Change to the Board of Directors

Rhea-AI Summary

Commerce Resources Corp (TSXv:CCE, FSE:D7H0, OTCQX:CMRZF) announced the resignation of Jody Dahrouge from its Board of Directors, effective December 20, 2024. Dahrouge, who served as Director since January 2000, was instrumental in discovering the Ashram Rare Earth and Fluorspar project in 2008 and contributed to the company's recent Niobium exploration success. His team led the discovery of Ashram, and he played a important role in guiding the company's exploration and development programs. CEO Ross Carroll acknowledged Dahrouge's exceptional contribution to both Commerce Resources and the development of the Ashram REE project in Québec, Canada.

Positive

• 24-year board member with proven track record of successful project discovery
• Led discovery of company's flagship Ashram Rare Earth project in 2008
• Contributed to recent Niobium exploration success

Negative

• Loss of long-term board member with extensive project knowledge
• Potential disruption in strategic guidance for exploration programs

VANCOUVER, BC / ACCESSWIRE / December 23, 2024 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") announces a change to its Board of Directors.

Mr. Jody Dahrouge resigned as a Director of the Commerce Resources board, effective December 20, 2024. Mr. Dahrouge has been a Director since January 2000. The board and everyone involved with Commerce wish to express their gratitude to Mr. Dahrouge for his exceptional commitment and invaluable contributions during his tenure as a director.

Mr. Dahrouge played a pivotal role in the discovery of the Ashram Rare Earth and Fluorspar project and our recent Niobium exploration success. It was his team that discovered Ashram in 2008, and he has been instrumental in guiding the company's exploration and development programs.

"Jody has made an exceptional contribution both to the positioning of Commerce Resources and the development of the Ashram REE project based in Québec, Canada," said Ross Carroll, CEO of Commerce Resources. The Board of Directors would like to thank Jody for his contribution to the company and wish him well in his future endeavors.

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 within their Eldor Property, in northern Quebec, Canada. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (more than 30 - 45% TREO) mineral concentrates at high recovery (more than 60 - 75%) in line with active global producers.

The Ashram Deposit also has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. 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.

Additionally, Commerce is committed to exploring the potential of other high-value commodities on the Property such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors

COMMERCE RESOURCES CORP.

Ross Carroll
CEO and President
Phone: 604.484.2700
Email: rcarroll@commmerceresources.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 release include; that Ashram's fluorspar component makes it one of the largest potential sources of fluorspar in the world; that the Ashram deposit could be a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities on the Ashram Property. 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 the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill program and any future work programs may not be completed as proposed or at all; 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 anticipated market demand for rare earth elements and other minerals 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 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.

SOURCE: Commerce Resources Corp.

View the original press release on accesswire.com

FAQ

When did Jody Dahrouge resign from Commerce Resources (CMRZF) board?

Jody Dahrouge resigned from Commerce Resources' Board of Directors effective December 20, 2024.

How long did Jody Dahrouge serve on CMRZF's board?

Jody Dahrouge served on Commerce Resources' board for nearly 24 years, from January 2000 to December 2024.

What major projects did Dahrouge discover for Commerce Resources (CMRZF)?

Dahrouge and his team discovered the Ashram Rare Earth and Fluorspar project in 2008 and contributed to recent Niobium exploration success.

Where is Commerce Resources' (CMRZF) Ashram REE project located?

The Ashram Rare Earth and Fluorspar project is located in Québec, Canada.