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New IPO Commerce Resources (v.cce)

http://www.commerceresources.com/s/NewsReleases.asp?ReportID=27431?id=0042

August 31, 2001
Trading Symbol: CCE – CDNX

Update on Tantalum Exploration at the Verity Property

As an update to the company’s current drill program (as announced August 15, 2001), Commerce Resources Corp. (CCE - CDNX) announces the completion of the first five (5) drill holes at the Verity-Paradise Carbonatite Complex.

All five holes intersected varying widths of the main carbonatite sill, as follows:

VDH-1: 20.72 to 71.90 (51.18 meters Carbonatite - Beforsite)
VDH-1: 90.50 to 100.30 (9.80 meters Carbonatite - Sovite)

VDH-2: 37.19 to 106.68 (69.49 meters Carbonatite - Beforsite)
VDH-2: 112.78 to 113.50 (0.72 meters Carbonatite - Sovite)

VDH-3: 23.77 to 44.50 (20.73 meters Carbonatite - Beforsite)

VDH-4: 52.73 to 79.55 (26.82 meters Carbonatite - Beforsite)

VDH-5: 6.10 to 25.30 (19.20 meters Carbonatite - Beforsite)

Holes 1 and 2 were infill holes within the main Verity deposit. Holes 3 and 4 were step-out holes to the east. Hole 5 was a step-out hole to the north.

Holes 1 through 4 were drilled at an orientation of about 030°/-60°, or approximately perpendicular to the known Verity Sill; hence, are approximately representative of true thickness. Hole 5 was a vertical hole near the subcrop edge; hence the interval shown is not true thickness.

All fieldwork is being completed under the supervision of Jeff Reeder, professional geologist. All samples are being analyzed by ICP-MS methods by Acme Analytical Laboratories for whole rock constituents, including: Niobium and Phosphate. In addition, Activation Laboratories Ltd. is analyzing all samples by INAA (Neutron Activation) for Tantalum. This process is expected to take approximately 3 - 4 weeks. The main carbonatite sill typically consists of both mineralized and non-mineralized material. Assay results will be disclosed in a timely manner.

About Commerce Resources Corp.
Commerce Resources Corp. is a mineral exploration and development company, which trades on the Canadian Venture Exchange under the symbol CCE. The company’s principal project is located near Blue River in central British Columbia, with target metals being tantalum and niobium. The company is actively exploring the project with the objective to further delineate the grade and tonnage of available tantalum, niobium and phosphate deposits within the property. The Verity-Paradise carbonatite complex, which is up to 70 m thick, has been traced intermittently along strike length of about 7,000 meters. The Fir Carbonatite, which is up to 75 m thick, is near flat-lying and has previously been traced along a strike length of about 400 m.

The company’s Verity property is host to an inferred mineral resource of 3.06 Mt containing 196 g/t Ta2O5, 646 g/t Nb2O5, and 3.20 % P2O5 (McCrea, 2001).