Commander Closes Storm Property Deal
VANCOUVER, BC - Commander Resources Ltd. (TSX-V: CMD) reports that it has received the initial two (2) million shares and $50,000 cash from Aston Bay Ventures Ltd. ("Aston Bay") as part of the $15 Million Option Agreement announced on November 23rd, 2011 on Commander's wholly owned Storm Property, Nunavut. A second cash payment of $100,000 is to be paid to Commander by April 15, 2012. Aston Bay is well advanced in raising a minimum of $1 million by January 31, 2012 as required under the Agreement.
Under the Option Agreement, once the initial payments have been made, Aston Bay may earn an initial 50.1 percent interest in the Storm Property by incurring $6 million in exploration expenditures over three years, issuing to Commander an additional one (1) million shares of Aston Bay and achieving a public stock market listing by December 31, 2012. Aston Bay may earn an additional 19.9 percent interest by funding a further $9 million in exploration expenditures and delivering an Indicated Resource by December 31, 2019. It is Aston Bay's intention, and also a requirement of the Agreement, to complete the necessary steps to become a publicly listed company before the end of 2012. For full details of the Storm Property transaction with Aston Bay please see Commander's news release dated November 23, 2011 or the Company's website at www.commanderresources.com.
2011 Airborne Survey:
Commander also reports that it has received the final report for a VTEM airborne geophysical survey which was carried out in July of this year. The survey was flown by Geotech Ltd. and the final data set was interpreted by Intrepid Geophysics Ltd.
The VTEM survey covered an area of 430 km2 for total line kilometres of 3,970. Initial line spacing was at 150 metres with infill lines flown at 75 metre spacing. The purpose of the survey was to identify the EM signature of the known high-grade zones of copper mineralization and to relate this information to other areas down dip and along strike from the known zones in order to identify targets that could represent potential buried centres of additional copper mineralization. VTEM is ideal for detecting massive sulphides such as the high-grade portions of the Storm mineralization within resistive carbonate host rocks.
Results of the airborne survey are presented on a map that is available on the Company's website. The survey was successful in:
A. Identifying the known areas of high-grade copper mineralization; and
B. Identifying new target areas for follow-up by prospecting, geochemical sampling, geological mapping and drilling. These targets are labelled A to J on the map. The survey was ineffective in areas of close proximity to the ocean due to interference from saline lakes and coastal effects.
Aston Bay Ventures will use the VTEM data in conjunction with the available historical geological, geophysical and drilling data to aggressively evaluate the Storm Property starting in 2012. Details of the 2012 program will be provided by Aston Bay once all data has been reviewed and funding is in place.
Mr. Steve Potts, P.Geo is the Qualified Person under NI 43-101 and has reviewed and approved the technical content of this release.
On behalf of the Board of Directors,
President & CEO
For further information, please call:
Investor Relations: Cathy DiVito, Investor Relations
Toll Free: 1-800-667-7866
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.