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 of 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 recognized 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’s 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.
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.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
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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 release include; the Company’s plan 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 variety 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.