Vancouver, British Columbia, November 21, 2011 - Commerce Resources (TSXV:CCE) (FSE:D7H) (OTCQX:CMRZF) has provided an update on its recently completed exploration and development activities for the company's wholly owned Blue River Project.
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The Blue River project, located in east-central British Columbia, is host to the Upper Fir Tantalum and Niobium Deposit.
Tantalum is another of those relatively unknown elements found in many ways in our everyday lives, improving technology and material performance. Its many applications include uses in electronics, medicine, engineering and energy generation. Niobium is used mostly to make stainless steel and high-strength, low-alloy steels.
This deposit was discovered in 2002, and has been the principal focus of the company's work in British Columbia since 2005.
On November 3rd, Commerce announced completion of a NI 43-101 compliant Preliminary Economic Assessment for the Upper Fir Tantalum-Niobium Deposit. This report indicates that the deposit can be developed economically as an underground mine and recommends further studies to support a pre-feasibility level assessment of the project. Although dated September 2011, this report incorporated drilling and structural data developed to the end of 2010, but was based only on assay data to the end of 2009, resulting from 183 holes comprising 37,000 metres of HG drill core.
The report is available for viewing on www.sedar.com (http://www.sedar.com/).
Exploration in 2011 included 8,715 metres of HQ-diameter diamond drilling in 34 holes, largely for purposes of infilling geological and structural information within the Upper Fir Deposit. Additional field work included core logging, assaying, down-hole geophysics, specific gravity measurements and structural mapping to test the evolving structural model. This new data, when available, including results from 54 holes drilled in 2010, will be included in a second and subsequent technical report, providing a second milestone for the Blue River Project.
The Blue River Project is wholly owned by Commerce and encompasses 105,000 hectares or about 1,050 square kilometres. Power transmission lines, rail, and paved and gravel roads are all adjacent to, or within the property boundaries.
The Upper Fir deposit is one of more than 25 carbonatite occurrences on the project.
In related news, Jenna Hardy, who since 2006 has acted as Manager Environmental Regulatory and Technical Services for this project, has joined the Board of Directors.
The company has sufficient working capital to complete all of the company's development and exploration plans for the Blue River.
In a research report issued in September by Fundamental Research, Fundamental gave the company a buy recommendation, and a target of $2.00.
The shares currently trade at $0.32, and with 148 million shares outstanding, the company is capitalized at $47 million, and is sitting on $12 million in cash and investments.
For a more information on Commerce Resources, including their Rare Earth Element resource in Quebec, which Fundamental Research considers is one of the world's largest NI 43-101 deposits outside of China, please visit their website at www.commerceresources.com (http://www.commerceresources.com/), phone 866-484-2700 or email info@commerceresources.com (mailto:info@commerceresources.com).
For a copy of the research report, please contact Fundamental Research at www.researchfrc.com (http://www.researchfrc.com/).
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