by Greg Klein | February 17, 2017

With potential customers waiting for rare earths concentrate samples, Commerce Resources TSXV:CCE closed a $1.71-million private placement on February 17 that included $1 million from Ressources Qubec. A subsidiary of the provincial government corporation Investissement Qubec, Ressources Qubec focuses on projects that have good return prospects and foster Qubecs economic development, the organization says. Its role is complementary to private funders.

We are excited to have the support of the Quebec government with this investment from Ressources Qubec. The province of Quebec continues to prove that it is one of the most attractive jurisdictions to develop a mineral project. Chris Grove, president of Commerce Resources

We are excited to have the support of the Quebec government with this investment from Ressources Qubec, Commerce president Chris Grove stated. The province of Quebec continues to prove that it is one of the most attractive jurisdictions to develop a mineral project. We are excited to be advancing our Ashram project with this financing.

The private placement will be used to complete the projects pilot plant, to produce samples of REE and fluorite concentrates, and for general working capital. Among companies requesting REE samples are Solvay, Mitsubishi, Treibacher, BASF, DKK, Albemarle and Blue Line.

The money comes in addition to a three-year, $300,000 environmental grant from the province to optimize tailings management.

Ashrams high-grade, near-surface deposit benefits from relatively simple metallurgy, suggesting a potentially low-cost operation with an impressive distribution of magnet feed elements. Now moving towards pre-feas, the project reached PEA in 2012.

Commerce also holds the Upper Fir tantalum-niobium deposit in southeastern British Columbia, which reached PEA in 2011 and a resource update in 2013.

Read more about Commerce Resources.

This article was posted by Greg Klein - Resource Clips on Friday, February 17th, 2017 at 3:12 pm.

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Province of Quebec invests in Commerce Resources' Ashram rare earths project - Resource Clips