COMMERCE RESHAPES MANAGEMENT TEAM IN PREPARATION FOR RENEWED DEVELOPMENT FOCUS OF ASHRAM RARE EARTHS PROJECT
As part of the changes, Joel Ives has been appointed Chief Financial Officer and Company Secretary while Cindy Valence has been promoted to the role of VP Government Relations and Sustainability.
Mr. Ives is a highly experienced finance and business advisory executive who has worked in senior roles for a range of publicly listed companies. Mr Ives is a member of Chartered Accountants Australia and New Zealand.
Commerce also advises that Jody Bellefleur will step down as Chief Financial Officer and Company Secretary. Commerce Chief Executive Nicholas Holthouse thanked Ms Bellefleur for her contribution to the Company and Ashram's development.
Cindy Valence will be promoted from her current role of GM Sustainability to VP Government Relations and Sustainability. Ms Valence has more than 20 years of management experience in her field, most recently as Vice-President of Sustainable Development. Based in Québec, her experience and her applied knowledge of the energy transition and connections to Government and First Nations will ensure she is an invaluable member of the Commerce team.
Patrik Schmidt will step down from his role as VP Exploration but will continue to support the project as a consultant with Dahrouge Geological Consulting.
Tariq Safi has resigned from his role as Investor Relations and Corporate Communications.
Commerce CEO & President, Nicholas Holthouse, said:
"A good first step in the rebuild of a first-class team with a clear development focus to help ensure we can maximise the huge opportunity we have at Ashram.
A multigenerational resource combined with exceptional grades, outstanding metallurgical characteristics and a tier-one mining jurisdiction all bode well for building industry and government support. When these key attributes are combined with the team we are assembling, the economic and strategic fundamentals for this project becomes very clear".
For more information, please visit the corporate website at www.commerceresources.com or email [email protected].
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 statements regarding the expected listing on the Australian Securities Exchange thereafter; the continued advancement of the Ashram project to development; that Ashram's 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; 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 complete a listing on the Australian Securities Exchange; 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.
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