VANCOUVER, Oct. 8, 2015
/CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H,
OTCQX: CMRZF) (the "Company" or "Commerce") is pleased to announce
that it has received the 2015 e3 Plus Award, presented annually by
the Association de l'exploration minière du Québec (AEMQ), for its
work in advancement of the Ashram Rare Earth Project in
Northern Quebec.
The e3 Plus Award recognizes the exploration company that best
personifies responsible exploration as envisioned by the e3 Plus
framework, developed by the Prospectors & Developers
Association of Canada (PDAC), and
is highlighted by a high-level of environmental and social
responsibility, as well as adherance to industry best
practices.
Company President Chris Grove
states, "We are honored to be presented with the e3 Plus Award in
recognition of the Company's corporate responsibility approach and
track record. The Company would like to specifically thank Dahrouge
Geological Consulting Ltd. as well as Roche Ltd. for their leading
role in advancing the e3 Plus initiative throughout the ongoing
Pre-feasibility Study for the Ashram Project.
The Ashram Rare Earth Project is a unique and valuable asset, as
much to the local communities as it is to the Company. We remain
committed to developing the Ashram Project through to production in
a socially and environmentally responsible manner following the
principles and guidelines as provided for in the e3 Plus
framework."
The award was accepted, on behalf of the Company at the AEMQ
Gala Event on October 7th, by
Mireille Smith, Ashram Social and
Environmental Sustainability Manager, and Darren L. Smith, Ashram Project Manager.
The Company would also like to take the opportunity to thank the
AEMQ and the PDAC for providing the mineral exploration industry
with the e3 Plus initiative and its guiding principles, and for
ensuring that an umbrella of continued attention to social and
environmental stewardship is present.
About the Ashram Rare Earth Element Deposit
The Ashram
Rare Earth Element (REE) Deposit is located in north-eastern
Quebec. The Deposit has a measured
resource of 1.6 million tonnes (Mt) at 1.77% TREO, an indicated
resource of 27.7 Mt at 1.90% TREO, and an inferred resource of
219.8 Mt at 1.88% TREO.
The REEs at Ashram occur 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. The Ashram Deposit mineralization has an REE
distribution with enrichment in the critical and magnet feed REEs
(Nd, Pr, Eu, Tb, Dy, and Y).
A Preliminary Economic Assessment (PEA) was completed in May of
2012 by SGS-Geostat of Montreal
(Blainville) (see news release
May 24, 2012). The PEA is based on a
4,000 tonne per day open-pit operation with an initial 25-year mine
life, a pre-tax 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 PEA (revised date January 7,
2015) is preliminary in nature, and includes inferred
mineral resources that are considered too speculative geologically
to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves, and there is no
certainty that the PEA will be realized. Mineral resources are not
mineral reserves as they do not have demonstrated economic
viability. The current Ashram Technical Report dated January 7, 2015 explains why no after-tax case is
included, and that a combined tax rate of around 32.5% may apply to
production.
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 Ashram Rare Earth
Element Deposit in Quebec and the
Upper Fir Tantalum and Niobium Deposit in British Columbia.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"Chris Grove"
Chris
Grove
President
Tel: 604.484.2700
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policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Commerce Resources Corp.