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Thursday, 11/03/2011 10:10:25 AM

Thursday, November 03, 2011 10:10:25 AM

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Commerce Resources Corp. Announces Positive Preliminary Economic Assessment for Upper Fir Tantalum and Niobium Deposit, Blue River, B.C.

Press Release Source: Commerce Resources Corp. On Thursday November 3, 2011, 9:27 am

Highlights

• AMEC's PEA Technical Report on the Blue River Tantalum-Niobium Project dated 29-September-2011 will be filed shortly for public disclosure (www.SEDAR.com).

• Study results show a positive cash flow for a potential 7500 tonnes per day underground operation at the Upper Fir, with cash costs of $C24.91 per kilogram of tantalum metal (net of niobium metal credits) in a technical grade oxide product.

• AMEC's economic evaluation was based on the September 29, 2011 mineral resource base of 36.4 million tonnes of Indicated mineral resource containing 195 ppm (gpt) Ta2O5 and 1,700 ppm (gpt) Nb2O5 plus 6.4 million tonnes of Inferred mineral resource containing 199 ppm (gpt) Ta2O5 and 1890 ppm (gpt) Nb2O5.

• The PEA identified opportunities for optimization in the geology and mining areas with the key risks for project development lying in the sensitivity of the project to fluctuations in commodity prices and the United States dollar to Canadian dollar exchange rates.

• With the milestone of the PEA completed, AMEC has commenced work on an updated mineral resource estimate that will include the results of drilling completed to the end of 2010 and assays received as of September 29, 2011. This will be followed by a technical report that will incorporate drilling, assaying, geological mapping and other work completed on the Upper Fir to the end of Commerce's 2010 field program. A subsequent update to this technical report is also planned that will include results of the 2011 drilling and metallurgical test programs.

• Results of the PEA represent forward-looking information. The preliminary economic assessment is preliminary in nature and it 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 preliminary economic assessment will be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

THE REST:

http://finance.yahoo.com/news/Commerce-Resources-Corp-prnews-250264074.html?x=0&.v=28

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