Commerce Resources Appoints Australian Critical Metals Professional to Board of Directors
CW21445993.1
Commerce Resources Appoints Australian Critical Metals Professional to
Board of Directors
January 23, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF)
(the “Company” or “Commerce”) wishes to announce the appointment of Mr. Adam Ritchie as a
new director. Mr. Ritchie brings with him a wealth of experience in the mining industry with a
focus on major project development. His expertise and vision align well with Commerce’s goals,
and the Company looks forward to benefiting from his guidance in the coming years.
Chris Grove , President of Commerce Resources , states “I am excited to have Adam join the
Commerce Resources Board. His significant experience in project development and integrity in
providing shareholder value will be a significant benefit to the company as we advance both the
Ashram REE/ Fluorspar Deposit and our Niobium Claim Group this year.”
Mr Ritchie has over 20 years’ experience in the resources industry and has been focused on project
delivery in senior positions for many of Australia’s best performing companies in the mining and
minerals sector, including Pilbara Minerals, FMG, Rio Tinto and BHP.
Mr Ritchie is known for delivering complex projects with a particular focus on high-value mineral
assets. He is recognised for his contributions to major Australian lithium and iron ore projects,
across all project stages.
He is the Managing Director of Loyal Lithium (ASX:LLI) an ASX listed battery minerals
company with hard rock lithium assets in Quebec, Canada. He holds a Bachelor in Engineer and
a Masters Degree in Utility Engineering . He is committed to a sustainable future and harbors a
long term-personal passion for technology and innovation.
Adam Ritchie states "It's a genuine honour to join the Commerce Board of Directors, overseeing
a project that holds such global significance. I am excited about contributing my project
development experience and leveraging my intimate knowledge of Quebec to help advance the
asset. The Ashram Project boasts substantial untapped potential, deserving serious consideration
from both government and investors. The road ahead looks promising as we guide one of the
largest undeveloped rare earth deposits to the next level."
Additionally, David Ian Hodge has resigned as a director of the Company. The Company would
like to express its sincere gratitude to Dave for his long-standing and dedicated service during his
tenure, dating from 1999. His insight and leadership have been instrumental in guiding the
Company through various strategic decisions including the staking of the Eldor claims in Quebec
in 2007.
About Commerce Resources Corp.
CW21445993.1
Commerce Resources Corp. is a junior mineral resource company focused on the development of
the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is
positioning to be one of the lowest cost rare earth producers globally, with a specific focus on
being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market.
In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest
fluorspar deposits globally and has the potential to be a long -term supplier to the met -spar and
acid-spar markets.
For more information, please visit the corporate website at www.commerceresources.com or
email [email protected].
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
“Chris Grove”
Chris Grove
CEO and President
Tel: 604.484.2700
Email: [email protected]
Web: http://www.commerceresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward -looking statements, which includes any information about activities, events or
developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking
statements in this news releas e include ; the Company’s pl an to advance the Ashram REE/ Fluorspar Deposit and
Niobium Claim Group in Quebec ; that the Ashram deposit is one of the largest undeveloped rare earth deposits; that
Ashram has the potential to become a long-term supplier to the met-spar and acid-spar markets; and that the Company
is positioning to be one of the lowest cost rare earth element producers globally. These forward -looking statements
are subject to a va riety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those projected in the forward -looking information. Risks that could change or prevent these events,
activities or developments from coming to fruition include: that we may not be able to fully finance any additional
exploration on the Ashram Project; that even if we are able raise capital, costs for exploration activities may increase
such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content
of any future work programs; geological interpretations based on drilling that may change with more detailed
information; potential process methods and mineral recoveries assumptions based on limited test work and by
comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of
our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and
even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as
expected; the availability of labour and equipment to undertake future exploration work and testing activities;
geopolitical risks which may result in market and economic instability; and despite the current expected viability of
the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project,
the project may not be commercially viable; The forward-looking statements contained in this news release are made
CW21445993.1
as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new
events or circumstances, except as required by law.