Great news Look at CCE up 0.07Commerce Resources JV partner starts Carbo drilling
Ticker Symbol: C:CCE C:CIN
Commerce Resources JV partner starts Carbo drilling
Commerce Resources Corp(C:CCE)
Shares Issued 130,587,140
Last Close10/19/2010
.61
Wednesday October 20 2010 - News Release
Also Canadian International Minerals Inc (C:CIN)News Release
Mr. David Hodge reports
COMMERCE RESOURCES CORP. AND CANADIAN INTERNATIONAL COMMENCE DRILLING ON THE CARBO RARE EARTH PROJECT, B.C.
CommerceResources Corp.'s joint-venture partner Canadian InternationalMineralsInc. has commenced a minimum1,000-metre diamond drill programon the Carbo rare earth project innortheastern British Columbia.
Theprogram is designed to drill at least 12 diamond drill holes from upto 6drill sites. Drilling targets have been selected based on theresultsfrom a recently completed high resolution AeroquestRadiometric-Magsurvey (50 metre line spacing) and closely spaced augersoil geochemicalsampling (25 metre grid).
Expansion of the 1,000 metre drillingprogram will be dependent onresults and weather conditions. Corelogging and storage facilitieshave been arranged in Prince George, B.C.to facilitate secure andtimely data acquisition and sampling. Sampleswill be sent to ALSChemex labs in North Vancouver, B.C.
The CarboProperty comprises seven claims totaling 2,778 hectares and isaccessibleby all-weather gravel roads. The project is located 80kilometresnortheast of Prince George, B.C. within the Wicheedacarbonatite camp andis directly adjacent to and contiguous withSpectrum MiningCorporation's Wicheeda rare earth element discovery. Amap with thelocation of the Carbo claims and Spectrum's rare earthelement discoveryis posted at: https://www.commerceresources.com/s/Carbo.asp
Thegoal of the drilling program is to identify carbonatite hostedrareearth element and rare metal mineralization. Carbonatitesandcarbonatite related deposits are a major host for known andproducingrare earth element deposits. Several of the world's largestrare earthelement deposits and mines, including Lynas Corporation's(ASX: LYC)Mt. Weld deposit in Australia, and Molycorp Inc's (NYSE: MCP)MountainPass deposit in the United States, are hosted by carbonatites.
CanadianInternational has the option to earn up to a 75% interest inthe CarboProject by paying Commerce $30,000 cash, issuing 1,500,000common sharesand incurring a total of $198,000 in explorationexpenditures over athree year period. Commerce also retains a 2% NSRRoyalty on the claims.
Appointment of Chief Financial Officer
Commerceis also pleased to announce the appointment of Jody Bellefleuras theChief Financial Officer of the Company. Ms. Bellefleur is a CGAwithover 14 years experience as a corporate accountant. Ms.Bellefleur wasan accountant with a private manufacturing company for12 years and morerecently, has worked independently as an accountantfor various publiclylisted mineral exploration companies. Ms.Bellefleur is a graduate ofthe University of British Columbia with aBachelor of Commerce degree,specializing in Accounting and has been amember of the Certified GeneralAccountants Association of BritishColumbia since 1998.
NI 43-101 Disclosure
JodyDahrouge, P.Geol, VP of Exploration and Director of the Company,aqualified person as defined by National Instrument 43-101,supervisedthe preparation of the technical information in this newsrelease.
? 2010 Canjex Publishing Ltd.