Commerce Resources Corp. Announces Inuit Corporations Sign Letter of Intent for the Ashram REE Deposit, Quebec

by pnationtalk on May 17, 201973 Views

May 15, 2019

Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the “Company” or “Commerce”) is pleased to announce that the Nayumivik Landholding Corporation of Kuujjuaq and the Makivik Corporation have signed a Letter of Intent (LOI) with Commerce Resources Corp. for the ongoing development of the Ashram Rare Earth Elements Deposit in Nunavik, Northern Quebec.

Sammy Koneak, the President of the Nayumivik Landholding Corporation of Kuujjuaq states, “We look forward to working closely with Commerce and Makivik Corporation to implement the LOI during the pre-development phase of the proposed Ashram Deposit. We are confident that continued communication between the parties under the terms and spirit of the LOI will result in ongoing respect for our rights and our environment.”

Maggie Emudluk, the Vice-President of Economic Development at the Makivik Corporation states, “This Letter of Intent (LOI) is a first for Nunavik mining development, specifically for a pre-development project such as the Ashram REE Deposit.By implementing the LOI, Inuit will be directly involved upstream in any discussions and proposed planning of this project. They will also be enabled to provide insights and share concerns during the progression of the project. Makivik is pleased that the LOI is in accordance with the Nunavik Inuit Mining Policy objectives that look forward to establishing clear lines of communication with the industry.”

Chris Grove, the President of Commerce Resources states, “We are very pleased that the Nayumivik and the Makivik have signed this Letter of Intent with us. This is a milestone that speaks to the cooperation between all parties; a document that recognizes the primacy of the James Bay agreement, the practicalities of advancing our Ashram Deposit through the next few years of development, the practicalities of getting our material to world markets, and the best way to achieve our collective goals of a new producing mine in Nunavik through the cooperation of the Inuit and Commerce towards our mutual benefit. We look forward to this future with the Inuit in Nunavik.”

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-Niobium Deposit in British Columbia.

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

On Behalf of the Board of Directors

COMMERCE RESOURCES CORP.

“Chris Grove”

Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

NT5

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