Commerce Resources Corp. Enters Development MOU with Ucore Rare Metals Inc.
Commerce Resources Corp. Enters Development MOU
with Ucore Rare Metals Inc.
June 5, 2017 - Commerce Resources Corp. (TSXv: CCE; FSE: D7H) (the “ Commerce”) is
pleased to announce that it has executed a Memorandum of Understanding (“MOU”) with Ucore
Rare Metals Inc. (TSXv: UCU; OTCQX: UURAF) (“Ucore”) for the purpose of integrating
feedstock from Commerce’s Ashram Project in Quebec (the “Ashram Project”) with Ucore’s
recently announced rare earth separation facility and Strategic Metals Complex (“SMC”).
Under the terms of the MOU, Commerce will provide quantities of mixed rare earth carbonate
concentrate, using material from the Ashram Deposit (the “Ashram Concentrate”), sufficient to
perform bench and pilot scale testing of the metallurgy and metals separation metrics of the
prospective feedstock. The bench work will be conducted by IBC Advanced Technologies of
American Fork, Utah (“IBC”), with pilot scale test work expected to take place at the recently
completed SuperLig®-One MRT pilot facility in Vineyard, Utah (see Ucore Press Release
September 26, 2016).
The objective of the test work is to complete a definitive assessment of the suitability of the
Ashram Concentrate as potential feedstock for the SMC, with a view to a subsequent long-term
supply partnership and offtake relationship.
“This is a significant development partnership for both Ucore and Commerce”, said Jim
McKenzie, President and CEO of Ucore. “Commerce has undertaken extensive research and
testing resulting in a high-quality and high-grade mineral concentrate that will allow for cost
effective processing to our ideal feedstock, and therefore, looks to be a very promising candidate
for processing via a MRT separation circuit. The Ashram Deposit is large tonnage, good grade,
hosts a well-balanced REE distribution with an enrichment in the magnet feed REEs, and perhaps
most importantly, is highly accessible. In combination with the SMC, Ashram promises to be a
key link in a self-contained North American REE supply chain.”
Commerce is well advanced with its metallurgical testing and flowsheet design for the production
of the Ashram Concentrate, incorporating the conventional approach used by current and past rare
earth producers. This involves an initial phase of beneficiation to produce a high-grade mineral
concentrate of >45% REO and at high recovery at ~75%, followed by a hydrometallurgical phase
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that further processes the mineral concentrate through to a mixed rare earth carbonate product
suitable for separation. The Ashram metallurgical test work and pilot plant is located and operated
at Hazen Research in Golden, Colorado.
“We are excited to be working with Ucore and look forward to delivering a sample of mixed rare
earth carbonate concentrate to the SuperLig® test facility in Utah as soon as possible. Security of
supply is vitally important, and with our simple mineralogy and successful use of standard
processing, we look forward with Ucore to realizing the goal of an independent North American
REE supply chain” states Chris Grove, President of Commerce Resources Corp.
Ucore is now engaged in the detailed engineering and planning of the SMC rare earth separation
facility, a joint venture with IBC (see Ucore Press Release November 15, 2016 and May 25, 2017).
The SMC will utilize SuperLig® Molecular Recognition Technology for the separation of REE,
capitalizing on advanced pilot phase testing of the SuperLig®-One pilot platform. The SMC is
being designed and engineered as a modular facility, capable of accepting feedstock from varying
supply sources and a range of high quality concentrates. Ucore anticipates the release of a
comprehensive design and build schedule for the SMC facility, including an economic analysis of
supply sources, in the coming months. With prospective supply sources located in Quebec, Alaska
and the Southeastern US, the selection of the location of the SMC is contingent upon incentives
and logistical considerations from multiple competing jurisdictions.
Stock Options
In addition, Commerce Resources Corp. announces it has granted an aggregate of 12,997,320
stock options to its directors, officers, consultants and employees for the purchase of up to
12,997,320 common shares of the Company pursuant to its Stock Option Plan. Each option is
exercisable for a period of 5 years at a price of $0.065 per common share.
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.
For more information on Commerce Resources Corp., visit the corporate website at
http://www.commerceresources.com or email [email protected].
About Ucore Rare Metals Inc.
Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction
and beneficiation technologies with near term potential for production, growth and scalability. On
March 3, 2015, Ucore announced the development of a joint venture with IBC for the deployment
of SuperLig® technology for rare earths and multi-metallic tailings processing applications in
North America and associated world markets. The Company has a 100% ownership stake in the
Bokan project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State
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Legislature for the investment of up to USD $145 Million in the Bokan project at the discretion of
the Alaska Import Development and Export Agency (“AIDEA”).
About IBC Advanced Technologies, Inc.
IBC Advanced Technologies, Inc. is an award-winning, green chemical selective separations
company based on innovative MRT products. Headquartered in American Fork, Utah, with
manufacturing facilities in Utah and Houston, Texas, IBC has supplied industrial, governmental
and academic customers worldwide with environmentally friendly products, processes and
services for over 27 years.
IBC specializes in MRT, utilizing green chemistry to achieve highly selective separations of metal
ions in complex matrices. Based on Nobel Prize-winning technology (1987), IBC’s proprietary
products and processes are used worldwide by premier metals refining and mining companies such
as Tanaka Kikinzoku K.K. (Japan), Asarco Grupo Mexico (USA), Impala Platinum Ltd. (South
Africa), and Sino Platinum (China). The Japanese Government (Mitsubishi Research, Inc.)
recently awarded to IBC a highly competitive subsidy grant, “Demonstration Project for Seawater
Purification Technologies”, concerning the selective separation of the radionuclides strontium and
cesium from contaminated seawater at Fukushima, Japan.
IBC’s expertise is illustrated by its extensive development and commercialization of separations
systems for platinum group metals (“PGM’s”) at a world level. PGM’s are analogous to the rare
earth elements, in that they are considered difficult to selectively separate due to their constituent
chemical similarities.
The Ucore-IBC alliance builds on IBC’s proven capabilities to develop, scale-up and
commercialize selective separations systems for a number of diverse and complex applications.
See www.ibcmrt.com for additional information.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
Chris Grove
President and Director
Tel: 604.484.2700
TF: 866.484.2700
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 press release includes certain statements that may be deemed “forward-looking statements”. All statements in
this release, other than statements of historical facts, that address future exploration drilling, exploration activities,
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research and development timelines, and events or developments that the Company expects, are forward looking
statements. Forward looking statements in this press release include that we may enter into a long term supply
partnership and offtake relationship and the possibility of an independent North American REE supply chain.
Although the Company believes the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance and actual results or developments
may differ materially from those in forward-looking statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include exploitation and exploration successes or setbacks,
research and develop successes or setbacks, continued availability of financing, that we may not be able to reach
agreements, that the product may not be suitable for intended uses, and general economic, market or business
conditions.