Commerce Resources Corp. [CCE-TSXV; CMRZF-OTC; D7H-FSE] has announced that the Nayumivik Landholding Corporation of Kuujjuaq and the Makivik Corporation have signed a Letter of Intent (LOI) with Commerce for the ongoing development of the Ashram Rare Earth Elements Deposit in Nunavik, Northern Quebec.
Sammy Koneak, 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, Vice-President of Economic Development at the Makivik Corporation states, “This Letter of Intent 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, President of Commerce Resources, said, “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.”
Commerce also holds the Upper Fir Tantalum-Niobium Deposit in British Columbia.