Technical Report: Commerce Resources Corp. (January 2011)

Blue River Ta-Nb Project
NI 43-101 Technical Report
Blue River, British Columbia

Prepared for:
Commerce Resources Corporation

Prepared by:
Albert Chong, P.Geo
Tomasz Postolski, P.Eng

Effective Date: 31 January 2011

Project No. 162230

CERTIFICATE OF QUALIFIED PERSON

Albert Chong, P.Geo.
AMEC Americas Limited
111 Dunsmuir Street, Suite 400
Vancouver, B.C. V6B 5W3
Phone: (604) 664-4116
E-mail: albert.chong@amec.com

I, Albert Chong, P.Geo., am employed as a Senior Geologist with AMEC Americas Limited.

This certificate applies to the Technical Report titled “Blue River Ta-Nb Project, Blue River, B.C., NI
43-101 Technical Report” and dated 31 January 2011 (the “Technical Report”)

I am a Professional Geoscientist in the Province of British Columbia (P.Geo. #23773). I graduated
from McMaster University, Canada with a B.Sc. degree in Geology, and from the University of
Tasmania, Australia with a M.Sc. degree in Exploration Geoscience.

I have practiced my profession for 25 years since graduation. I have been directly involved in green
fields and brown fields exploration, mining operations, consulting, and resource estimation of base
metal, precious metal and rare metal deposits.

As a result of my experience and qualifications, I am a Qualified Person as defined in National
Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).

I visited the Blue River property from July 11 to 16, 2010.

I am responsible for Sections 2 to 16, Sections 18, 19, 22, 23, and those portions of the Summary,
Interpretation and Conclusions, and Recommendations (Sections 1, 20, and 21) that pertain to these
sections of the Technical Report.

I am independent of Commerce Resources Corporation as independence is described by Section
1.4 of NI 43–101.

I have been involved with the Blue River Ta-Nb Project since January 2010 as part of data
verification, geology and preparation of the Technical Report.

I have read NI 43–101 and this report has been prepared in compliance with that Instrument.

As of the date of this certificate, to the best of my knowledge, information and belief, the Technical
Report contains all scientific and technical information that is required to be disclosed to make the
Technical Report not misleading.

“Signed and sealed”

Albert Chong, P.Geo.

Dated: 02 February 2011

Tel (604) 664-4315
Fax (604) 669-9516 www.amec.com

CERTIFICATE OF QUALIFIED PERSON

Tomasz Postolski, P.Eng.
Phone: (604) 664-6096
E-mail: tomasz.postolski@amec.com

I, Tomasz Postolski, P.Eng., am employed as a Senior Geostatistician with AMEC Americas Limited.

This certificate applies to the Technical Report titled “Blue River Ta-Nb Project, Blue River, B.C., NI
43-101 Technical Report” dated 31 January 2011 (the “Technical Report”)

I am a Professional Engineer in the Province of British Columbia (P.Eng. #34784). I have graduated
from The University of Mining and Metallurgy, Krakow, Poland with a Magister Inzynier degree in
Geological Engineering, and from the University of British Columbia with a Master of Applied
Science degree also in Geological Engineering. I have completed the Citation Program in Applied
Geostatistics at the Centre for Computational Geostatistics at the University of Alberta.

I have 17 years of consulting, mine operations, and academic experience specializing in
geostatistical ore resource estimation and geological evaluation of gold, copper, rare earth metals
and other mineral deposits in Canada and abroad.

As a result of my experience and qualifications, I am a Qualified Person as defined in National
Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).

I did not visit the Blue River property.

I am responsible for Section 17 and those portions of the Summary, Interpretation and Conclusions,
and Recommendations (Sections 1, 20, and 21) that pertain to this section of the Technical Report.

I am independent of Commerce Resources Corporation as independence is described by Section
1.4 of NI 43–101.

I have been involved with the Blue River Ta-Nb Project in February 2010 conducting geostatistical
drill hole spacing study and again since July 2010 preparing the Mineral Resource estimate and the
Technical Report.

I have read NI 43–101 and this report has been prepared in compliance with that Instrument.

As of the date of this certificate, to the best of my knowledge, information and belief, the Technical
Report contains all scientific and technical information that is required to be disclosed to make the
Technical Report not misleading.

“Signed and sealed”

Tomasz Postolski, P.Eng.

Dated: 02 February 2011
Tel (604) 664-4315
Fax (604) 669-9516 www.amec.com

IMPORTANT NOTICE

This report was prepared as a National Instrument 43-101 Technical
Report by AMEC Americas Limited (AMEC). The quality of
information, conclusions, and estimates contained herein is consistent
with the level of effort involved in AMEC’s services, based on: i)
information available at the time of preparation, ii) data supplied by
outside sources, and iii) the assumptions, conditions, and qualifications
set forth in this report. This report is intended to be used by
Commerce Resources Corporation (Commerce), subject to the terms
and conditions of its contract with AMEC. That contract permits
Commerce to file this Technical Report with Canadian Securities
Regulatory Authorities pursuant to provincial securities legislation.
Except for the purposes legislated under provincial securities law, any
use of this report by any third party is at that party’s sole risk.

Prepared by: “Signed and Stamped”
Albert Chong, P.Geo

“Signed and Stamped”
Tomasz Postolski, P.Eng

Reviewed by: “Signed and Stamped”
Greg Gosson, Ph.D, P.Geo

Approved by: “Signed”
Arndt Brettschneider, Manager Geology & Mining

COMMERCE RESOURCES CORPORATION
BLUE RIVER TA-NB PROJECT
BLUE RIVER, BRITISH COLUMBIA
NI 43-101 TECHNICAL REPORT

CONTENTS

1.0 SUMMARY ................................................................................................................................... 1-1
1.1 Principal Findings ............................................................................................................ 1-1
1.2 Project Location and Access ........................................................................................... 1-1
1.3 Mineral Tenure, Surface Rights, and Permits ................................................................. 1-1
1.4 Geology, Deposit Type, and Mineralization..................................................................... 1-2
1.5 History, Exploration, and Drilling ..................................................................................... 1-2
1.6 Sample Preparation and Analysis ................................................................................... 1-2
1.7 Data Verification .............................................................................................................. 1-3
1.8 Processing and Metallurgical Testwork ........................................................................... 1-3
1.9 Market Study ................................................................................................................... 1-3
1.10 Commodity Price ............................................................................................................. 1-4
1.11 Mineral Resource Estimation........................................................................................... 1-4
1.12 Mineral Resource Statement ........................................................................................... 1-4
1.13 Exploration Potential ........................................................................................................ 1-5
1.14 Conclusions ..................................................................................................................... 1-6
1.15 Recommendations ........................................................................................................... 1-7
2.0 INTRODUCTION .......................................................................................................................... 2-1
2.1 Qualified Persons ............................................................................................................ 2-1
2.2 Site Visit ........................................................................................................................... 2-1
2.3 Effective Dates ................................................................................................................ 2-1
2.4 Sources of Information and Data ..................................................................................... 2-2
2.5 Technical Report Sections and Required Items under NI 43-101 ................................... 2-2
3.0 RELIANCE ON OTHER EXPERTS .............................................................................................. 3-1
3.1 Mineral Tenure ................................................................................................................ 3-1
3.2 Permitting and Environment ............................................................................................ 3-1
3.3 Market Analysis ............................................................................................................... 3-1
4.0 PROPERTY DESCRIPTION AND LOCATION ............................................................................ 4-1
4.1 Property Area and Location ............................................................................................. 4-1
4.2 Mineral Tenure ................................................................................................................ 4-1
4.3 Surface Rights ................................................................................................................. 4-1
4.4 Permitting and Environmental Liabilities ......................................................................... 4-4
4.5 Royalties, Payments, and Agreements ........................................................................... 4-4
4.6 Location of Known Mineralization .................................................................................... 4-4
4.7 Comment on Section 4 .................................................................................................... 4-5
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY ......................................................................................................................... 5-1
5.1 Accessibility ..................................................................................................................... 5-1
5.2 Climate............................................................................................................................. 5-1
5.3 Local Resources .............................................................................................................. 5-1
5.4 Infrastructure ................................................................................................................... 5-1
5.5 Physiography ................................................................................................................... 5-2
6.0 HISTORY ...................................................................................................................................... 6-1

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6.1 Previous Work ................................................................................................................. 6-1
6.2 Commerce Exploration .................................................................................................... 6-2
6.3 Commerce Mineral Resource Estimates ......................................................................... 6-2
7.0 GEOLOGICAL SETTING ............................................................................................................. 7-1
7.1 Regional Geology ............................................................................................................ 7-1
7.2 Local Geology .................................................................................................................. 7-3
7.3 Blue River Project Geology ............................................................................................. 7-3
7.3.1 Metasedimentary Rocks ..................................................................................... 7-3
7.3.2 Intrusive Rocks ................................................................................................... 7-4
7.3.3 Structural Geology and Metamorphism ............................................................ 7-14
7.3.4 Geochronology ................................................................................................. 7-15
7.4 Fir and Verity Geology ................................................................................................... 7-16
7.4.1 Fir Carbonatite Geology ................................................................................... 7-16
7.4.2 Verity Carbonatite ............................................................................................. 7-16
7.5 Comment on Section 7 .................................................................................................. 7-17
8.0 DEPOSIT TYPES ......................................................................................................................... 8-1
9.0 MINERALIZATION ....................................................................................................................... 9-1
9.1 Blue River Mineralization ................................................................................................. 9-1
9.1.1 Carbonatite Mineralization .................................................................................. 9-1
9.1.2 Fenite Mineralization .......................................................................................... 9-3
9.2 Fir and Verity Mineralization ............................................................................................ 9-3
9.2.1 Fir Mineralization ................................................................................................ 9-3
9.2.2 Verity Mineralization ........................................................................................... 9-3
10.0 EXPLORATION .......................................................................................................................... 10-1
10.1 Data Compilation ........................................................................................................... 10-1
10.1.1 Historical Data Compilation .............................................................................. 10-1
10.1.2 Current Data Compilation ................................................................................. 10-1
10.2 Grids and Surveys ......................................................................................................... 10-2
10.3 Mapping ......................................................................................................................... 10-2
10.4 Geochemistry (stream sediment, soil, and rock) ........................................................... 10-2
10.4.1 Stream-Sediment Sampling ............................................................................. 10-3
10.4.2 Soil Sampling .................................................................................................... 10-3
10.4.3 Rock Sampling ................................................................................................. 10-5
10.5 Geophysical Surveys ..................................................................................................... 10-5
10.6 Drilling ............................................................................................................................ 10-6
10.7 Bulk Density ................................................................................................................... 10-6
10.8 Exploration Potential ...................................................................................................... 10-6
10.8.1 Blue River Exploration Targets ......................................................................... 10-6
10.8.2 Other Targets ................................................................................................... 10-6
10.9 Other Studies ................................................................................................................. 10-7
10.9.1 Bulk Samples .................................................................................................... 10-7
10.9.2 Academic Research ......................................................................................... 10-7
10.9.3 Environmental Geochemistry ........................................................................... 10-7
10.9.4 Geotechnical ..................................................................................................... 10-8
10.9.5 Tailings Location ............................................................................................... 10-8
10.9.6 Timber Assessment .......................................................................................... 10-9

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10.10 Comment on Section 10 ................................................................................................ 10-9
11.0 DRILLING ................................................................................................................................... 11-1
11.1 Drill Campaigns ............................................................................................................. 11-1
11.2 Drilling Equipment ......................................................................................................... 11-2
11.3 Core Drilling ................................................................................................................... 11-2
11.3.1 Core Drilling Strategy ....................................................................................... 11-2
11.3.2 Core Sizes ........................................................................................................ 11-3
11.3.3 Collar Surveys .................................................................................................. 11-3
11.3.4 Downhole Surveys ............................................................................................ 11-3
11.3.5 Oriented Drill Core ............................................................................................ 11-3
11.3.6 Core Handling ................................................................................................... 11-3
11.3.7 Core Recovery.................................................................................................. 11-4
11.4 Planned Drill Programs.................................................................................................. 11-4
12.0 SAMPLING METHOD AND APPROACH .................................................................................. 12-1
13.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ........................................................ 13-1
13.1 Sample Preparation ....................................................................................................... 13-1
13.2 Sample Analysis ............................................................................................................ 13-1
13.3 Quality Control ............................................................................................................... 13-2
13.3.1 Assessment of Accuracy with SRM Control Samples ...................................... 13-2
13.3.2 Assessment of Accuracy with Secondary Lab Pulp Checks ............................ 13-5
13.3.3 Assessment of Precision with Duplicates ......................................................... 13-8
13.3.4 Assessment of Contamination Using Blanks.................................................. 13-15
13.4 Density ......................................................................................................................... 13-16
13.5 Security ........................................................................................................................ 13-18
13.6 Comment on Section 13 .............................................................................................. 13-18
14.0 DATA VERIFICATION ................................................................................................................ 14-1
14.1 Database Data Entry Check .......................................................................................... 14-1
14.2 Site Visit ......................................................................................................................... 14-2
14.2.1 Drill Collar Location Check ............................................................................... 14-2
14.2.2 Logging and Sampling Facilities ....................................................................... 14-2
14.2.3 Core Storage .................................................................................................... 14-3
14.2.4 Inspection of Drill Core and Verification of Mineralization ................................ 14-3
15.0 ADJACENT PROPERTIES ........................................................................................................ 15-1
16.0 MINERAL PROCESSING AND METALLURGICAL TESTING .................................................. 16-1
16.1 Head Samples for Initial Testing ................................................................................... 16-2
16.2 Phase I Testing .............................................................................................................. 16-2
16.3 Phase II Testing ............................................................................................................. 16-5
16.4 Review of Concentrate Treatment Options ................................................................... 16-7
16.5 Accuracy of Assaying .................................................................................................... 16-7
17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES............................................. 17-1
17.1 Introduction .................................................................................................................... 17-1
17.2 Assay Data and Capping ............................................................................................... 17-1

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17.3 Composites .................................................................................................................... 17-1
17.4 Exploratory Data Analysis ............................................................................................. 17-2
17.5 Contact Analysis ............................................................................................................ 17-4
17.6 Variography ................................................................................................................... 17-4
17.7 Carbonatite Solid Modeling ........................................................................................... 17-5
17.8 Block Model Dimensions ............................................................................................... 17-5
17.9 Assignment of Lithology and Specific Gravity to Blocks ............................................... 17-6
17.10 Block Model Grade Estimate ......................................................................................... 17-6
17.11 Block Model Validation .................................................................................................. 17-7
17.11.1 Visual Validation ............................................................................................... 17-7
17.11.2 Global Grade Bias Check ................................................................................. 17-9
17.11.3 Local Grade Bias Check (Swath Plots) .......................................................... 17-10
17.11.4 Selectivity Check ............................................................................................ 17-11
17.12 Preliminary Results from 2010 Drilling ........................................................................ 17-13
17.13 Mineral Resource Classification .................................................................................. 17-14
17.14 Reasonable Prospects for Economic Extraction ......................................................... 17-16
17.14.1 Market Study .................................................................................................. 17-16
17.14.2 Commodity Price ............................................................................................ 17-17
17.14.3 Physical Assumptions..................................................................................... 17-18
17.14.4 Operational Considerations ............................................................................ 17-18
17.14.5 Economic Assumptions .................................................................................. 17-18
17.14.6 Economic Cut-off ............................................................................................ 17-19
17.15 Mineral Resource Statement ....................................................................................... 17-19
18.0 ADDITIONAL REQUIREMENTS FOR TECHNICAL REPORTS ON DEVELOPMENT
PROPERTIES AND PRODUCTION PROPERTIES .................................................................. 18-1
19.0 OTHER RELEVANT INFORMATION ......................................................................................... 19-1
20.0 INTERPRETATION AND CONCLUSIONS ................................................................................ 20-1
21.0 RECOMMENDATIONS .............................................................................................................. 21-1
22.0 DATE AND SIGNATURE PAGE ................................................................................................ 22-1
23.0 REFERENCES ........................................................................................................................... 23-1

T ABLE S

Table 1-1: Blue River Project Estimated Mineral Resources; Effective Date 30 June, 2010,
Tomasz Postolski, P. Eng., Qualified Person ..................................................................... 1-5
Table 2-1: Site Visit and Sections of Responsibility ............................................................................. 2-1
Table 2-2: Form 43-101F1 Prescribed Items in Relation to Report Contents ..................................... 2-3
Table 6-1: Blue River Exploration History Summary ........................................................................... 6-1
Table 11-1: Drill Campaign Summary .................................................................................................. 11-1
Table 11-2: Upper Fir Deposit Trench and Bulk Samples ................................................................... 11-2
Table 12-1: Selected Ta and Nb Composite Values in Carbonatite .................................................... 12-2
Table 13-1: Primary Analysis Lower Detection Limits ......................................................................... 13-2
Table 13-2: Control Samples and Insertion Rates by Year ................................................................. 13-2
Table 13-3: “Robert” Standard Reference Material “Best Values” ....................................................... 13-3

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Table 13-4: Pulp Check Bias in Percent .............................................................................................. 13-8
Table 13-5 Field Duplicate Precision by Year ................................................................................... 13-10
Table 13-6: Specific Gravity Measurements for Blue River Rock Types ........................................... 13-17
Table 14-1: AMEC Site Visit Confirmation of Mineralization ................................................................ 14-4
Table 15-1: List of Adjacent Property Claims....................................................................................... 15-1
Table 16-1: Results from F81............................................................................................................... 16-6
Table 16-2: Results of a Sequential Hydrochloric Acid Leach of Flotation “Middling” ......................... 16-7
Table 17-1: Capped Assays vs. 2.5m Composites Statistics Inside Carbonatites .............................. 17-1
Table 17-2: Composite Statistics in Carbonatite .................................................................................. 17-2
Table 17-3: Ta2O5 and Nb2O5 Correlogram Parameter in Carbonatite ................................................ 17-5
Table 17-4: Block Model Dimensions .................................................................................................. 17-5
Table 17-5: Estimation Parameters for Ta2O5 and Nb2O5 ................................................................... 17-6
Table 17-6: Mean Grades for NN, OK and ID3 Models ....................................................................... 17-9
Tomasz Postolski, P.Eng, Qualified Person ................................................................... 17-20
Table 17-8: Blue River Project Sensitivity of Estimated Mineral Resources to Tantalum Price;
Effective Date 30 June, 2010, Tomasz Postolski, P.Eng, Qualified Person .................. 17-21
Table 21-1: Recommendations Summary ........................................................................................... 21-1

FIGURES

Figure 4-1: Location Map ...................................................................................................................... 4-2
Figure 4-2: Blue River Mineral Tenure Map .......................................................................................... 4-3
Figure 7-1: Tectonic Belts of British Columbia and Carbonatite Occurrences ...................................... 7-2
Figure 7-2: Local Geology Map ............................................................................................................. 7-5
Figure 7-3: Deposit Area Surface Geology Map ................................................................................... 7-6
Figure 7-4: Drill Collar and Vertical Section Locations .......................................................................... 7-9
Figure 7-5: Lower Road Longitudinal Section 352800 E .................................................................... 7-10
Figure 7-6: Geology Section 5796737 N ............................................................................................. 7-11
Figure 7-7: Geology Section 5796425 N ............................................................................................. 7-12
Figure 7-8: Folding Indicators (Hole F08-150 121.8 m to 129.8 m) .................................................... 7-13
Figure 7-9: Folding Indicators (Hole F08-150: 143.5 m and 147.0 m) ................................................ 7-13
Figure 7-10: Folding Indicators (Hole F08-151: 204.0 m to 204.5 m) ................................................... 7-14
Figure 9-1: Tantalum and Niobium Rich Mineralogy within Carbonatite ............................................... 9-3
Figure 10-1: Soil Geochemistry Map ..................................................................................................... 10-4
Figure 13-1: SRM BR-01 Control Chart ................................................................................................ 13-3
Figure 13-2: 2008 “Robert” SRM Ta Performance ................................................................................ 13-4
Figure 13-3: 2008 “Robert” SRM Nb Performance ............................................................................... 13-4
Figure 13-4: 2009 “Robert” SRM Ta Performance ................................................................................ 13-5
Figure 13-5: 2005 Pulp Check Sample Ta RMA Plots .......................................................................... 13-6
Figure 13-6: 2005 Pulp Check Sample Nb RMA Plots ......................................................................... 13-6
Figure 13-7: 2008 Acme Pulp Check Sample Ta RMA Plots ................................................................ 13-7
Figure 13-8: 2008 Acme Pulp Check Sample Nb RMA Plots ............................................................... 13-7
Figure 13-9: Min-Max Plot – Ta Precision for Field Duplicates Between 2006 and 2009 .................... 13-9
Figure 13-10: Min-Max Plot – Nb Precision for Field Duplicates Between 2006 and 2009 .................... 13-9

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Figure 13-11: 2008 Pulp Duplicate Failure Min Max Ta Chart .............................................................. 13-11
Figure 13-12: 2008 Pulp Duplicate ARD vs. Grade Ta Chart ............................................................... 13-11
Figure 13-13: 2008 Pulp Duplicate Failure Min Max Nb Chart ............................................................. 13-12
Figure 13-14: 2008 Pulp Duplicate ARD vs. Grade Nb Chart ............................................................... 13-12
Figure 13-15: 2008 Pulp Duplicate RMA Ta Chart................................................................................ 13-13
Figure 13-16: 2008 Pulp Duplicate RMA Nb Chart ............................................................................... 13-13
Figure 13-17: 2009 Pulp Duplicate RMA Ta Chart................................................................................ 13-14
Figure 13-18: 2009 Pulp Duplicate ARD vs. Grade Ta Chart ............................................................... 13-14
Figure 13-19: 2009 Pulp Duplicate RMA Nb Chart ............................................................................... 13-15
Figure 13-20: 2009 Pulp Duplicate ARD vs. Grade Nb Chart ............................................................... 13-15
Figure 13-21: Blank Control Chart for Tantalum Analyses ................................................................... 13-16
Figure 13-22: Blank Control Chart for Niobium Analyses ..................................................................... 13-16
Figure 14-1: Drill Hole Collar Identification ............................................................................................ 14-3
Figure 16-1: Sample BS-2F – Gravity Separation (Different Grinds) .................................................... 16-3
Figure 16-2: Sample BS-2G – Gravity Separation (Different Grinds) ................................................... 16-3
Figure 16-3: Rougher and Cleaners by Centrifugal Gravity Concentration .......................................... 16-4
Figure 16-4: Upgrading by Wilfley & Mozley Units ................................................................................ 16-5
Figure 17-1: Ta2O5 Histograms and Probability Plot Within Carbonatite .............................................. 17-3
Figure 17-2: Nb2O5 Histograms and Probability Plot Within Carbonatite .............................................. 17-4
Figure 17-3: Ta2O5 ID3 Model Within Carbonatite – plan 1146.25 ....................................................... 17-7
Figure 17-4: Ta2O5 ID3 Model Within Carbonatite – section N5796932.5 ............................................ 17-8
Figure 17-5: Nb2O5 ID3 Model Within Carbonatite – plan 1146.25 ....................................................... 17-8
Figure 17-6: Nb2O5 ID3 Model Within Carbonatite – section N5796932.5 ........................................... 17-9
Figure 17-7: Swath Plot for Ta2O5 ID3 Model ...................................................................................... 17-10
Figure 17-8: Swath Plot for Nb2O5 ID3 Model ..................................................................................... 17-11
Figure 17-9: Herco Grade – Tonnage Curves for Ta2O5 ID3 Model ................................................... 17-12
Figure 17-10: Herco Grade – Tonnage Curves for Nb2O5 ID3 Model ................................................... 17-13
Figure 17-11: Lithology in 2010 Drill Holes vs. Current Solids – Section N5796902.5 ......................... 17-14
Figure 17-12: Resource Classification - Plan 1,161.25 ......................................................................... 17-15
Figure 17-13: Resource Classification – Section N 5,796,882.5 .......................................................... 17-16

APPENDICES

Appendix A: List of Claims

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U NI TS OF M E AS URE

Centimetre ...................................................................................................... cm
3
Cubic centimetre ............................................................................................. cm
3
Cubic metre .................................................................................................... m
3
Cubic yard ....................................................................................................... yd
Degree ............................................................................................................ °
Degrees Celsius ............................................................................................. °C
Dry metric ton ................................................................................................. dmt
Gram ............................................................................................................... g
Grams per litre ................................................................................................ g/L
Grams per tonne ............................................................................................. g/t
Greater than.................................................................................................... >
2
Hectare (10,000 m ) ....................................................................................... ha
Kilo (thousand)................................................................................................ k
Kilogram .......................................................................................................... kg
Kilometre......................................................................................................... km
Less than ........................................................................................................ <
Litre ................................................................................................................. L
Metre ............................................................................................................... m
Metres per second .......................................................................................... m/s
Metric ton (tonne)............................................................................................ t
Micrometre (micron)........................................................................................ µm
Milligram ......................................................................................................... mg
Milligrams per litre........................................................................................... mg/L
Millilitre ............................................................................................................ mL
Millimetre ........................................................................................................ mm
Million .............................................................................................................. M
Million tonnes .................................................................................................. Mt
Minute (plane angle) ....................................................................................... '
Minute (time) ................................................................................................... min
Month .............................................................................................................. mo
Niobium ........................................................................................................... Nb
Ounce ............................................................................................................. oz
Parts per billion ............................................................................................... ppb
Parts per million .............................................................................................. ppm
Percent ........................................................................................................... %
Pound(s) ......................................................................................................... lb
Second (plane angle) ..................................................................................... "
Second (time) ................................................................................................. s
Short ton (2,000 lb) ......................................................................................... st
Short ton (US) ................................................................................................. t
Short tons per day (US) .................................................................................. tpd
Short tons per hour (US) ................................................................................ tph
Short tons per year (US) ................................................................................. tpy
Specific gravity................................................................................................ SG
2
Square centimetre .......................................................................................... cm
2
Square foot ..................................................................................................... ft
2
Square inch..................................................................................................... in

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2
Square kilometre............................................................................................. km
2
Square metre .................................................................................................. m
Tantalum ......................................................................................................... Ta
Thousand tonnes ............................................................................................ kt
Tonne (1,000 kg) ............................................................................................ t
Tonnes per day ............................................................................................... t/d
Tonnes per hour ............................................................................................. t/h
Tonnes per year.............................................................................................. t/a
Week ............................................................................................................... wk
Yard ................................................................................................................ yd
Year (annum) .................................................................................................. a
Year (US) ........................................................................................................ yr

C ONV E RSI ON F AC TOR S

1 ppm Ta = 1.2211 ppm Ta2O5
1 ppm Nb = 1.4305 ppm Nb2O5
One tonne is the equivalent of 2,204.6 lbs.
Dollars are expressed in United States currency (USD).
Universal Transverse Mercator (UTM) coordinates are provided in the NAD83 datum of Canada, Zone 11.

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1.0 SUMMARY
AMEC Americas Limited (AMEC) was commissioned by Commerce Resources
Corporation (Commerce), to provide a Preliminary Assessment (PA) of Commerce’s
wholly-owned Blue River tantalum and niobium Project (the Project) located in the
Province of British Columbia. As part of the on-going PA, AMEC completed an
independent Qualified Person’s review and prepared an updated mineral resource
estimate. This report (Report) documents the updated mineral resource estimate for the
Upper Fir and Bone Creek areas, collectively herein called the Blue River deposit.

1.1 Principal Findings

Total Indicated Mineral Resources are 36.35 million tonnes grading 195 ppm Ta2O5
and 1,700 ppm Nb2O5
Total Inferred Mineral Resources are 6.40 million tonnes grading 199 ppm Ta2O5 and
1,890 ppm Nb2O5
For the purpose of assessing reasonable prospects for economic extraction the
following assumptions were made:
○ Underground room and pillar mining methods would be used
○ Metallurgical recovery of 65.4% and 68.2% for Ta2O5 and Nb2O5 respectively
○ $32.00/tonne mining and backfilling cost
○ $17.00/tonne processing and refining cost
○ $2.70/tonne General and Administration
○ $317/kg price of tantalum
○ $46/kg price of niobium

1.2 Project Location and Access

The Project is located near the community of Blue River, British Columbia, approximately
250 km north of the city of Kamloops and approximately 90 km south of the town of
Valemount on Highway 5. Services for mining operations are available at Prince George,
Kamloops, and Vancouver, British Columbia, or Edmonton, Alberta.

1.3 Mineral Tenure, Surface Rights, and Permits

The Project comprises 2-post, 4-post, and mineral cell claims encompassing just over
1,000 km2 of mineral rights within the Kamloops Mining Division. Surface rights are
currently defined by the Mineral Tenure Act of British Columbia and allow claim holders to
enter and occupy the surface of a claim or lease for the purposes of mineral exploration,

Project No.: 162230 Page 1-1
31 January 2011


development, or production. All work is controlled through an established permitting
process. Commerce holds appropriate exploration permits and reclamation bonds.

1.4 Geology, Deposit Type, and Mineralization

Carbonatites represent a diverse carbonate-rich, igneous rock type commonly designated
as magmatic segregation deposits. They result from the intrusion, cooling, and
crystallization of a primary (magmatic) Ca-Fe-Mg rich carbonate melt, often with some late
stage hydrothermal activity that can alter their host rocks. Almost all the known carbonatite
occurrences are either intrusive or subvolcanic intrusive rocks. They are comprised of
significant and variable amounts of calcite, dolomite, or siderite of igneous origin.
Carbonatites can contain economic or anomalous concentrations of incompatible elements
such as rare earth elements, niobium-tantalum, zirconium-hafnium, iron-titanium-
vanadium, uranium-thorium and industrial minerals such as apatite, vermiculite, magnetite,
and barite.

The Blue River deposit is hosted within a carbonatite sill swarm with an average thickness
of 30 m and a strike length of 1,000 m. The carbonatite is part of Late Proterozoic
supracrustal rocks which lie on the north-eastern margin of the Shuswap Metamorphic
Complex within the Omineca terrane. Mineralization comprises niobium and tantalum
bearing minerals that have crystallized in carbonatite by primary magmatic concentration
and in fenite formed by metasomatic alteration of the host metasedimentary rocks.
Primary economic minerals are ferrocolumbite and pyrochlore.

1.5 History, Exploration, and Drilling

The Blue River area has been the subject of intermittent exploration since the discovery of
vermiculite bearing carbonatite rock in 1949. Commerce acquired the property in 2000
and initiated exploration for new carbonatite deposits which culminated in the discovery
and delineation of the Upper Fir and Bone Creek carbonatites. Diamond drilling is the
most extensively used exploration tool at Blue River. There are a total of 215 drill holes
within the Upper Fir, Bone Creek and Fir (Lower) carbonatites comprising 41,115 m of HQ
and NQ diameter drill holes.

1.6 Sample Preparation and Analysis

Sampling was on average 1 m length half core, logged and sawn at a facility in the
community of Blue River. Samples were shipped to Acme Analytical Laboratories or
PRA/Inspectorate Laboratories for preparation. Analyses were completed at Acme
Analytical Laboratories. Between 2005 and 2008, Ta and Nb were analysed by ICP-MS
following a lithium metaborate / tetraborate fusion and nitric acid digestion. Analysis in
2009 was by X-Ray fluorescence methods following a lithium metaborate fusion.

31 January 2011


1.7 Data Verification

Commerce implemented an industry-acceptable quality control program to manage
logging, sampling, and analysis. Check samples for initial sample batches identified
discrepancies. In 2008 Commerce prepared matrix-matched standard reference material
control samples to monitor accuracy and initiated insertion of intra-lab pulp duplicates in
addition to secondary pulp check control samples. Primary lab precision and accuracy has
been poor but no significant biases are apparent for the bulk of results. AMEC completed
a database verification check and concludes the collar coordinates, down-hole surveys,
lithologies, and assay databases are sufficiently free of error and that the data are suitable
to support mineral resource estimation.

1.8 Processing and Metallurgical Testwork

A mineral processing method using a standard grind-flotation procedure to make a
concentrate of ferrocolumbite-pyrochlore is assumed for Blue River material. Metallurgical
testing indicates a mineral concentrate assaying about 30% combined Nb-Ta pentoxide
within the recovery range of 65% to 70% is possible. The proposed process is similar to
that being used commercially at Iamgold’s Niobec Mine in Quebec. This concentrate
would be further processed to produce marketable separate Ta and Nb products. The
proposed processes are mature, are already used industrially, and consist of reducing the
concentrate to metals as either carbide or ferroalloys in a standard aluminothermic, or
carbothermic, or silicothermic furnace followed by chlorinating the alloys and distilling the
product to separate high purity metal chlorides, TaCl5 and NbCl5. Recoveries from
concentrate to pure chlorides are expected to be 97%. Both Ta and Nb chloride products
are then readily converted and marketed as high purity oxides Ta2O5 and Nb2O5
respectively. These results are suitable to support the mineral resource classification of
the deposit.

1.9 Market Study

Commerce has prepared assessments of the tantalum and niobium markets which outline
their supply and demand. The tantalum assessment was prepared by a tantalum market
expert. Although not independent of Commerce, his analysis reflects the general
consensus of other analysts regarding the tantalum market expressed in publicly available
information. The niobium market assessment was prepared by an independent niobium
expert and reflects the publicly available general consensus of analysts for the niobium
market.

As the Project is still at an early evaluation stage, Commerce has not initiated requests for
expression of interests in the proposed Blue River products and has not negotiated any
purchase or off-take agreements.

31 January 2011


1.10 Commodity Price

The proposed mineral process route by Commerce refines the Blue River concentrate to
high purity oxides Ta2O5 and Nb2O5. For tantalum price, tantalum metal scrap was used
as a reasonable proxy for price of high purity Ta2O5. For niobium, high purity Nb2O5 is
marketed as such and also traded as Nb metal, or ferroalloy.

Cut-off grade assumptions of US$317/kg tantalum and US$46/kg niobium, sold as high
purity Ta2O5 and Nb2O5 are used to constrain the Mineral Resources. These prices are
slightly higher than market information (beginning of Q4 2010) of US$280/kg of tantalum
metal and US$44/kg of Nb metal. AMEC considers the slightly higher price assumption is
appropriate and is consistent with industry practices of using more optimistic assumptions
regarding inputs for resource estimation than what would be used for estimating mineral
reserves.

The base case price for tantalum metal scrap is reasonable for constraining Mineral
Resources based on recent market conditions, but it should be noted it is significantly
higher than historical prices. There is a risk that using current price assumptions may not
reflect the long term price of Ta and Nb, particularly in the present volatile market
conditions.

1.11 Mineral Resource Estimation

Ta2O5 and Nb2O5 were estimated using an inverse distance to the power of 3 method for
the carbonatite domains. Capped drill core assays were composited down the hole to a
fixed length of 2.5 m honouring geology boundaries. A four pass interpolation approach
was used with each successive pass having greater search distances. A hard boundary
was used, meaning that composites from outside the carbonatite were ignored in the
interpolation process.

The model was validated by comparing composites to block grades on screen, declustered
global statistics checks, local bias checks using swath plots, and finally model selectivity
checks.

Eighty per cent of the carbonatite blocks are classified as Indicated. Fourteen per cent of
the carbonatite blocks are classified as Inferred, and six per cent of the block model in
carbonatite is unclassified.

1.12 Mineral Resource Statement

The Mineral Resources were classified in accordance with the 2005 Canadian Institute of
Mining, Metallurgy, and Petroleum (CIM) Definition Standards for Mineral Resources and

31 January 2011


Mineral Reserves, incorporated by reference into NI 43-101. Table 1-1 shows the
estimated Mineral Resources for the Project.

Tomasz Postolski, P. Eng., Qualified Person

Ta Price Confidence Mass Ta2O5 Nb2O5 Ta2O5 Nb2O5
[US$/kg] Category [tonnes] [ppm] [ppm] [1000s of kg] [1000s of kg]
317 Indicated 36,350,000 195 1,700 7,090 61,650
Inferred 6,400,000 199 1,890 1,300 12,100
Notes:
1. Assumptions include US$317/kg Ta, US$46/kg Nb, 65.4% Ta2O5 recovery, 68.2% Nb2O5 recovery, US$32/tonne
mining cost, US$17/tonne process and refining cost. Mining losses = 0% and dilution = 0%.
2. Mineral resources are amenable to underground mining methods and have been constrained using a “Stope
Analyzer”.
3. An economic cut-off was based on the Ta and Nb values per block which is variable based on the location of blocks
used in the mineral resource estimate. A block unit value cut-off ranged from $52 to $59.
4. Discrepancies in contained oxide values are due to rounding.
5. In situ contained oxide reported.

The Mineral Resource estimate is supported by base case price assumptions for Ta and
Nb which are significantly higher than historic average prices. A review of publicly
available market analysts’ opinions shows a general agreement that current political and
market conditions support the probability of sustained higher prices.

Underground mining methods are envisioned (room and pillar or variants), and the mining
recovery may vary from 65 to 85% depending on the success in which pillars can be mined
on retreat and/or fill is utilized.

1.13 Exploration Potential

The Upper Fir carbonatite has exploration potential northward of known deposit extents
based on soil sample results. Additional resource definition drilling is warranted.

The Bone Creek and Fir carbonatite has exploration potential along, and across strike
based on soil sample anomalies. Additional in-fill soil sampling is warranted prior to
diamond drilling.

The soil sample geochemistry program highlights the need for additional soil sampling at
the Mt. Cheadle area. Soil sampling and prospecting at the RD occurrence near Mud
Lake, and the Roadside occurrence near Paradise, support follow-up work in the form of
soil sampling, geological reconnaissance mapping and prospecting.

31 January 2011


1.14 Conclusions

Commerce and its contractor Dahrouge have executed a professional work program that
has resulted in the delineation of a tantalum and niobium resource.

The Blue River Mineral Resources have the following characteristics:

The mineralization is hosted by a poly-folded carbonatite sill swarm averaging 30 m
thick and 1,100 m long
Close-spaced drilling has confirmed local continuity of the carbonatite
Tantalum and niobium occur in ferrocolumbite and pyrochlore minerals and are
amenable to conventional flotation and refining processes with estimated recoveries of
65% to 70%
The mineral resource estimate is based on information of reasonable quality
Flat to moderate dips of the deposit allow large-scale room-and pillar mining.

The risk factors are:

The base case mineral resource estimate is supported by current Ta and Nb prices
which are significantly higher than historic average prices and may not reflect long term
prices. Market analysts are in general agreement that current political and market
conditions support the probability of sustained higher prices, but this may not occur.
The proposed refining methods have been used in commercial applications but have
not been demonstrated in test work of Blue River material.
Mining recovery is assumed at 70% but could be lower and dilution increased in areas
with moderate dips greater than 10°.
An extensional faulting event has potential for displacements of greater than 10 m in
the carbonatite. Such offsets would likely impact deposit geometry and future mine
designs.
Uranium and thorium are present in the resource and waste rocks. Any radon
produced in the mine and process plant is likely manageable with ventilation, dust
control, and monitoring. Expected capex and opex costs will not be significantly
increased as a result of these safety measures.

Exploration programs completed on the Blue River Project have met their objective of
identifying tantalum and niobium mineralization that has reasonable prospects of economic
extraction.

31 January 2011


1.15 Recommendations

AMEC recommends a work program for an estimated total cost of $4.35 M in Canadian
currency. The recommendations are based on the stated Mineral Resource estimate and
the assumed commodity price assumptions.

The program involves completing the on-going Preliminary Assessment and updating the
mineral resource block model with 2010 drilling data and interpretations. Looking forward,
a program is recommended based on field work and supporting studies to prepare for
more advanced studies.

The field based component of the recommendations includes 8,250 m of HQ diameter
diamond drilling, a staged re-assay program, metallurgical testwork, soil geochemistry
surveys, analyses, geo-metallurgy studies, structural geology studies, marketing studies,
core farm security improvements, manpower and field support costs. A Mineral Resource
update is recommended upon completion of the recommended field program.

31 January 2011


2.0 INTRODUCTION
Commerce Resources Corporation (Commerce) commissioned AMEC Americas Limited
(AMEC) to provide an independent Qualified Person’s review and NI 43-101 Technical
Report (Report) for the Blue River tantalum-niobium Project (the Project). The Report was
prepared to support a Mineral Resource estimate on the Upper Fir and Bone Creek
deposits of the Project.

2.1 Qualified Persons

The following professionals served as the Qualified Persons (QPs) responsible for the
preparation of the Report as defined in National Instrument 43-101, Standards of
Disclosure for Mineral Projects, and in compliance with Form 43-101F1:

Mr. Albert Chong, P.Geo., Senior Geologist (AMEC, Vancouver)
Mr. Tomasz Postolski, P.Eng, Senior Geostatistician (AMEC, Vancouver)

The QPs have been assisted in the preparation of this report by Mr. Greg Kulla, P.Geo.
(data verification), Mr. Tony Lipiec, P.Eng. (process and metallurgy), Mr. Ramon Mendoza,
P.Eng., (reasonable prospects for economic extraction), and Mr. Graham Wood, M.Sc.,
M.B.A. (commodity pricing).

2.2 Site Visit

Mr. Chong completed a data verification site visit to the Project during July 11 to 16, 2010.
Outcrops, surface geology, drill hole collars, diamond drilling, logging, and sampling
protocols were inspected. Independent quarter-core samples were collected to verify
presence of the tantalum and niobium mineralization. Mr. Ramon Mendoza, P.Eng.
assisted Mr. Chong during the site visit regarding sites amenable for locating potential
infrastructure. Sections of responsibility are summarized in Table 2-1.

Table 2-1: Site Visit and Sections of Responsibility
Qualified Person Site Visit Sections of Responsibility
Albert Chong, P.Geo. July 11 to 16, 2010 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15,
16, 18, 19, 20, 21, 22, 23
Tomasz Postolski, P.Eng. No visit 1, 17, 20, 21

2.3 Effective Dates

The effective date of the Report is 31 January 2011, which represents the date of the
most recent scientific or technical information included in the Report.

31 January 2011


The effective date of the Mineral Resource estimate is 30 June 2010, which represents
the date at which the drill hole database was closed.

Commerce initiated a drill program 1 July 2010. These holes were not used in preparing
the Mineral Resource estimate. AMEC inspected the lithology logged for these holes but
complete assay data for these holes was not available as of the effective date of this
report.

There were no material changes to the scientific and technical information of the Project
between the effective date of the Report and the signature date of the Report.

2.4 Sources of Information and Data

AMEC sourced information from reference documents as cited in the text and summarized
in Section 22 of this Report.

Two technical reports were previously filed on the Project by Commerce:

Gorham. J. (2007). Technical Report on the Upper Fir Ta-Nb Bearing Carbonatite 20-June-
2007, 48 p. plus appendices.

Stone, M., and Selway, J., 2010. Independent Technical Report, Blue River Property, Blue
River, British Columbia, Canada. 116 p.

A portion of the background information and technical data for this Report was obtained
from the above reports. Additional information was requested from, and provided by
Commerce.

2.5 Technical Report Sections and Required Items under NI 43-101

Table 2-2 relates the sections as shown in the contents page of this Report to the
Prescribed Items in Form 43-101F1.

31 January 2011


Table 2-2: Form 43-101F1 Prescribed Items in Relation to Report Contents
NI 43-101 Report
Item Section
Number NI 43-101 Heading Number Report Section Heading
Item 1 Title Page Cover page of Report
Item 2 Table of Contents Table of contents
Item 3 Summary Section 1 Summary
Item 4 Introduction Section 2 Introduction
Item 5 Reliance on Other Experts Section 3 Reliance on Other Experts
Item 6 Property Description and Location Section 4 Property Description and Location
Item 7 Accessibility, Climate, Local Section 5 Accessibility, Climate, Local Resources,
Resources, Infrastructure and Infrastructure and Physiography
Physiography
Item 8 History Section 6 History
Item 9 Geological Setting Section 7 Geological Setting
Item 10 Deposit Types Section 8 Deposit Types
Item 11 Mineralization Section 9 Mineralization
Item 12 Exploration Section 10 Exploration
Item 13 Drilling Section 11 Drilling
Item 14 Sampling Method and Approach Section 12 Sampling Method and Approach
Item 15 Sample Preparation, Analyses and Section 13 Sample Preparation, Analyses and
Security Security
Item 16 Data Verification Section 14 Data Verification
Item 17 Adjacent Properties Section 15 Adjacent Properties
Item 18 Mineral Processing and Metallurgical Section 16 Mineral Processing and Metallurgical
Testing Testing
Item 19 Mineral Resource and Mineral Section 17 Mineral Resource and Mineral Reserve
Reserve Estimates Estimates
Item 20 Other Relevant Data and Information Section 19 Other Relevant Data and Information
Item 21 Interpretation and Conclusions Section 20 Interpretation and Conclusions
Item 22 Recommendations Section 21 Recommendations
Item 23 References Section 23 References
Item 24 Date and Signature Page Section 22 Date and Signature Page
Item 25 Additional Requirements for Section 18 Additional Requirements for Technical
Technical Reports on Development Reports on Development Properties and
Properties and Production Properties Production Properties
Item 26 Illustrations Illustrations are incorporated in Report
under appropriate section number,

31 January 2011


3.0 RELIANCE ON OTHER EXPERTS

3.1 Mineral Tenure

The AMEC QPs have not reviewed the mineral tenure, nor independently verified the legal
status, ownership of the Project area or underlying property agreements. AMEC has fully
relied upon, and disclaims responsibility for, information derived from legal experts for this
information through the following document:

Letter from Clark Wilson LLP titled Commerce Resources Corp. – Mineral Claim Title
Opinion to Mr. Greg Kulla, dated October 29, 2010

Information from this letter and memos has been used in Section 4 of this Report.

3.2 Permitting and Environment

The AMEC QPs have not reviewed the permitting requirements, nor independently verified
the permitting status of the Project area. AMEC has fully relied upon, and disclaims
responsibility for information derived from experts for this information through the following
document:

Letter from Sage Resource Consultants Ltd. titled Commerce Resources Corp. Upper Fir
Deposit Preliminary Economic Assessment – Independent Professional Opinion on
Environmental Permitting and Liability Issues to Mr. Greg Kulla and dated September 29,
2010.

Information from this letter and memos has been used in Section 4 of this Report.

3.3 Market Analysis

The AMEC QPs have relied on tantalum and niobium market analyses derived from
experts for this information through the following documents:

Confidential memo from Dr. Axel Hoppe titled “Ap#6 Introduction to Tantalum
Markets_Finalpdf_2June09.pdf” received 18 October 2010

Confidential memo from Michel Robert titled “Niobium_v3jh.doc” received 18 October 2010

Confidential memo from Michel Robert titled “Niobium_v3jh.doc” received 19 October 2010

Dr. Hoppe is an internationally acknowledged leader in the tantalum field and is Chairman
of the Board of Directors for Commerce Resources.

31 January 2011


Mr. Robert has extensive experience in niobium markets and is independent of the
company.

Information from these memos has been used in Section 17 of this Report.

31 January 2011


4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 Property Area and Location

The Project is located within the North Thompson River valley of east-central British
Columbia 25 to 60 km north and northeast of the community Blue River, British Columbia
(Figure 4-1). The NTS sheets which cover the Project are: 83D.004-.006; 83D.014-.016;
83D.024-.027; 83D.034-.037; 83D.045-.047. The Project is centered at approximately 52°
19' N latitude and 119° 10' W longitude.

4.2 Mineral Tenure

The Project comprises 249 2-post claim, 4-post claim, and mineral cell title submission
(MCX) mineral claims in good standing that encompass just over 1,000 km2
(105,373.23 ha) within the Kamloops Mining Division. These claims are wholly owned by
Commerce. The claim boundaries are shown in Figure 4-2 and a table listing claim details
is included in Appendix A. The Project’s 2011 annual work assessment cost is $ 834,607.
An additional $ 42,149 is required for filing fees.

Property boundaries are established in accordance with the Mineral Tenure Act of British
Columbia. Commerce has staked the claims by a combination of ground and on-line
staking. McElhanney Associates Land Surveying Limited of Vancouver B.C. has installed
differential GPS control points. Two-post and 4-post claims were established through a
legacy system of ground staking which involved physically establishing claim posts on the
ground. MCX claims are established using the Government of British Columbia’s Mineral
Titles Online (MTO) staking system. MTO is an Internet-based mineral titles administration
system that allows mineral exploration industry to acquire and maintain mineral titles by
selecting the area on a seamless digital GIS map of British Columbia. The electronic
Internet map allows selection of single or multiple adjoining grid cells. Cells range in size
from approximately 21 hectares (457 m x 463 m) in the south to approximately 16 hectares
at the north of the province. All boundaries are oriented north-south and east-west

4.3 Surface Rights

The Mineral Tenure Act of British Columbia provides for a recorded claim holder to use,
enter and occupy the surface of a claim or lease for the exploration and development or
production of minerals or placer minerals, including the treatment of ore and concentrates,
and all operations related to the exploration and development or production of minerals or
placer minerals and the business of mining. Access to surface rights held by third parties
typically requires compensation. No mining activity may be initiated until the recorded
claim holder receives the permit under section 10 of the Mines Act.

31 January 2011


Two of Commerce’s mineral claims (530510 and 530511) along the North Thompson River
overlap surface rights owned by other parties. The overlapped area may require
negotiations in the future for land use purposes. AMEC is not aware of any known material
issues regarding access and land use for the claims.

Figure 4-1: Location Map

Note: Figure courtesy of Dahrouge Consulting Ltd (Dahrouge). Grid is in metres for UTM NAD83 Zone 11.

31 January 2011


Figure 4-2: Blue River Mineral Tenure Map

Note: Figure courtesy of Dahrouge. Grid is in metres for UTM NAD83 Zone 11.

31 January 2011


4.4 Permitting and Environmental Liabilities

There are no known environmental or permitting issues particular or unique to the Upper
Fir and Bone Creek deposits.

Commerce currently holds a multi-year Mineral and Coal Exploration Activities and
Reclamation Permit, permit number MX-15-138, which was issued by the British Columbia
Ministry of Energy Mines and Petroleum Resources under the Mines Act in September
2001 and most recently amended in June 2010. This permit grants permission for
Commerce to continue carrying out exploration activities that will support the ongoing
economic evaluation of the Upper Fir and Bone Creek deposit. The permit is valid until
31 December 2012 after which time an application to amend the permit will need to be
prepared and submitted, if required. There are no foreseeable reasons that additional
permit amendments would not be approved by the British Columbia Ministry of Energy
Mines and Petroleum Resources for continued exploration activities.

Associated with permit MX-15-138 is a reclamation security bond in the amount of
$83,000. This bond is currently posted as Safekeeping Agreements held by both BMO
and the B.C. Ministry of Finance. Commerce’s current reclamation practice is to reclaim
areas disturbed during mineral exploration on an ongoing basis as they become available,
thereby limiting their environmental liability.

4.5 Royalties, Payments, and Agreements

There are no known royalties, back-in rights, agreements, or encumbrances attributed to
the claims.

4.6 Location of Known Mineralization

Locations of known tantalum-niobium enriched carbonatite mineralization are noted in
Figure 4-1. Two main clusters of carbonatite occurrences are known at the Project. The
first cluster hosts the Fir, Upper Fir and Bone Creek deposits and is located between Bone
and Gum Creeks. The second cluster hosts the Verity, Mill, Serpentine, plus Roadside
deposits and is located approximately 7 km further north and occurs between Serpentine
and Mill Creeks.

31 January 2011


4.7 Comment on Section 4

AMEC concludes:

Commerce owns 100% of the property mineral rights.
Commerce has paid annual claim-holding fees for the property.
Commerce holds a valid mineral exploration permit for the property.
The property is not subject to any known environmental liabilities.
The property is not subject to any royalties, back-in rights, agreements, or
encumbrances.

31 January 2011


5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,
INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 Accessibility

The Project is located 23 km north of the community Blue River, British Columbia,
approximately 250 km north of the city Kamloops and approximately 90 km south of the
town of Valemount. The property is accessed from B.C. Highway 5 (Yellowhead Highway)
via a 4 km well groomed gravel road.

The Upper Fir and Bone Creek deposits can be reached from the Bone and Gum Creek
forestry service road which branches from Highway 5 approximately 23 km north of Blue
River. The east side of the property can be reached by forest service roads along the west
side of Kinbasket Lake and up Howard Creek. Logging roads on Serpentine, Bone,
Hellroar and Mud Creeks allow four-wheel drive and quad bike access to most of the
property. Access to remaining portions of the property is by helicopter.

5.2 Climate

In July, the average daily temperature is 16.4°C and the average rainfall accumulation is
97.5 mm for Blue River (Environment Canada Climate Normals 1971-2000 web site:
http://climate.weatheroffice.gc.ca/climate_normals/index_e.html). In January, the average
daily temperature is -9°C and the average snowfall accumulation is 109 cm for Blue River.
The average snow depth is 83 cm in February. Local rainfall and snowfall accumulations
on parts of the property may be much higher due to elevation and orographic effects.

Drilling is feasible from mid May through early to mid October. Snowfall can exceed 10 m
making winter drilling very expensive and difficult, but not impossible.

5.3 Local Resources

The city of Kamloops currently supports mining operations at the New Afton and Highland
Valley mines, and mineral exploration for the surrounding area. Services for mining
operations are reasonably available at Prince George, Vancouver or Edmonton.

5.4 Infrastructure

Power transmission lines, rail, paved, and gravel roads are all adjacent to the Project near
the Yellowhead Highway. The Yellowhead Highway runs sub-parallel to the North
Thompson River. The community of Blue River has a municipal airport for light aircraft and
helicopter support.

31 January 2011

Technical Report: Commerce Resources Corp. (January 2011)

Technical Report: Commerce Resources Corp. (January 2011)

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Technical Report: Commerce Resources Corp. (January 2011)