compared
to
the PEA. Further, the three crossings noted in the PEA (40 m,
50 m,
and 60 m) have also been significantly reduced in size (22 m, 28 m,
and
42 m) due to the newly optimized route.
Metallurgy continues to make significant advancements with
mineral
concentrate grades and recoveries continuing to improve.
Additional
details of the physical upgrading and hydrometallurgical program
will
be presented shortly in a forthcoming news release.
Darren L. Smith, M.Sc., P.Geol.,
Dahrouge Geological Consulting Ltd., a
Qualified Person as defined by National Instrument 43-101,
supervised
the preparation of the technical information in this news
release.
About the Ashram Rare Earth Element Deposit
The Ashram Rare Earth Element (REE) Deposit is a carbonatite within
the
Eldor Property, located in north-eastern Quebec. The Deposit has a
measured and indicated resource of 29.3 million tonnes at 1.90%
TREO
and an inferred resource of 219.8 million tonnes at 1.88% TREO.
The
deposit boasts a well-balanced distribution with enrichment in
the
light, middle and heavy rare earth elements including all five of
the
most critical elements (neodymium, europium, dysprosium, terbium,
and
yttrium).
The REEs at Ashram occur in simple and well-understood mineralogy,
being
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.
A Preliminary Economic Assessment, completed in May 2012 by SGS-Geostat
of Montreal (Blainville) (see news release dated
May 24, 2012),
outlines robust economics for the Ashram Deposit. The PEA is
based on
a 4,000 tonne per day open-pit operation with an initial 25-year
mine
life (300 years at economic cut-off if open-pit + underground
development), a pre-tax and pre-finance 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 Company continues to advance the Ashram Deposit with the
planned
2013 field program and with metallurgical programs at both UVR-FIA
and
Hazen Research.
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 Upper Fir Tantalum
and
Niobium Deposit in British
Columbia and the Ashram Rare Earth Element
Deposit in Quebec.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"David Hodge"
David Hodge
President and Director
Tel: 604.484.2700
Email: dhodge@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.
Forward-Looking Statements
This news release contains forward-looking information which is
subject
to a variety of risks and uncertainties and other factors that
could
cause actual events or results to differ from those projected in
the
forward-looking statements. Forward looking statements in
this press
release include that our results will be sufficient to support
the
initiation of a pre-feasibility study; that we will be able to
enhance
even further the quality of the resource; and that the REEs at
Ashram
occur in simple and well-understood mineralogy. These
forward-looking
statements are based on the opinions and estimates of management
and
its consultants at the date the information is disseminated.
They are
subject to a variety of risks and uncertainties and other factors
that
could cause actual events or results to differ materially from
those
projected in the forward-looking information. Risks
that could change or prevent these statements from coming to
fruition include changing costs for mining and processing and
their
impact on the cut off value established; increased capital
costs;
changing forecasts of mine production rates; the timing and content
of
upcoming work programs; geological interpretations based on
drilling
that may change with more detailed information; potential
process
methods and mineral recoveries assumption based on limited test
work
and by comparison to what are considered analogous deposits that
with
further test work may not be comparable; the availability of
labour,
equipment and markets for the products produced; market pricing for
the
products produced; and despite the current expected viability of
the
project, conditions changing such that the minerals on our
property
cannot be economically mined, or that the required permits to build
and
operate the envisaged mine can be obtained. The forward-looking
information contained herein is given as of the date hereof and
the
Company assumes no responsibility to update or revise such
information
to reflect new events or circumstances, except as required by
law.
SOURCE Commerce Resources Corp.