Commerce Resources Corp. (TSX.V - CCE) Confirms Large Indicated Tantalum and Niobium Resource at Blue River, B.C. - Video Highlights Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, February 2, 2011 - Commerce Resources Corp. (TSX.V
- CCE) ( FSE - D7H) (OTCQX - CMRZF) announced that as part of the ongoing
Preliminary Economic Assessment, AMEC has completed a new National Instrument
43-101 compliant resource estimate for the Upper Fir Tantalum-Niobium Deposit,
at its Blue River Project in British Columbia. The Blue River Project is located
near the Village of Blue River, which is approximately 250 kilometres north of
the City of Kamloops and approximately 90 kilometres south of the Town of
Valemount.
Investmentpitch.com, a multimedia technology company, offering a combined
solution for creating, hosting and distributing financial video content has
posted a "video news alert" based on today's news release. If this link is not
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the search box.
The following information has been extracted from the original news release.
London-based AMEC, one of the world's leading engineering and project management
companies, used a total of 183 drill holes comprising 37,446 metres of HQ drill
core and 8,218 sawn core samples to develop the mineral resource estimate. Most
holes were at a nominal spacing of 50m with dips typically between -60 to sub-
vertical. Indicated mineral resources total 36.35 million tonnes containing 195
ppm Ta(2)O(5) and 1,700 ppm Nb(2)O(5) and Inferred mineral resources total 6.40
million tonnes containing 199 ppm Ta(2)O(5) and 1,890 ppm Nb(2)O(5).
Table 1: Blue River Project Estimated Mineral Resources. Effective Date 30
June, 2010. Tomasz Postolski, P.Eng, Qualified Person
+--------------+----------+-------------+------------+------------+------------+
| Confidence | Tonnes | Ta(2)O(5) | Nb(2)O(5) | Contained | Contained |
| Category | | [ppm] | [ppm] | Ta(2)O(5) | Nb(2)O(5) |
| | | | | [1000s of | [1000s of |
| | | | | kg] | kg] |
+--------------+----------+-------------+------------+------------+------------+
| Indicated |36,350,000| 195 | 1,700 | 7,090 | 61,650 |
+--------------+----------+-------------+------------+------------+------------+
| Inferred |6,400,000 | 199 | 1,890 | 1,300 | 12,100 |
+--------------+----------+-------------+------------+------------+------------+
To assess reasonable prospects for economic extraction, AMEC considered the
concept of mining the Blue River Deposit using variations of room and pillar
methods under a conceptual scenario that considers mining and processing at a
rate of 7,500 tonnes per day. Mining and economic parameters were adjusted based
on AMEC's experience with analogous deposits and mining methods. Economic
viability of the mineral resource can only be demonstrated by Pre-Feasibility
and Feasibility Studies, and there is no assurance that the stated resources can
be upgraded in confidence and converted to mineral reserves. Further, since
underground mining methods are envisioned (room and pillar or variants), the
mining recovery may vary from 65% to 85% depending on the success in which
pillars can be mined on retreat and/or fill is utilized.
AMEC has concluded that the 2009 work program resulted in a marked improvement
in the interpretation of the geology of the Upper Fir tantalum- and niobium-
bearing carbonatite, which in turn has resulted in an increase in confidence and
size of the deposit.
The resource comprises a series of sill-like carbonatite bodies with up to
91.2m in estimated cumulated true thickness. The composite body extends more
than 1,450m in a north-south direction and as much as 800m in an east-west
direction. Tantalum and niobium are contained in the minerals ferrocolumbite and
pyrochlore.
Preliminary results from 54 holes, totaling 12,949m of HQ drill core, drilled in
2010 were provided to AMEC for review after completion of the resource
estimation. Only lithological information from these holes was available. Assays
for these holes are expected in the second quarter 2011. The results from 2010
drilling will be used as a basis for an updated resource estimate once received.
The Company's focus is on the Blue River PEA currently being completed under the
direction of AMEC.
The Upper Fir Deposit would be mined underground using room and pillar with
backfill in most areas. A mineral processing method using a standard-grind
flotation process to make a concentrate of ferro-columbite-pyrochlore is assumed
for the Upper Fir material. The proposed process is similar to that being used
commercially at Iamgold's Niobec Mine in Quebec. The concentrate would be
further processed to produce marketable separate oxides of tantalum and niobium.
The proposed processes are mature and already in use industrially.
The Blue River Project covers 105,373 hectares (1,000 km(2)). Power transmission
lines, rail, and paved and gravel roads are all adjacent or within the property
boundaries. Transalta Corp.'s 18 MW Bone Creek run-of-river hydroelectricity
project is under construction near the project and is expected to be in
production in 2011.
Mineral resources were classified in accordance with the 2005 CIM Definition
Standards for Mineral Resources and Mineral Reserves, incorporated by reference
into NI 43-101.
The processes proposed for the Blue River Project will produce 99.9% pure
tantalum and niobium oxides. These products are generally sold under contract
and the prices are carefully guarded to provide competitive advantages.
Tantalum is commonly quoted in two separate forms:
· Ta(2)O(5 )in tantalite concentrate: a non-refined, tantalum-bearing
concentrate of variable composition and trace element content
· Tantalum metal scrap (99.9% pure Tantalum): this form of tantalum
product receives a premium price in the market relative to tantalite concentrate
Over the last six years, tantalite concentrate prices ranged from US$75/kg
contained Ta(2)O(5) to US$100/kg contained Ta(2)O(5) (US$34/lb to US$45/lb). In
the same period tantalum metal scrap prices ranged from US$110/kg Ta to
US$180/kg Ta metal (US$50/lb to US$82/lb).
In 2010, prices rose dramatically in response to numerous conditions including
reduced production, increased concerns about conflict-tantalum production in
Africa, depletion of known strategic stockpiles and curtailed exports from
China. In mid-October 2010 the price for Ta(2)O(5) in tantalite concentrate was
US$195/kg (US$89/lb) and for tantalum metal scrap was US$280/kg (US$127/lb).
The higher price for tantalum metal scrap compared to the price for Ta(2)O(5 )in
concentrate is considered a proxy to the added value Commerce should recognize
by refining the Blue River concentrate to high purity Ta(2)O(5.)
In AMEC's opinion, the base case price for tantalum metal scrap is reasonable
for constraining mineral resources based on recent market conditions, but notes
it is significantly higher than historical prices.
There is a risk that using current price assumptions at, or near the peak of the
commodity cycle may overstate the long-term value of the Mineral Resources.
Niobium generally trades as Nb metal or ferroalloy and the price has remained
relatively constant at US$44.08/kg (US$20/lb) Nb over the last several years.
Based on project-related activities and cash on hand, Commerce is fully funded
to complete all studies recommended in 2011. For this year, Commerce intends to
further expand the knowledge of the deposit with additional closer-spaced
diamond drilling. A program of advanced metallurgical testing and more detailed
engineering is also planned. Details will follow based on recommendations
arising from AMEC's Preliminary Economic Assessment.
"The AMEC Resource Estimate for the Upper Fir Tantalum-Niobium Deposit reported
today is further confirmation of Commerce's belief that we are in the process of
building a very important long-term source of ethical tantalum," said Dave
Hodge, Commerce's President. "Results remain pending for additional drilling
completed in 2010, and we are eagerly awaiting the results of AMEC's PEA, which
is based on drilling to the end of the 2009 field season. All indications are
that we will be able to enhance even further the quality of the resource. Of
necessity, the impending PEA is based on conservative pricing. However, recent
developments in global tantalum and niobium markets suggest significant near
term upside".
NI 43-101 Disclosure
Albert Chong, Senior Geologist, P.Geo and Tomasz Postolski, Senior
Geostatistician, P.Eng are the employees of AMEC Americas Limited and are
Qualified Persons responsible for the mineral resource estimate above. A
Technical Report compliant with National Instrument 43-101 standards describing
the resource estimation and providing details of the 2009 drilling and sampling
as well as the associated QAQC review will be filed on SEDAR (www.sedar.com)
within 45 days.
To view the complete news release or for more information please visit Commerce
Resources website at http://www.commerceresources.com or contact Investor
Relations at 1-866-484-2700 or info(at)commerceresources.com.
CONTACT:
Investmentpitch.com
Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentpitch.com
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originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 03.02.2011 - 02:47 Uhr
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News-ID 51007
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